From Lucrative to Cautionary Tales: The Best & Worst Side Hustles
Taking on a side hustle can serve as a valuable means to supplement your income or just keep things steady, especially when you’re on the job hunt. According to Bankrate, nearly 39 percent of U.S. adults are involved in side hustles. But what side hustles are considered to be the most lucrative? In a detailed assessment, Best Life, a lifestyle magazine, has ranked various side hustles.
What’s the number one side hustle?
Affiliate marketing emerges as the top-rated side hustle, according to the magazine. This involves promoting a brand’s products and earning a commission per click. The flexibility of affiliate marketing is emphasized, given the various ways it can be executed and the numerous companies available for affiliation.
Securing a notable spot in the ranking is dog walking, which Best Life deems an ideal side hustle for those who enjoy the outdoors and have a fondness for animals. Interestingly, The New York Times has reported that some full-time dog walkers earn over $100,000 annually.
What’s one of the worst side hustles?
Unfortunately, user-generated content finds itself at the bottom of the list. This aspect of online marketing involves independent creators generating promotional content for brands. The magazine highlights the challenges associated with finding clients and creating authentic content.
For those seeking a more hands-on endeavor, Best Life suggests exploring furniture flipping. This entails purchasing pieces at a low cost, refurbishing them, and reselling them at a higher price. However, it’s important to note that this side hustle demands significant time, energy, and upfront investments.
The magazine’s list of side hustles also includes surveys, Doordash and UberEats, and email marketing, among others.
Side hustles help people make extra money apart from their regular income, and for many Americans, this additional income isn’t just for fun. According to Bankrate, 33 percent of U.S. adults with a side hustle use the money to cover essential living expenses, which is more than the 27 percent who use it for non-essential spending.
Find out how other side hustles ranked here.