Side Hustles for Down Payment Money!
Having a set income at work sometimes makes it difficult to reach your financial goals. Especially when you are saving for that first real estate down payment. Whether you are saving for a 3%, 5%, or 20% down payment, its nice to have a side hustle to stack up that extra cash! Before I go into what my top side hustles are for 2019, I want to dive into how much money you should be aiming to obtain from these methods.
What’s your goal?
Everyone has a different goal in mind when it comes to a side job of some type. Do you want 500 or 5000 from this expenditure?
To make this nice and easy, I am going to go over my personal goal from 2018. I wanted to be able to make an extra 10,000 dollars to throw into investments, I came short and did 8,000.
How the numbers work with my mind.
If I wanted 10,000 extra on the year I needed
- $833.33 every month in income from my side hustle
- or $27.77 every day of the month.
As you can see, when broken down into such small increments its not that bad!
Correlate these earnings with how much you need to save for your down payment. I know people who all they did was drive Uber for 2 years on their days and saved enough for 5% down in their market.
Let’s get this list started! Time to hustle.
Uber is the most well known way to make extra money on the side and all you need is car. Pictured below I have the average hourly salary for a driver in California from Indeed. As you know with Uber, you can work whenever you want!
Lets say you currently work a 5 day work week with 40 hours. You have 2 full days off and at least enough time to do 2 hours of Uber after work.
We are taking into account that you will drive for 8 hours on one of your days off, and 2 days after work for a total of 12 hours in a week.
- Weekly Revenue: 12 hours * $22.41= $268.92
- Monthly Revenue: 1,075.68
- Yearly Revenue: 12,908.16
Boom! Almost 13,000 dollars from 12 hours a week of driving! Consistency is key here. If you are a college student, don’t work or need extra money, this is your gold mine. Get started with Uber here.
2. Smartphone screen repair
Everyone breaks their phones, especially the screen. This was my side hustle last year, and it’s awesome! You don’t need much to get started, just these 3 things:
The Screen Repair service breakdown:
- Total investment here after taxes + shipping/handling = ~$38
- Average Cost of a Screen Repair is about $85, and that’s a fair price. (The price of your service depends on what kind of phone it is and how much parts costed.)
- Average Screen Repair Time: 20-45 minutes depending on skill.
- Parts: Range anywhere from $5 – $45
Lets say you can do 4 screen repairs in a weeks time at 85 dollars a phone.
- Weekly: 85 * 4 = 340
- Monthly: 1,360
- Yearly: 16,320
The money is there, but don’t forget to factor in parts and time. Check out this article at MarketWatch to see how much money was spent on repairs in 2018.Money time!
Guess what! If you have skills, you can pay the bills. At Fiverr you are able to sell your skills. Whether you are a programmer, writer, designer, photographer, etc. there is a place for you to get paid as a freelancer.
A couple people that I hired from Fiverr helped me design this website. For example I suck at anything artistic so I went on Fiverr hired someone to do the WealthUp Logo for 50 dollars. It was a great investment for me, the business owner, and for the freelancer as he got paid.
Here income will vary to the expertise of your skills. You may only make $5 dollars for the service and you make over $1000. It is not uncommon to make consistent money, as long as a business or individual sees value in your work. This is a great side hustle that can be done from almost anywhere with a laptop.
Revenue Potential: Unlimited
Turo is another great car service in which you can rent out your personal vehicles out to another individual. If you are looking for that side hustle that is also passive, stop here and take a look! How does letting your secondary vehicles make money for you while you are working sound? Damn good right!?
Here’s why Turo can be so powerful as a passive income source:
- Rent out your personal vehicles while you are at work
- Make up to $650 per month
- Set your own rates
- Turo also provides comprehensive insurance coverage
- Not only does Turo
- Monthly: $650
- Yearly: $7,800
Remember, this is a truly passive side hustle so it may not generate as much income as Uber, but imagine if you were using both!
5. Day Trading/ Swing Trading
If you are someone who loves the idea of the stock market, this may be your go to side hustle. I day trade every day of the week, I started about 2 years ago and have a blast doing it.
You do need some capital to help you grow your account. As a day trader, once you are experienced, it is not difficult to gain 1.5% to 2.5% of your total account value per day.
Compound interest comes into play and will speed up your stock market earnings before you know it. Check out this course review I did, its great for a beginner in the stock market who wants to day trade.
No one is stopping you from going out there and saving for that down payment! Get out there and work your ass off until you are able to get what you want and don’t give up. The keys to success are within your reach, its just about how badly you truly want it.
Saving for your first real estate down payment is not something that happens overnight so it may be frustrating when it is not happening quickly, but always remember your long term goal in mind.
Everyone, happy hustling, get out there and make that money!