It’s possible that you’ve considered quitting your 9-5 job because it doesn’t pay much despite your dedication. However, when you examine this option closely, you quickly realize your resume determines your fate. You’re likely to get a similar wage at your next job since businesses hire based on previous work history.
You need to find a side hustle so lucrative that reporting to work would cost you money. Of course, don’t quit your job right away. If your side hustle doesn’t work, you won’t go broke. If it does, you can leave on good terms.
Most side hustles are merely ways to make extra money, but a few are extremely lucrative. If you succeed at Amazon FBA, pallet flipping, or stock investing, you can make more money in less time than your job.
- Start An Amazon Business
- Make Money By Pallet Flipping
- Investing In Stocks
- You Can Make Big Money Through Side Hustles
Selling products on Amazon FBA is an exciting business model. You can start it cheaply and have your own store, shipping labels, and customer service. According to Amazon’s reports, an average FBA seller earns between $1000 and $25,000 per month.
Your first step is to choose a product in high demand that has low competition. As a beginner, start by selling an item with a lower price point for higher margins.
Once you’ve decided what to sell, determine how much inventory you need. Your decision will depend on how many hours you want to put into the business. Some people prefer low inventory, others prefer more products.
Since you can’t devote your full attention to your Amazon business, partner with a shipping agency. Since they will oversee the shipping, you can focus exclusively on selling your products.
If you manage your own shipping, you can be crippled by a problem like Amazon FBA stuck shipments. Stock shipments get stuck in customs when the seller has no direct or indirect representatives. By partnering with a shipping agency with a proven record of first-time clearance, you will avoid business problems caused by your shortage of inventory.
Pallet flipping is a way to make money by buying, selling, and reselling inventory packed in pallets. The low startup costs and high profit margins make it one of the most popular businesses in recent years. You can earn as much as $3,000 by flipping one pallet.
This business can be done on a small scale as a side gig or on a large scale as a full-time venture. Most people think it’s a complicated business, but with the proper attitude and knowledge, it can be easy. A straightforward way to do it is by selling your own pallets and keeping the profits.
You should focus on passive income strategies. Dividends are a safer way to make money than trading stocks because market movements can’t be predicted. According to a Forbes article on amateur investors, one beginner who got investing advice from a popular investing website increased her stock portfolio by $69,000 in two years.
Stocks aren’t for everyone, but there are many ways to invest in the financial market, like ETFs or mutual funds. Since investing comes in many forms, do your research before deciding what will work for you.
Here are a few things you should know about investing in stocks as a novice:
- Assess your risk tolerance
- Research the diverse types of investments and their risks and benefits
- Determine what type of investment strategy is right for you
- Find a financial advisor who can mentor you
Most side hustles don’t pay very much, which is why few people pursue them. For instance, dog walking will only pay $150 to $200 per week. Although there is nothing wrong with earning an extra $500 to $1,000 a month from a side hustle, the ones covered here will make you wonder if you even need a corporate job.
Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.