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At some point in life, many individuals find themselves in need of additional funds. Whether it’s to manage essential bills or unexpected costs, such as a pet emergency or home repairs, the urgency for financial resources can arise at any moment.
In times when waiting for a monthly paycheck isn’t feasible, there are various options available to generate quick income legally and efficiently. It’s crucial to stay informed about tax obligations while engaging in these side hustles. Below you will find a collection of strategies and insights aimed at helping you secure quick cash and explore new income avenues.
12 Side Hustles for Quick Cash
1. Sell Unwanted Items Online
One of the fastest ways to earn extra cash is by selling items you no longer need. Going through your closets, garage, or attic can uncover old clothing, gadgets, and collectibles that could be listed on platforms like eBay, Poshmark, Craigslist, Etsy, or Facebook Marketplace. Hosting a garage sale is also an option, but online sales can reach a wider audience and often lead to quicker transactions. Be sure to factor in potential shipping costs, as they can impact your total profit.
Time to set up: A few hours
Time to make money: Days or weeks
Requirements: An account on a selling platform, items to sell
2. Participate in Online Surveys
Engaging in online surveys can yield cash in a matter of minutes. Platforms like Survey Junkie and Swagbucks allow users to earn money by sharing their opinions through surveys in exchange for cash or gift cards. While each survey may only bring in a small sum, the ease of participation makes it a simple way to generate a little extra spending money. Keep in mind, payment structures can vary, and some platforms might have restrictions on cashing out.
Time to set up: Minutes
Time to make money: Hours
Requirements: A computer or smartphone
3. Freelance on Online Marketplaces
Freelance platforms like Upwork and Fiverr offer the ability to sell your skills, whether they are in writing, graphic design, programming, or other areas. After creating an account, you can bid on various projects, and completing them can lead to immediate payment. Successful freelancers often turn this side hustle into a full-fledged career thanks to the flexibility and earning potential it offers.
Time to set up: A few hours
Time to make money: Days
Requirements: Relevant skills, a computer, necessary software
4. Provide Pet Sitting and Dog Walking Services
If you have a passion for animals, services like Rover and Wag allow you to earn money through pet sitting or dog walking. With just a profile featuring photos and availability, you can quickly connect with pet owners in need of help. These services can range from daily dog walks to overnight stays, making it possible to generate income in a short time frame.
Time to set up: A few hours
Time to make money: Hours
Requirements: A smartphone, pet supplies, a love for animals
5. Offer Babysitting Services
Babysitting can be lucrative and rewarding, though it often requires building a trustworthy reputation within your community. Unlike apps for pet services, parents typically seek babysitters with verified references. Building connections through neighborhood outreach or job boards like Care.com can help you establish a client base, enabling opportunities for fast cash when parents find themselves in need of emergency childcare.
Time to set up: Several days
Time to make money: Varies
Requirements: A mobile phone, communication skills, childcare experience
6. Become a Tutor
If you excel in a particular subject, consider tutoring local students. Begin by reaching out to your network to identify potential clients. Additionally, online platforms such as Chugg Tutors or Tutor.com can help you reach a larger audience. While some sites take a commission, they also provide flexibility in scheduling.
Time to set up: A few days
Time to make money: Hours
Requirements: Subject matter expertise, a computer
7. Host Guests via Airbnb
For homeowners, rental opportunities through Airbnb can be an effective way to earn passive income. Whether you have a spare room or an entire property, hosting travelers could be financially rewarding. It’s essential to understand the local regulations regarding short-term rentals and to ensure the space meets guests’ needs for a comfortable stay.
Time to set up: A few days
Time to make money: Varies
Requirements: A property to rent, an Airbnb account, amenities for guests
8. Work as a Delivery Driver
Delivery services offer flexibility and convenience, allowing you to earn cash by driving for companies like Uber Eats, DoorDash, Instacart, and others. While the application process may take time, delivery driving provides opportunities to work on your schedule, making it an attractive side job.
Time to set up: Several weeks
Time to make money: Hourly, once hired
Requirements: A vehicle, a smartphone, good communication skills
9. Take on Odd Jobs
Your local community likely has a demand for various services, from home repairs to yard work. Advertising your availability through flyers or using platforms like Taskrabbit can help you find customers. Many odd jobs pay upon completion, allowing you to generate cash swiftly.
Time to set up: A few hours
Time to make money: Hours
Requirements: Tools and skills relevant to the jobs you’re offering
10. Start a Mobile Car Wash
Mobile car wash services are becoming increasingly popular, catering to customers who prefer convenience. This side hustle requires transportation and cleaning supplies, plus the ability to provide services at clients’ locations. Be sure to confirm the availability of water sources and power when making appointments.
Time to set up: Weeks
Time to make money: Varies
Requirements: A vehicle, a smartphone, cleaning materials
11. Work as a Virtual Assistant
For those looking for flexible work-from-home opportunities, becoming a virtual assistant can be rewarding. While the average pay is around $26 per hour, experienced VAs can earn much more. Creating a compelling online portfolio and networking can help you establish a solid client base.
Time to set up: Days
Time to make money: Varies
Requirements: A computer, organizational skills, relevant experience
12. House Cleaning Services
House cleaning remains a consistent demand, allowing you to charge around $20 an hour without needing extensive experience. Building a reliable client network can lead to referrals and a growing business. To start, gather the necessary cleaning supplies and ensure you have transportation.
Time to set up: Days
Time to make money: Varies
Requirements: A vehicle, cleaning supplies
Understanding Taxes and Side Hustle Income
Prior to diving into side hustles, it’s crucial to understand tax obligations tied to your earnings. Setting aside money for taxes can prevent unexpected bills during tax season, making it wise to consult with a tax professional about your situation.
Are Side Hustle Earnings Taxable?
Yes, if your income from side gigs exceeds $400, you are required to file taxes. Unlike traditional employment, taxes are typically not withheld from freelancer income, which means you are responsible for handling your tax payments.
How to Save for Taxes?
A simple approach is to establish a tax savings account and deposit a portion of your earnings regularly. This helps ensure you have the funds available for tax payments and won’t be caught off guard.
What Percentage to Save for Taxes?
It’s generally advisable to set aside 25% to 35% of your side hustle income for taxes, which will cover both income and self-employment tax obligations.
Tracking Side Hustle Expenses
As a self-employed individual, you can write off certain business expenses, reducing your taxable income. Keeping a separate business banking account can simplify tracking these costs, making tax time considerably easier.
Source
www.entrepreneur.com