5 min read
Opinions expressed by Entrepreneur contributors are their own.
It never hurts to have multiple income streams, especially when you’re building a business. Having a side hustle (or two) can be an excellent way to keep money coming in, easing your anxiety and lessening some of the financial burdens that come from entrepreneurship.
More than one-third of Americans have a side hustle, according to a recent study by Zapier. Get on board with one of these 10 high-earning side hustle ideas that can help you earn money fast without ever leaving home.
1. Start a Youtube channel
There’s a lot of ad money to be made on YouTube. For example, my wife is a Registered Nurse here in Los Angeles. During her days off, she has been sharing her healthcare and personal experiences of pregnancy and parenting an infant on her YouTube channel. It’s a creative outlet for her that helps others broaden their knowledge while also earning some ad revenue.
2. Run Instagram or Tiktok ads for other businesses
If you’re a world-class marketer, you can make a lot of extra money by marketing for other brands that aren’t so savvy in reaching the Gen-Z audience. Work your network to uncover business owners you know who need this service. You can make $1,000 a month or more without taking up too much of your time.
3. Domain flipping
The right domain names can be incredibly lucrative, and brands will pay big money for them. By the age of 20, I had sold 25 premium domains to Fortune 500 companies. You’ll need to be on the lookout for domain names that could be lucrative. Once you have bought and registered them, you can place them on auction websites like Godaddy and Flippa then sell them to the highest bidder.
Related: How to Negotiate the Price of a Pricey Premium Domain
4. Sell your creative skills
Do you love to paint, draw, write or do something else creative? There’s a market for it on marketplace websites like Fiverr and Upwork. Make some extra cash doing what you enjoy.
5. Sell an online course
Teach others how to become a master of your craft with online courses. Once the initial setup is complete, this is an excellent way to earn passive income. There are plenty of platforms out there to try, like Thinkific, Teachable and Kajabi.
6. Build an ecommerce store
Shopify makes it a breeze to build an ecommerce store from scratch. I have helped several artists and influencers launch lucrative Shopify stores from home that earns them passive income every month.
7. Get paid for your advice
Consultants are in high demand. Even better, being a consultant is entirely flexible. You can consult for as many or as few hours as you want in a given month. Register as an expert on Clarity and charge $10 a minute or more for your time. People can schedule calls with you to hear your advice and discuss their ideas, and you get paid for talking about your experiences. It’s a win-win situation.
Related: How to Start a Consulting Business: Your One Page Business Plan
8. Invest in rental properties
Buying properties that you can rent out is a good investment strategy. It requires some upfront costs, but you will recoup those costs once you get a renter in the unit. Plus, your unit will become more valuable over time. Use a site like Bigger Pockets to learn more about becoming a real-estate investor and to discover good deals in your area.
9. Become an indie hacker or solopreneur
One of the best ways to make money is by starting your own business. If you want to work for yourself and control what kind of job you take on, becoming an indie hacker or solopreneur may be the right option. Join a community like Indiehackers and connect with others who are also starting or growing their businesses.
10. Write a book
You have a unique story. Write it down, then sell it on Amazon. Use Amazon’s self-publishing service to have your book distributed on Kindle or paperback. Be sure to work with an editor before publishing to ensure that your book is polished and professional. Once it’s online, you’ll get paid as people buy it. In addition to earning some extra income, you’ll build your reputation and increase your digital profile. This can be very helpful as you launch your new business.
11. Become an affiliate marketer
Build a website that markets to a specific niche. Then, add affiliate links that are relevant to that niche. You’ll make a small amount of money every time someone clicks on the affiliate link and buys something. This requires some upfront work, but can be an excellent way to earn passive income while honing your business skills.
12. Selling NFTs
Non-fungible tokens are a hot topic these days. They represent an emerging class of crypto assets, and they offer the possibility to transact unique digital goods such as collectibles, in-game items and other memorabilia. NFTs can be sold on platforms like OpenSea, Rarible and Foundation, and they’re a great way to earn money on the side if you are an artist.
The decision to start a side hustle should not be taken lightly. You’ll need the right skills, knowledge and training to succeed in this endeavor. Fortunately, there are many resources available for those who want to take on their own side hustle from home with little or no experience.
Related: What Is an NFT? Inside The Next Billion-Dollar Crypto Sensation.
The 11 Sectors Of The Stock Market & Their Biggest ETFs
7 min read
This story originally appeared on StockMarket
What Are ETFs & Why Should Investors Consider Them?
The stock market is often divided into 11 major sectors representing key areas of the economy. Within each sector, there are a number of different publicly traded stocks that operate in the same broad area. If you’re an investor and want to diversify your portfolio expansively, you’ll then need to own companies across the market.
In light of that, it’s helpful to know the market categorization for each sector. For instance, if you want to have exposure in specific areas of the economy, an exchange-traded fund (ETF) may be a good place to start. But first, what exactly is an ETF? An ETF is a basket of securities, shares of which are sold on the stock exchange. It has become incredibly popular for both active and passive investors alike.
With this in mind, let’s take a look at the 11 sector classifications in the order from largest to smallest. In brief, we will see what each sector is about and a few of the largest ETFs that can be used to gain exposure to that particular industry.
The technology sector consists of businesses revolving around the manufacturing of electronics, software developers, or products and services that are related to information technology. In general, these businesses are driven by upgrade cycles and the general health of the economy, although growth has been robust over the years. To point out, the technology sector is often considered one of the most attractive places to find growth in the stock market.
2. Health Care
An investment in health care is exciting. When you invest in the health care sector, you’re actually investing in a broad range of industries. That’s because the sector consists of biotechnology companies, hospital management firms, medical device manufacturers, and many others. In general, the sector is considered to be both a growth opportunity and defensive play since people will require medical aid in both good and bad times. Since it’s the second-largest industry, it’s nearly impossible to have a diversified portfolio without any health care stocks or ETFs in it.
[Read More] Hot Stocks To Buy Now? 5 Cyclical Stocks To Watch
The financial sector is made up of firms and institutions that provide financial services to both corporate and individual customers. This sector consists of banks, investment funds, and insurance companies, among others. By and large, the majority of the revenue generated by the sector comes from mortgages and loans. Thus, such revenue increases as interest rates rise. The overall health of the economy depends on the strength of its financial sector. In view of the economy rebounding, it may not be a bad idea to have some exposure to some of the financial ETFs below.
4. Real Estate
The real estate sector consists of companies invested in residential, industrial, and retail real estate. Accordingly, the main source of revenue for these companies comes from rent income and real estate capital appreciation. As the economy continues to rebound, there would undoubtedly be opportunities in the real estate sector. Investors love the sector because of its ability to generate healthy dividends along with capital appreciation.
The energy sector is a category of companies in the business related to the production and supply of energy. The energy sector consists of oil and gas exploration and production companies, as well as integrated power firms, refineries, and other operations. In general, these companies generate revenue that’s tied to the price of crude oil, natural gas, and other commodities. But with the U.S. making combating climate change one of its top priorities, clean energy ETFs have also gained the attention of investors.
The materials sector consists of mining, refining, chemical, forestry, and related companies that are focused on discovering and developing raw materials. Since these companies are at the beginning of the supply chain, it’s natural that their activities tend to move along with the economic cycles. Hence, if you think that the economic recovery is well underway, it doesn’t hurt to have some exposure to this cyclical area of the economy.
[Read More] 5 Tech Stocks To Watch In June 2021
7. Consumer Discretionary
Consumer discretionary is a term to describe goods and services that are deemed non-essential by consumers. To list, this sector consists of retailers, apparel companies, media companies, consumer durables, and consumer service providers. These companies usually benefit from consumers that have extra disposable income to spend, and they may therefore receive a boost with an improving economy.
The industrials sector consists of construction, machinery, fabrication, manufacturing, defense, and aerospace companies. This industry’s growth is driven by demand for building construction and manufactured products such as agricultural equipment. As a result, the performance of these companies in the industrial sector often moves along with the economic cycles.
[Read More] Best Cheap Stocks To Buy Now? 4 Consumer Discretionary Stocks In Focus
The utility sector consists of electric, gas, and water companies as well as integrated providers. In general, many investors treat utilities as long-term holdings and invest in the sector to generate a steady income for their portfolios. It is arguably the most defensive play you can find in the stock market when there is an economic downturn.
10. Consumer Staples
The consumer staples sector consists of food and beverage companies as well as companies that create products consumers deemed essential for everyday use. In general, these companies are defensive plays and are able to maintain stable growth regardless of the broader state of the economy.
The telecommunication services sector features cable companies, internet service providers, wireless providers, satellite companies, and many more. Consumers are generally providing recurring revenue for these companies, but some subsets of the industry face rapid change. Investing in individual telecom stocks may present higher volatility, but the telecom sector overall has exhibited reasonable long-term growth.
Michael Jordan Donates $1 Million to Morehouse College Journalism and Sports Program
NBA legend Michael Jordan announced a $1 million donation to enhance journalism and sports-related studies at Morehouse College.
In the past, the billionaire was criticized for his lack of activism in the Black community. But now he’s stepping up to the plate and changing the narrative for Black students. Jordan’s contributions will support scholarship, technology, and educational programming initiatives for students attending the Atlanta-based HBCU.
“Education is crucial for understanding the Black experience today,” said Michael Jordan in a Morehouse news release. “We want to help people understand the truth of our past, and help tell the stories that will shape our future.”
Jordan Supports the Mission of Morehouse College
In 2014, Jordan became the first billionaire NBA player in history. He’s putting his fortune to work through initiatives that support the Black Community Commitment. In 2020, Michael Jordan and the Jordan Brand committed to providing more social, economic, and educational justice in the Black Community. The donation to Morehouse College is one way that Jordan hopes to expand opportunities for Black men.
“Morehouse is grateful to Michael Jordan and Jordan Brand for an investment in the education of talented men of color who will ensure there is equity, balance, and truth in the way sports stories are framed and the way the Black experience is contextualized within American history,” said Monique Dozier, vice president for institutional advancement at Morehouse.
Founded in 1867, Morehouse is the only private historically Black college or university dedicated to the enrichment of Black men. The school has been at the forefront of addressing a lack of Black leadership in athletics and sports journalism. Spike Lee, a 1979 Morehouse graduated, launched the Journalism and Sports Program. His goal was to open doors for more Black men in media. Now, the program has graduated over 600 students who are transforming the narrative.
“There’s going to be a rich legacy of storytellers who will be supported by these programs,” Spike Lee shared in a news release. “Many people are influenced to think a certain way about Black folks based on what they see on television and in Hollywood. We’ve got to tell our story.”
3 Ways to Harness your Nervous Energy to Perform Better
Struggles with stress and anxiety can be frustrating, but have you ever considered anxiety to be a positive thing?
In her book, Nervous Energy: Harness the Power of Your Anxiety, clinical psychologist Dr. Chloe Carmichael argues that anxiety is actually a positive that can be used to your advantage. Through simple techniques that make you more aware of your emotions, you can become in control of your anxiety and begin to optimize your mental health for more success. I wanted to share with you three ways you can begin to harness your nervous energy to have a happier and more successful career and life.
As high-achieving individuals, anxiety might seem like something to be ashamed about or to hide, but that couldn’t be further from the truth. The first step to using that anxiety for more success is to acknowledge and embrace it. As Dr. Chloe says, anxiety is actually a healthy function of our brains! Your mind is stimulating preparatory behaviors for what we know will be a stressful event. Once you are able to harness these preparatory impulses effectively, you will find that your anxiety is a plus that will encourage and aid you in your success.
Meditation and Mindfulness
Once you’ve begun to recognize and acknowledge your anxiety, meditation and mindfulness can help you begin to understand it more deeply. Understanding it equips you to soothe your emotions, tackle the stressor, or do whatever needs to be done in order to address the anxiety. By practicing mindfulness and meditation, we are able to listen deeply to our anxiety and what actions it’s calling us to do. Dr. Chloe teaches mindfulness and a few different simple breathing techniques in her book that will help you stay grounded.
Naming your emotions sounds simple, but it might be more difficult than you think. One technique Dr. Chloe suggests is to list out your to-do list for the day, and label each task with the emotion you feel. Knowing what your emotional state will be during each activity can help you prepare effectively for the event, and is a great way to channel those anxious feelings into tangible actions.
As busy entrepreneurs with fast paced lives, we may be prone to only see how our anxiety and stress holds us back– and overlook the secret of how it can actually propel us forward. I challenge you to see anxiety as a potential superpower that, when harnessed correctly, can drive you to do bigger and better things than ever before.
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