- After trying different side hustles the past 12 years, Graham Stephan recommends these top 10 side hustles.
- Profitable side hustles can include investing in stocks, renting out a spare bedroom, and selling items online.
- Stephan also recommends looking at part-time work, starting a business, and monetizing your existing skills.
These are the 10 most profitable side hustles.
Graham Stephan is an American real estate agent and YouTube personality. He is best known for videos on financial independence, saving money, investing money, and real estate investing. According to one video, after 12 years of trying different side hustles, he found what works and doesn't work. Stephan states that the right side hustle can be extremely profitable and anyone can do them. Here are the top 10 side hustles that he recommends.
Graham Stephan's top 10 side hustles
1. Dividend income
Certain stocks pay dividends. Dividends are profits that the company returns back to their shareholders. If you buy a stock that pays dividends, you have a small slice of ownership in the company and you get to receive extra income in the form of dividends.
2. Capital gains
If you buy a stock and sell it at a profit, then the portion you earned is a capital gain. Over the long run, the stock market has performed well, averaging 10.72% every year from 1991 to 2020.
3. Rental income
Even if you don't have enough money to buy an investment property, Stephan states that you can make quite a bit of money by either renting out an unused bedroom in your house, or renting out your unused space for storage, such as your garage.
4. Selling spare items
You can easily list whatever you want to sell on places like eBay, Facebook Marketplace, or Craigslist. Your total time commitment is simply taking pictures of what you want to sell, creating the listing, writing the description, and shipping it out once it's sold.
5. Part-time work
You can help out a local business, do some work for someone else, or earn some money after your normal hours, evenings, or weekends.
6. Start a business
Stephan states that a side business is one of the most underutilized "income sources" that people don't take advantage of enough. A side business can help you earn more money and also diversify your income streams in case you need a job to fall back on.
7. Focus groups
You can participate online or in person to make some extra cash. You will have to qualify for the specific demographic, but there are many focus groups looking for a wide range of people.
8. Flipping items
You can look for cheap items for sale online, and in some cases may find items that people are giving away for free, and sell them for a profit. You may find something worth money that the owners don't have time to sell, and they just want it gone.
9. Credit card churning
This is where you sign up for a new credit card and then you meet the minimum requirements to get the sign-up bonus. These offers can range anywhere from $100-$300 on the low end, all the way up to $1,500 for luxury cards.
10. Monetize your skills
Stephan says if you are good at something, or have a skill like teaching or tutoring, you should learn how to turn that into a side business.
These are Graham Stephan's top 10 favorite side hustles that can help increase your income, with the least amount of work possible. These ideas can help you make anywhere from $20 to $200 a day, putting you on the path to financial independence. Studies show that the more sources of income you have, the more money you tend to make. So give some of these a try!
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