BMLpL

Bank of America Corporation Bank of America Corporation Depositary Shares (Each representing a 1/120

22.3200
USD
0.68%
22.3200
USD
0.68%
18.4500 25.9100
52 weeks
52 weeks

Mkt Cap 116.06B

Shares Out 5.20B

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The Best Side Hustles to Earn Extra Income

According to a recent study, one in three Americans (34%) have a side hustle. Of those who have a side hustle, two-thirds (67%) started one within the past five years, and three out of 10 (31%) started a side hustle during the pandemic. The trend is growing, with another one out of four planning to start one soon. What is a side hustle? A side hustle can increase your income and help you become more financially independent. In addition to helping you diversify your revenue streams, many are motivated to develop a new skill or do something they enjoy. Here are the top reasons for starting one: Do something fun, or something they enjoy -- 38% Diversify income -- 33% Develop new skills -- 28% Save up for a specific financial goal -- 25% Save up for a specific purchase -- 23% Test a specific business idea -- 16% A side hustle is a great way to test out a business idea while keeping your day job. It offers the best of both worlds while putting extra cash in your bank account. Top side hustles With inflation running at 40-year highs, a side business can help offset the increase in prices and provide more money to invest for your future. Many of the best side hustles can be based on your experience, skill sets, and your passion. Like to garden? Create an ebook or instructional videos. Are you a musician? Create educational videos and launch a blog. Many are using YouTube and TikTok to gain a following and make money off advertising. Others are creating blogs to share their unique knowledge. Begin by writing all of the things you enjoy doing, your experiences, and what you are good at. From there, look to see which one would be the best way to monetize your strengths. The key is to focus on one or two things and do them really well. That will help bring in more money. It is important to be patient, as some may take time to generate enough meaningful income. Here are some side hustles to consider. Selling a product online: You can start by selling personal items on Amazon and other websites. You can later expand to buy your own inventory. Launch a blog: You can start a blog for free and share your knowledge. There are many ways to make money with a blog. You can sell ads, sell products or services on your site, sell a subscription, or make money through affiliate programs. Start a YouTube or other social media channel: You can make thousands of dollars a month by generating a large following primarily through ad revenue. Teach or tutor: You can become an online coach or spend extra time to teach available students interested in your knowledge and skills. Do some freelance work: Freelance work can range from delivering food to offering proofreading and editing services. There are multiple websites you can use to offer your services. Build passive income through real estate or Airbnb your property: Real estate has been a solid source of passive income. Using Airbnb to rent your property is another way to generate side income. Start a podcast: Have knowledge to share? Or have keen insights into certain topics? Podcasting is another way to gain a large audience and make money through ads. These are only a few of the side hustles you can use to generate extra income. There are plenty of opportunities available that require little risk but can help you earn more money to help you gain financial freedom. Alert: highest cash back card we've seen now has 0% intro APR until 2023 If you're using the wrong credit or debit card, it could be costing you serious money. Our expert loves this top pick, which features a 0% intro APR until 2023, an insane cash back rate of up to 5%, and all somehow for no annual fee. In fact, this card is so good that our expert even uses it personally. Click here to read our full review for free and apply in just 2 minutes. We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. The Motley Fool has positions in and recommends Amazon. The Motley Fool has a disclosure policy. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Founded in 1993 in Alexandria, VA., by brothers David and Tom Gardner, The Motley Fool is a multimedia financial-services company dedicated to building the world's greatest investment community. 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