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We’ve seen “passive income” mentioned many times while reading various articles during the pandemic. It seems like people are considering this opportunity more and more these days, although it’s been here for quite some time.
Side hustles are another way people get extra cash, but what is the difference, and what would suit you the best?
If you don’t have the money, but you have the time, a side hustle is a bit easier to start than passive income. However, if you can invest a bit to make a product, you can bring in money every month with a passive income stream.
Whatever the case is, we will explain what both are and give some examples. Maybe you’ll start right after reading this! Let’s begin.
Side Hustles
When you hear the word, what goes through your head is probably barely getting sleep and working until you can’t feel your legs anymore.
Even if you are working from home, you might feel even more stuck, and your eyes can hurt from the screen. Nowadays, however, you can be in control of your time, even if you start a side hustle.
Being a mom is hard enough, but if you have to find a way to generate more income, there are ways you can still make some cash while not overworking yourself (we know having a kid is beautiful, but the exhaustion is real).
Types of Side Hustles
A classic way would be to get a second job after your “regular” job. It can work for a while, but being a mom means we should opt for something that can generate income without so much of a time commitment.
Making your own schedule is essential, and thanks to the internet, side hustles can be just what you are looking for.
Here’s a couple of examples that work, and you can see that people do make money like this.
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The first and easiest thing you can do is sign up on websites where you can offer help in your area of expertise.
It could be tutoring kids with your math degree you don’t use up to people who want to hire a designer for a specific project. Depending on the length and type, the price will vary, but it’s a great way to start.
Teach English
If you want something more consistent, knowing English well can benefit you a lot because there are always people who want to learn English. This type of education has been offered online for years.
Browse through websites that have a list of companies/schools hiring at this time and sign up for what you think will benefit you the most. Some will have a fixed schedule, while others can give you more freedom (you can schedule time slots when available).
You will have an interview with a recruiter to check your knowledge, and after completing the basic introduction, you will be ready to go. Native speakers can get a great hourly wage, so consider this an option if you have a quiet room in your home.
You could also make deliveries, sell items on eBay, be a virtual assistant or blogger, and many many more things.
Passive income
Passive income can be a variety of things.
Books are also a great example of passive income. You don’t have to write constantly, but they will still generate income (that is passive, meaning you are not working actively on it anymore).
On the internet, you could create a course and have people sign up for it. It’s best to go through certified course websites that will approve your course, so you can be sure you will get money whenever somebody signs up for it.
You could also have rental properties, create an app, or invest among others.
Something in between
We’ve noticed many young people have started investing. So, the question is if you want to begin this endeavor, should you make it a side hustle or a passive income?
In general, trading is considered a passive income source if your steady with it and don’t rush anything. Forex trade is a bit complex to be a side hustle, so the best would be to find a certified and licensed brokerage (and a broker) and then set up a plan with an expert.
Forex is something you can see long-term benefits and generate income over time if you are patient and don’t rush things, especially if you are a beginner. Since this can be considered as an investment (whether it’s for savings purposes or something else), you can try doing side hustles where you can have control over your time.
In the meantime, sign up for a trading account and invest small so you can be sure money accumulates over time, no matter what you are doing.
Krystle Cook – the creator of Home Jobs by MOM – put her psychology degree on a shelf and dived into a pile of diapers and dishes instead. She is a wife and mother to two rambunctious boys, sweating it out in her Texas hometown. She loves cooking, DIY home projects, and family fun activities.
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As always really great advice! Since having a baby right at the start of a pandemic, already having three other children and then losing my job of nine years..I’ve been weighing my options! Thank you for sharing!
I’m so sorry to hear about your job loss. I hope you have found a good source of income since then!