Side hustles and passive income ideas: Your guide to making extra money (2024)

A full-time job isn’t always enough to achieve your financial goals. That’s why nearly 40% of U.S. adults have a side gig, according to a 2023 Bankrate survey. Making extra money can help you pay off debt, save to buy a house, or catch up on retirement savings.

Fortunately, there’s a wide range of side hustles and passive income streams that can help you tackle financial to-dos or even take your wealth to the next level, says financial blogger Kelan Kline. A side hustle is typically an additional job a person can take to earn extra money to supplement their primary income. On the other hand, passive income can be income that requires little or no effort to maintain.

Kline should know. When he and his wife Brittany were saddled with student loan debt, they launched The Savvy Couple—a blog focused on side hustles and money management tips—to help them earn extra income.

“It became a full-time business that allowed us to quit our 9-to-5 jobs in law enforcement and helped teach us to fast-track our financial freedom,” Kline says.

While most secondary gigs won’t turn into new careers, they can add a spark to your savings. So, what are some side hustle and passive income ideas that can help you make extra money? Read on to see which types of side hustles and passive income ideas can inspire you to accelerate your financial targets—and learn how your new income streams can work together to generate even more cash.

What is a side hustle?

A side hustle is any income-generating work outside of your primary job—anything from food delivery to selling items online. People use the extra income to improve their financial health, from building up savings to preparing for a big purchase.

What are some side hustle ideas?

“To find a side hustle, you should think about your existing skills and interests to narrow down what kind of opportunity you’re looking for,” says Randa Kriss, small business specialist at NerdWallet.

We’ve collected some side hustle ideas you can try without too much previous experience to help you make extra dough—or even find a new job:

(All earnings information courtesy of ZipRecruiter:)

Ride-sharing

Ride-hailing or ride-sharing apps make it easier for people to get around on demand, while creating a market for drivers and their cars. For many ride-share drivers, this is their primary source of income, but it can also be a convenient side hustle option.

“Driving for a ride-sharing service is a great way to make some extra money,” Kline says. “It allows you to be your own boss and set your own hours, which can be especially beneficial for people who have a flexible schedule or want to supplement their income.”

Approximate earnings: $13 an hour

Delivery driving

Don’t want to drive strangers around? Deliver food instead. Many delivery service apps need drivers to drop off grocery hauls and restaurant takeout.

“Delivery driving is a great way to earn some extra money on the side, while also having some time to decompress,” says Jacqueline DeMarco, a freelance writer specializing in personal finance content. “Driving can be stressful, but it’s a lot less stressful without passengers in the car. You can even listen to podcasts or audiobooks to make it feel like less of a chore.”

Approximate earnings: $18 an hour

Grocery shopping

Grocery delivery services also need people who can shop for items before they’re delivered. Once you sign up and choose a nearby supermarket, customer orders will pop up on your phone. Efficient shoppers who can quickly navigate local stores are making extra money by filling up shopping carts—and you could, too.

“Enjoy the free air conditioning while you fulfill grocery orders,” DeMarco says.

You can even take care of your own grocery needs once your customer orders are fulfilled. You may be less tempted to order expensive takeout if you’re already in a supermarket.

Approximate earnings: $16 an hour

Tour guide

If you love your area and have an engaging personality, become a local tour guide.

Being a tour guide can be a great way to meet new people and show them a city or neighborhood you’re passionate about—all while making extra money. You might need to pass a test to work for certain organizations, and many tours use a pay-what-you-like model so the income can be inconsistent. But it’s a side hustle with growth potential, DeMarco says.

“You can learn the ropes working for a tour guide company or app, then eventually take that knowledge and start your own tour guide business,” she says. “That way, you don’t have to share the profits.”

Approximate earnings: $19 an hour

Virtual assistant

Virtual assistants aren’t algorithms or chatbots—they’re real people. Virtual assistants can work from almost anywhere in the world as they perform digital tasks like scheduling, fielding emails, and even managing social media for companies or individuals.

“It’s an excellent option for people who have administrative and organizational skills, as well as the ability to work independently,” Kline says.

Approximate earnings: $24 an hour

Babysitting

If you’re trustworthy, responsible, and enjoy working with kids, babysitting is a great opportunity. And once you start establishing solid relationships with parents, it can evolve into a regular gig that provides a stable income. You can list your services on online platforms catering to babysitters.

When DeMarco was a babysitter, she also worked on freelance writing assignments while the kids slept, which helped her to maximize her side income opportunities. “If you love kids, it’s a fun way to earn extra cash,” she says.

Approximate earnings: $18 an hour

“To find a side hustle, you should think about your existing skills and interests to narrow down what kind of opportunity you’re looking for.”

Pet sitting

Are fur babies more your thing? Countless pet sitting opportunities exist—especially now that more people have returned to on-site work since the pandemic pet adoption boom. Multiple apps and sites allow you to list your pet sitting services. Just make sure you emphasize any experience you have as a pet sitter or a pet owner.

Approximate earnings: $16 an hour

House sitting

Many homeowners prefer to have someone stay over or regularly check in on their property (and also maybe look after their pets). House sitters not only get paid but often have full access to the home’s amenities, which might even include a pool or home theater.

“A lot of my babysitting clients would ask me to house sit or pet sit when they were out of town,” DeMarco says. “The best part about side hustles like this is you only have to say yes to a job when it works for your schedule.”

Approximate earnings: $17 an hour

Studies and focus groups

Research companies always need focus group participants. Whether they meet remotely or in person, these groups may give feedback on new products or provide insights that help organizations develop new services.

“Participating in focus groups and studies can be an interesting way to make extra money,” says Kline. “It is a great option for people who have flexible schedules, as it does require some time commitment and availability.”

Approximate earnings: $27 an hour

Translation work

Are you fluent in multiple languages? If so, you can put that skill to work. Translation duties can include working with marketing copy or medical and legal documents, so additional expertise may be necessary. And certain languages may offer more opportunities—and more money—than others, so research apps and online job boards to gauge the demand for your specific language skills.

Approximate earnings: $28 an hour

Graphic design

You can start a side hustle creating logos, visual assets for social media, or custom stickers for events or companies if you have the skills—or the willingness to learn. Creating designs for a friend or family member at a discount rate and posting them to your online portfolio is one way to gain experience and attract more—and higher-paying—clients.

“Graphic design can be a great side hustle for people who have an eye for design,” Kline says. “It is also a relatively easy and low-cost way to get started.”

Approximate earnings: $27 an hour

DIY for hire

Can you install a light fixture, assemble furniture, shovel snow, or paint a room? You can get paid for those tasks by signing up as a service provider on any freelance labor marketplace or app.

Approximate earnings: Varies depending on the job

Data entry

Data entry can be repetitive work, but the advantages extend beyond the ability to do it from home. Tasks can range from transcribing audio for a documentary filmmaker to inputting a company’s financial records on a spreadsheet. And the work is easy to find, as many job sites list part-time data entry roles.

“Data entry jobs typically require minimal training and can be done on a flexible schedule,” Kline says.

Approximate earnings: $19 an hour

Tutoring

Tutoring can be a flexible side hustle, too. You can work with students remotely or in person—from elementary school kids who need help after school to high school and college students who need weekend guidance to help them cram for exams.

“Tutoring can be a great way to make some extra money if you have the knowledge and skills,” Kline says. “It is also an excellent way to give back and help others.”

Approximate earnings: $20 an hour

Background acting

The people in the background of your favorite movies and TV shows actually get paid. And you don’t need to live in Los Angeles or New York City to find those roles. Production companies and university film students often post online ads for background acting opportunities across major U.S. cities. The time commitment will likely vary, but the extra money—and on-location craft service spreads—can make it worth your time.

“You can learn more about the film industry and meet interesting people,” DeMarco says.

Approximate earnings: $27 an hour

How can a side hustle complement a passive income strategy?

While side hustles and passive income ideas can both add income to your bottom line, they aren’t the same thing. So, what is passive income?

Unlike a job or side hustle, passive income does not require much, if any, additional effort. Examples include stock dividend payments, property rental income, and book or music royalties.¹

Of course, no one will show up at your house and start handing you cash. Usually, a passive income stream will require some initial effort and an upfront cost to set up, but ideally, it requires minimal effort once the wheels are in motion. That initial effort or investment might mean that passive income streams won’t be as accessible as side hustles, at least not until a little later in life.

“Having both a side hustle and passive income can be incredibly powerful when it comes to building financial freedom,” Kline says. “For example, you could use the money from your side hustle to invest in stocks and bonds, which can generate dividend payments.” (Please consult your tax advisor with respect to information contained in this article and how it relates to you.)

Or you could use the money earned from a side hustle to eventually purchase a rental property, which can generate long-term passive income, Kline says.

“Ultimately, having both sources of income can help you achieve your financial goals faster,” he adds.

What are some other ideas for making extra money?

Most passive income streams could be considered a form of investment. But this includes much more than buying and selling stock in companies. Anything you purchase with the intent to make more money from could be considered an investment.

Consider these additional ideas for making extra money:

Dividend investing

“Dividend investing is a great way to earn passive income,” Kline says. “It involves purchasing stocks or bonds that pay out dividends, which could be a great source of income over time.”

You should do research or consult an investment professional to learn which companies offer the best mix of dividend payments versus risk. Most dividend-paying stocks pay out quarterly, though some may pay out more or less frequently. The amount paid will be a percentage of your holdings, likely in the low single digits.

Dividends can be a reliable source of income for retirement, and advocates of the Financial Independence, Retire Early (FIRE) strategy for early retirement often recommend investing in dividend-paying stocks.

“Having both a side hustle and passive income can be incredibly powerful when it comes to building financial freedom.”

Rental income

There are many different types of property you can buy in order to rent out, depending on what’s available in your area or what investments you’re willing to consider.

Consider these different types of rent-based passive income ideas:

Long-term home or apartment rental

Leasing out a home or apartment can be a reliable and significant source of passive income, but it’s also a very involved process. You’ll need to learn the rental regulations for your area and your obligations to your potential tenants. Unless you can afford to pay someone to manage the property, the upkeep may resemble a job of its own.

Short-term rentals

If you have a spare room or vacation property, you could list it on a short-term rental platform or app.

“It’s a relatively easy way to make money by renting out your unused space or investment property,” Kline says.

While this may not provide the same degree of reliable income as a long-term lease, it’s easier to get started. Plus, utilizing black-out dates means you still get to access your space when you want, while having the opportunity to make an income from it when you don’t.

Other rental spaces

A spare parking or storage space can also be a source of passive income, and several apps and services exist for listing them. Best of all, renting out a space you never use, like a garage spot, requires little effort to earn reliable passive income.

Rent out your car

You can even list your car on some auto rental apps to earn money. If you don’t mind the additional wear and tear on your car—or the idea of other folks driving it—this could be a good way to make your car work for you. Just be sure to check with your car insurance provider to see if you need to carry additional coverage before booking your first renter.

What can you do with your additional funds?

Wondering what to do with the extra cash you earn from implementing side hustle ideas and passive income ideas is a great problem to have. But what are your options? Sometimes, you’ll want to reinvest in a side hustle (like upgrading the ties in a car you use for ride-share driving) or in a passive income strategy (such as painting the walls of your rental property).

Often, you’ll need a safe place to store your money that will still give you a generous return so that it keeps growing until you know what to do with it. Here are some low-risk options that can deliver growth on your additional cash:

Savings accounts

Savings accounts can provide a safe place to put your extra cash as long as you’re depositing your funds at an FDIC-insured institution. The interest your deposits earn can also be a source of portfolio income, which can include interest, dividends, and capital gains on investments.

CDs

A CD, or certificate of deposit, is similar to a standard savings account but with one key difference: CDs tend to have higher interest rates, which means they can also provide portfolio income. As a tradeoff, you’re expected to leave the money in the account for a specific amount of time, and there’s often a fee for early withdrawal. It helps to know how CDs work to get the most out of them.

Money market accounts

Money market accounts are similar to CDs in that they offer greater returns in exchange for restrictions. You won’t need to wait multiple years to withdraw your funds from a money market account, but there likely will be a limit on how often you can withdraw funds, and you might need to maintain a minimum required balance amount.

Retirement accounts

Certain jobs will offer retirement accounts, like 401(k) plans, as a benefit of employment. Whether you have a 401(k) plan or not, you can open up an individual retirement account, known as an IRA—either a traditional IRA or a Roth IRA. The primary difference has to do with when you pay taxes on the money in the account. For a traditional IRA, you pay taxes when you withdraw funds from the account. For a Roth IRA, you pay taxes on the money as it’s put into the account. For either, you may have to pay a fee if you withdraw your money before retirement. Always check with your plan provider for specific rules and fees related to early withdrawals.

There are even more choices to make. For example, you might consider an IRA CD in addition to an IRA Savings Account. IRA CDs function just like other CDs but are intended to build up funds for after you’ve finished working. It could be worth speaking with a retirement planning professional to establish a personal saving strategy.

How can you benefit from side hustles and passive income?

Both side hustles and passive income can add financial comfort and confidence.

Has this tour through passive income and side hustle ideas inspired you to pursue additional income streams to boost your finances? Whether you start a side business or just pick up some gigs via an app, extra income sources paired with passive income streams can be a game-changer for your financial health.

Looking to maximize your financial health? Try using a financial checklist to see how you’re tracking against your financial goals.

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