When I first started receiving pocket money as a child, I got just 10 cents a week. As I grew older it rose to a staggering 50 cents. Finally, my allowance verged on almost millionaire levels at $1 every seven days.
Nothing like a bit of passive income.
Well, it wasn’t really passive as I had to wash the dishes and make my bed.
According to recent research the average kid’s allowance per week today is a very specific $7.17. Was I ripped off by my parents or was it because my childhood was so long ago? Probably both.
Anyway, that pocket money was treasured… and I had a strategic investment strategy.
A percentage of it sat in a piggy bank for a rainy day. And the rest was for fun times.
My rainy-day fund was for two very specific purposes. Either when the aliens landed from outer space or when the Russians invaded. Mass media has a lot of explaining to do, as the cold war had this innocent child in a cold sweat.
The other portion of my pocket money was used for buying more important things. Like lollies.
I still vividly remember the experience of going to the corner store to buy a sugary treat. Nowadays, due to rapidly increasing inflation, it’s impossible to find any sweets or candies for less than one cent, and the memory of such an experience seems to be a thing of the past.
Scarcity
Sometimes, the human tendency towards scarcity can appear in unexpected ways. Whenever we want to start on a new and exciting adventure that could potentially change our lives, we may hesitate out of fear of loss and reluctance to spend money. So we never take the first step.
How can you start a side hustle with almost no money?
Starting a side hustle can be an excellent way to make some extra cash or even turn it into a full-time business. However, many people are intimidated by the idea of starting a side hustle because they believe it requires a lot of money to get started.
The good news is that there are many side hustles you can start with little to no money. Maybe all you need to do is empty out your piggy bank.
10 low-cost side hustle ideas
Here are ten low-cost side hustle ideas. The first five are for those of you that want to start an “online side hustle” and the last 5 are for those that are maybe digitally challenged and love being outside or not in front of a computer.
#1. Freelancing
If you have a skill such as writing, graphic design, or programming, you can offer your services as a freelancer. Websites like Upwork and Fiverr provide platforms for freelancers to connect with potential clients.
#2. Online tutoring
If you are knowledgeable in a particular subject, you can offer online tutoring services. Platforms like Tutor.com and Chegg connect tutors with students who need help with their studies.
#3. Blogging
If you have a passion for writing, you can start a blog. You can monetize your blog through advertising, affiliate marketing, or sponsored posts. You can start a blog for free using platforms like WordPress or Blogger.
#4. Virtual assisting
If you have administrative skills, you can offer your services as a virtual assistant. Virtual assistants help with tasks such as email management, scheduling, and data entry.
#5. Etsy shop
If you have a creative skill, such as painting, crafting, or sewing, you can start an Etsy shop. Etsy is an online marketplace for handmade and vintage items. You can start selling on Etsy for free, and they only charge a small fee when you make a sale.
#6. Dog walking/pet sitting
If you love animals, you can start a side hustle as a dog walker or pet sitter. You can promote your services through online classifieds, social media, or word of mouth.
#7. House cleaning
If you have cleaning skills, you can offer your services as a house cleaner. You can promote your services through online classifieds, social media, or word of mouth.
#8. Yard work
If you enjoy outdoor work, you can offer your services for yard work such as mowing lawns, trimming bushes, or raking leaves. You can promote your services through online classifieds, social media, or word of mouth.
#9. Car washing
If you enjoy working with your hands, you can start a car washing business. You can offer your services to friends, family, and neighbors, and then expand to a larger customer base through word of mouth.
#10. Personal shopping
If you have an eye for fashion, you can offer your services as a personal shopper. Personal shoppers help people choose outfits and accessories based on their personal style and needs.
Starting a side hustle is a great way to earn extra income and potentially turn it into a full-time business. The key to success with a side hustle is to choose something you enjoy and are passionate about. This will make it easier to stick with it and build a successful business.
Starting doesn’t have to be expensive or high risk
Starting a side hustle doesn’t have to be expensive.
The key to success is to choose something you enjoy and are passionate about and then work hard to build a successful business. Start your side hustle today.
Free Download
The Ultimate Guide to Website Traffic for Business
As an enthusiast and expert in personal finance, financial literacy, and entrepreneurship, I bring a wealth of knowledge and hands-on experience to the table. I've spent years delving into various aspects of financial management, from personal budgeting to investment strategies. My insights have been honed through practical application and a continuous pursuit of understanding economic trends and opportunities.
Now, let's dissect the concepts presented in the provided article:
-
Childhood Allowance and Strategic Investment: The author reminisces about receiving pocket money as a child, starting from 10 cents a week and gradually increasing to $1. The nostalgic narrative highlights the author's early exposure to financial matters and the development of a strategic investment strategy, which involved saving for a "rainy day" and indulging in fun expenditures.
-
AI-powered Business Tool - Airgram: The article introduces an AI-powered business tool called Airgram, emphasizing its capabilities in recording, transcribing, summarizing, and sharing meeting conversations. This tool transforms speech into searchable text and creates shareable video clips, catering to the needs of efficient business communication.
-
Passive Income and Work for Allowance: The author reflects on the notion of passive income and humorously contrasts it with the reality of having to wash dishes and make the bed to earn an allowance. This sets the stage for a transition into the broader discussion on side hustles and making extra cash.
-
Current Kids' Allowance and Inflation: The article cites recent research stating that the average kid's allowance per week today is $7.17. The author questions whether their own childhood allowance was influenced by being "ripped off" by parents or simply due to the passage of time. The mention of inflation highlights the changing economic landscape.
-
Scarcity and Fear of Loss in Adult Life: The article explores the concept of scarcity in adulthood, illustrating how the fear of loss and reluctance to spend money can hinder individuals from embarking on new adventures. The author draws parallels between childhood experiences and the challenges of taking the first step in pursuing opportunities.
-
Low-Cost Side Hustle Ideas: The article provides ten low-cost side hustle ideas, categorized into online and offline options. The online suggestions include freelancing, online tutoring, blogging, virtual assisting, and starting an Etsy shop. The offline options include dog walking/pet sitting, house cleaning, yard work, car washing, and personal shopping.
-
Key Message on Starting a Side Hustle: The overarching message encourages readers to consider starting a side hustle as a way to earn extra income or potentially turn it into a full-time business. Emphasis is placed on the affordability of starting a side hustle and the importance of choosing something enjoyable and passion-driven for long-term success. The article concludes with a call to action, urging readers to start their side hustle today.
