It’s Time To Start A Side Hustle To Build Multiple Streams Of Income

side hustleWith the job market being as weak as it has been and the stock market gyrating back and forth I was thinking now might be a good time to start thinking about a side hustle and get multiple streams of income going in your favor. By side hustle I mean another way to earn an income other than your regular job. Other sources of income should things turn nasty. Side hustles are also an excellent way to super charge your savings and investments.

So I started looking around and researching what other ways I could find to create other (read multiple) sources of income.

Peer To Peer (P2P) Lending

I’ve recently dipped my toe into the P2P lending waters and so far have been quite satisfied with the process. Peer to peer lending,also known as person to person lending, is where you lend money to borrowers who in-turn pay you back with interest. You do this through internet platforms that borrowers use to apply for loans, they are then credit checked by the lending company and their loans are then available for you to invest in.

I know it sounds rather risky and to be sure some risk is involved, as it is in any investment, but the fact that the lending platforms do the credit checks and then grade the borrowers worthiness allows you to pick and choose who you lend to and how much risk you want to take. Also you are only investing in a small piece of the loan – as little as $25 – so the more loans you invest in then the more your risk is spread out.

One of the reasons P2P lending intrigues me so much is the opportunity for reinvestment and interest compounding that it provides. When you are to invest as little as $25 per loan as loans are paid back you can reinvest principal and interest immediately. This could lead to even greater returns. That’s awesome!

The two best known US based P2P lenders are LendingClub and Prosper. Investors can typically earn anywhere from 5% to 9% and up depending on how much risk you want to take.

 

Driving For Uber or Lyft

Another option for a side hustle in the sharing economy is to become a driver for companies like Uber and Lyft. In these side hustles all you need is your car, truck or SUV and your time.  In one story done by FastCompany.com it showed the average per hour a driver for one of these services was anywhere between $11.00 per hour on up to $30.00+ per hour depending on the city you live in. Check here for your city. The beauty of these side hustles is that you work on your own time schedule and at your leisure. It’s perfect for a side gig to pick up a little extra money on the weekends or whenever rather than just be laying around doing nothing.

Deliver Products For PostMates Or DoorDash

Yet another sharing economy option for a side hustle is instead of driving people around is to drive stuff around – in other words deliver products and packages. Similar to Uber and Lyft above, you use your own automobile in the process but with PostMates and DoorDash you deliver products to people instead of ferrying passengers from place to place. Right now it seems to be mostly food delivery. Both sites advertise that you can make as much as $25.00 an hour but my research pins it more at $15-$20 an hour. But that doesn’t include tips so there is another way to increase that average if you’re a go getter. Another new entrant into this market that is gaining some traction is Favor.

 

*Update: Two New Side Hustles With Your Car

Since I wrote this post two new entrants in the new delivery paradigm have come on the scene. Instacart, specializing in grocery shopping and delivery. As an independent contractor you can either do the shopping and deliver the groceries or just do the delivering. Instacart’s site says you can earn up to $20 an hour. They cover a limited area right now but appear to be expanding fast.

The other entrant into the delivery business is one of the big guys, Amazon. Amazon Flex is the name of delivery service Amazon is rolling out in several large cities across the US. Driver’s for Amazon need only their car and a smart phone to get started. Amazon’s site at the time of this posting says you can earn $18-$25 an hour delivering packages for them.

 

If you’ve found or know of other sources of side hustle income please comment and let me know so we can all benefit from this knowledge. Until next time side hustle on!

 

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