In this article, we will look at the 30 high-paying side hustles to start for extra income in 2024. We have also discussed changing financial preferences of Americans in 2024. If you want to skip our detailed analysis, head straight to the 10 High-Paying Side Hustles to Start For Extra Income in 2024.
In 2024, despite a resilient economy with strong indicators such as rising wages and decreasing inflation, many Americans remain pessimistic about their personal finances. A Bankrate survey reveals that nearly two-thirds (63%) of Americans don’t foresee improvements in their financial situations. This sentiment is largely attributed to persistent inflation, with 61% of respondents pointing to it as a major concern. While economists note overall improvements, everyday expenses like food and gasoline remain high, hindering immediate relief for many households.
Generational differences also influence financial outlooks, with younger generations, particularly Gen Zers and millennials, exhibiting more optimism compared to baby boomers. Rising income and better spending habits are cited as primary reasons for optimism among those expecting improvement. Conversely, stagnant wages and inflation are the primary concerns for those anticipating financial stagnation or decline in the coming year.
Despite these challenges, financial planning remains a priority for most Americans in 2024. Paying down debt is one of the the top goals for many, reflecting the urgency driven by record-high interest rates on various forms of debt. This goal is especially pronounced among baby boomers and Gen Xers. However, younger generations prioritize securing higher-paying jobs or additional income streams.
It is interesting to note that the gig economy, particularly in ride-hailing services like Uber Technologies Inc (NYSE:UBER) and Lyft Inc (NASDAQ:LYFT), has seen a major increase in drivers over recent years. This increase in participation has led many drivers to voice concerns about declining profitability. Fred, a part-time Uber Technologies Inc (NYSE:UBER) driver, noted a visible increase in fellow drivers at waiting areas, attributing a 25% drop in earnings to heightened competition for rides.
Data from November 2023 revealed a record 6.5 million active Uber Technologies Inc (NYSE:UBER) drivers globally which was a 31% increase from the previous year. Lyft Inc (NASDAQ:LYFT), too, experienced an increase in driver numbers. Factors such as inflation and reduced COVID-19 concerns have incentivized more people to join the gig economy, exacerbating the competition among drivers.
The changing landscape has impacted drivers’ earnings. Rich, an experienced Uber Technologies Inc (NYSE:UBER) driver, highlighted a major decline in his weekly earnings, noting that the days of making over $2,000 a week are long gone. Uber Technologies Inc (NYSE:UBER), however, disputes the drivers’ claims, stating that growing customer demand offsets the increase in driver supply.
Apart from the financial profitability, many find Lyft Inc (NASDAQ:LYFT) or Uber Technologies Inc (NYSE:UBER) driving more rewarding than just supplemental income and flexible hours. Despite driving being the core of the job, drivers often cherish the social interactions they gain. Moreover, driving is one of the best ways to make atleast $3000 a month as a side hustle.
A close up view of a hand holding a smartphone, using a ride sharing app.
Our Methodology
To compile our list of the best side hustles, we consulted Reddit threads and Quora answers to make a collection of 40 best side hustles according to ordinary people. We tried to target the side hustles which people described as being most “profitable”. Then, they were filtered according to their average earning potential in the US. After they were ranked, the 30 high paying side hustles to start for extra income in 2024 were selected and they are shared below.
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30. Dog Sitting
Dog walking is an ideal side hustle due to the increasing travel trends. 40% more Americans plan to travel this summer, creating a demand for pet care. Pandemic puppies are now full-sized dogs, requiring care during owners’ absences. Pet-sitting offers various tasks like dog walking, cat care, and housesitting. Platforms like Care.com, Wag!, and Rover offer opportunities, with dog walkers earning $20 to $40 per hour. Moreover, directly offering services to neighbors can bypass platform fees, maximizing earnings.
29. Take and Participate in Online Surveys
Participating in online surveys is a perfect side hustle due to its flexibility, requiring minimal time and effort. It offers an easy way to earn extra income or rewards by sharing opinions and insights, fitting well with various schedules and commitments. It is one of the side hustles that pay daily.
28. Resell Used or Vintage Items
Reselling used or vintage items is a lucrative side hustle due to low initial investment, flexible schedule, and potential for high profit margins. It taps into growing demand for unique, sustainable goods while allowing individuals to leverage their eye for quality finds. It is one of the best ways to make $2000 a month on the side.
27. Mow lawns or Do Yard Work
This side hustle requires minimal startup costs – just basic equipment like a lawnmower and gardening tools. It also offers flexibility, allowing individuals to schedule jobs around their existing commitments. Moreover, it’s a service in constant demand, particularly during warmer months or in areas with frequent growth.
26. Babysitting
This side hustle can be emotionally rewarding as it can help foster bonds with families and providing a sense of fulfillment. Additionally, it’s a skill that’s always in demand, especially for parents needing reliable childcare. It is one of the best side hustles for 2024.
25. Sell baked goods
Selling baked goods allows individuals to turn their passion for baking into a profitable venture. It also requires relatively low startup costs compared to many other businesses, with ingredients and basic kitchen equipment being the primary investment. It offers flexibility that enables bakers to work from home and set their own hours. It is one of the high paying side hustles to start for extra income in 2024.
24. Design and Sell Custom Merchandise
This hustle essentially capitalizes on individual creativity, allowing artisans to express themselves through unique designs tailored to niche markets or specific interests.Moreover, it demands minimal upfront investment, primarily requiring digital design tools and access to printing or manufacturing services.
23. Transcriptionist
As a transcriptionist, you convert audio into written text, working remotely from home or anywhere with internet access. With an average base salary of $46,595, it is an accessible opportunity, that requires good language skills and attention to detail but no advanced qualifications. Therefore, it is also one of the best work-from-home jobs for 2023. Transcription is one of the side hustles that can pay monthly.
22. Virtual Assistant
A virtual assistant provides administrative, creative, or technical support remotely. They help individuals or businesses streamline operations and increase productivity. Virtual assistants can earn base annual salary of $82,724 on average, according to Indeed. It is one of the best side hustles that pay weekly.
21. Podcasting
This side hustle offers flexibility as hosts can record episodes at their convenience. Podcasting’s rising popularity opens doors for sponsorships, advertisements, and crowdfunding support. Moreover, the potential for passive income through affiliate marketing and merchandise sales further enhances profitability for podcasting. It is one of the side hustles that actually work.
20. Instagram Influencing
If you’re an Instagram aficianado, you can grow your instagram presence and monetize your page. You need to be at-least 18-years old and have at-least 10,000 followers to monetize your page. It’s also advised to pick a particular niche.
19. Language Translator
As the demand for language translation continues to soar alongside global connectivity, bilingual or multilingual individuals can leverage platforms such as Unbabel Inc. to provide valuable translation services. To read more about translation related jobs, see Careers That Bilinguals and Multilinguals Will Excel in.
18. Personal Chef Services
With low startup costs, it capitalizes on culinary skills for extra income. It provides autonomy, opportunities for growth, and the satisfaction of delivering personalized culinary experiences, making it rewarding on multiple levels. It is also one of the most fun jobs that pay well.
17. Stock Photographer
Stock photography enables individuals to capture and market images for diverse applications like websites, ads, and publications, offering photographers a chance to earn passive income by licensing their photos multiple times. In the digital era where the need for top-notch visuals is incessant, platforms like Shutterstock Inc (NYSE:SSTK) are highly useful. It is highly profitable side hustle as photographers and hobbyists can generate earnings from the comfort of their homes. As per Glassdoor, the average photographer’s salary at Shutterstock Inc (NYSE:SSTK) is $53,000. It is one of the most profitable side hustles.
16. Offer Photography Services
Photographers earn a median pay of $40,170 annually. Typically, a high school diploma suffices for entry. No prior related work experience is necessary, but moderate on-the-job training is common. In 2022, there were 148,900 photography jobs, with a projected 4% growth from 2022 to 2032, adding 6,100 jobs. It is one of the side hustles that pay well.
15. Graphic Designer
The median salary of a graphic designer in the US is $50,710, according to BLS. It is also one the highest-paying part-time jobs for college students. It is one of the high-paying side hustles to start for extra income in 2024 online.
14. Event Planning
Event planning allows individuals to leverage their organizational skills and creativity to coordinate various events such as weddings, parties, and corporate functions. Event planners are hired through word-of-mouth referrals, social media platforms, and event planning websites. Additionally, they often collaborate with venues, vendors, and clients to bring their vision to life.
13. Social Media Manager
The US Bureau of Labor Statistics (BLS) forecasts a positive job outlook for advertising and promotions managers, which includes roles such as social media managers. In 2022, these professionals had a median salary of $127,830. The BLS anticipates a faster-than-average growth rate of 7% from 2021 to 2031. It is one of the most excellent side hustle ideas from home.
12. Subject Specific Tutor
If you excel in a particular subject, you can become an online tutor and teach students worldwide through platforms like Tutorme and FavTuto. The average salary of a tutor in the US is $52,379. It is one of the best side hustles for extra income while working full-time.
11. Makeup and Hairstyling
In 2024, makeup and hairstyling offer a lucrative side hustle due to growing demand fueled by social media influence and the desire for self-expression. As individuals seek to enhance their online presence and appearance, skilled artists can capitalize on offering personalized services for events, photo shoots, and everyday looks.
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Disclosure: None. 30 High-Paying Side Hustles to Start For Extra Income in 2024 is originally published on Insider Monkey.
Source: 30 High-Paying Side Hustles to Start For Extra Income in 2024
