What are people's ideas for side hustles?

What are people ideas for side hustles?

i.e. ways to make income outside your normal job

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Matched betting. DM me if you want any more info.

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Rent property or a room through Airbnb; you can get a second job on weekends/evenings or you can always invest in yourself, doing courses, learning languages or maybe a part time uni degree.

How effective is this really? Roughly how much does it make you?

Flipping under-priced items on Facebook/Gumtree/Ebay.

For example an iPhone 7 32GB, sells used circa £130+. Find them on FB for £100ish, flip em straight away.

Laptops too, any computer components - target a particular model/spec, and away you go. People want a quick sell especially on FB.

I’ve been doing it for 3 years and I’ve made £13k tax free profit and it’s only a hobby. Some others who spend a lot more time on it can make much more.

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I’ve done this too, but as soon as welcome offers were used up, things dried up - that was about £400 in… how on earth did you make it to £13,000?

After the initial sign ups, you need to move on to the deals for existing customers.

That means weekly bet clubs, horse racing offers, football accumulators. Repetitive but get the money rolling in.

Some move onto the casino offers, others take more risk and move into each way betting and arbing.

I’ve stuck to just football and horseracing.

Freelancing your existing job. You already have proof of your skills that someone is paying you for it. Find clients who just need the occasional bit of work/consultancy and charge a higher rate in return for your leisure time and not having to pay an agency/full time employee. Then add those gigs to your CV. It takes a while to get going but you still have your day job and will have extra money and a nice backup of clients if you find yourself out of work.

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@weenie 13k is really impressive, and the idea of matched betting seems smart!

That said, reading the post on your excellent blog - and the comments - makes me a bit wary that (a) betting is a world I don’t actually understand so should perhaps avoid, and (b) I could imagine getting too into it and making bad decisions…

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Have a lodger. Or why not 3? They used to pay my mortgage when I was single.

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Hah, thanks for reading that post from years ago!

I wrote that because I am a former gambler. Matched betting isn’t gambling, unless you make it so! :wink:

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Down the line you’ll have regret with these types of hustles. You can never gain a skill from it. Not preaching, I believe a good side hustle should have a dream inside it somewhere, so down the line could become your full time gig.

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I doubt very much that I’ll be regretting it - my side hustle is different from my job, it’s a hobby.

When you turn a hobby into a full-time paying gig, all the joy will be sucked out of it cos you’ll end up relying on that income.

Right now, I enjoy my hobby and enjoy (but don’t need) the income.

I see your point with it being a hobby yeah that makes sense. If you already love your job then that gig works. Many ppl are not fulfilled by their job which is why the side hustle should almost be the hobby/dream.

I would disagree on the hobby being wrecked by going all in, you’ll never regret taking a sport all the way or something along those lines. The journey is too fun.

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Would like to know how much time you spend
I tried couple of year ago and lost money or broke even because of some broker requiring 5x turnover :sob: didn’t try again later.

Are your number only with one time offers or repeated offers / doing arbitrage?

I know you :grinning:

Ouch, sorry to hear that! I tend to avoid those kinds of offers, keep to the simple ones!

I probably spend on average around 30-40 mins a day in total and a couple of hours at the weekend if I’m not doing anything else. Probably less time at weekends now that the football season is over.

I started off with one time (account opening offers) and now just do repeated offers/EW betting/bit of arb.

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Hi Don, not sure if this fits exactly what you’re asking. I watched a guy called Naval Ravikant on the Joe Rogan podcast the other day, he’s a successful entrepreneur and investor.

The gist of what he said for creating wealth is to own equity in something or otherwise have a means to generate passive income (earning that isn’t based directly on your hours worked). By investing in securities through Freetrade, that’s already an option and has potential to give compounding effects.

Things like matched betting could give you additional income, but they’re still essentially a job, you’re getting paid for your time input. If you input that same additional time in your current area of work, you would arguably get a better return and have the compounding effect of increasing your experience and value to future employers/clients over time.

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