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What if you could make $2,020 with side hustles in 2020? Does making that amount on the side seem impossible? Let’s break it down into steps we can start taking today.
Maybe you didn’t start a side gig in 2019. Maybe you researched the “best” ones but never took any action. Or maybe making money with a side job wasn’t even on your radar. Fortunately, a new year full of new opportunities is right around the corner.
Even if you think you don’t have any in-demand skills, chances are you already have skills, knowledge, and abilities that someone is willing to pay you for.
The only way to start making extra money today is to start with the skills you have and build the skills you need to make more.
Maybe you don’t know how to build a web site yet, but you can start mowing lawns a few times each week — easily making over $2,000 extra in a year — while you’re learning other skills.
You have lots of options to make $2,020 dollars on the side in 2020, so let’s explore them.
Develop a Growth Mindset
First, we must have the right mindset. This is the most important part of the plan. Without it, nothing else works.
The Growth Mindset, introduced by Dr. Carol Dweck, is a perspective that’s extremely useful for learning new skills. This mindset states:
- You can increase your intelligence and build skills with effort.
- The challenges inherent in learning new skills lead you to mastery.
- Mastery leads you to making lots of money. (I added this one.)
If you believe that you can’t do it, that you can’t learn a new skill or learn how to make money on the side, you may consider challenging that belief. That’s up to you. Your progress depends on the belief that you — with effort and determination — can increase your skills and abilities.
Ultralearning by Scott Young provides amazing tips on how to master skills quickly. He also discusses the importance of the Growth Mindset.
My Mindset Transformation
I didn’t start programming until I was 26. It was very hard for me, and I was not naturally good at it. I studied for only a few hours a few days for a few weeks before deciding that I was too stupid to program.
For real. I just stopped. I had a fixed-intelligence mindset.
I didn’t try to learn to program again until a year and a half later and only then because I was tired of working in restaurants while going to school. I decided to focus on an in-demand skill, so I started studying programming again — first on my own, and then at school.
I wish I could say that I immediately starting learning with a very positive growth mindset, but that isn’t true. It took me a long time to develop confidence in myself to believe that I could actually learn a difficult skill like coding.
Eventually, I realized that the skills I needed were there waiting for me to invest the time and energy required to learn them. I realized that the hard path is the only path. That grit helped me to eventually land my first job coding.
Identify Your Current Skills
If you think you lack the skills to start making money on the side, there are three things I recommend:
- Create one list of all the things you can do that don’t require any special skills for someone your age — driving, cleaning, walking dogs, babysitting.
- Create a second list of all the skills you currently have — web design, graphic design, writing, photography, photo editing.
- Consider if any of the skills listed are things that you’re currently able to perform a few times each week to earn money on the side.
If you’re interested in working online, you can research the skills people are already buying and selling. Search on Fiverr and compare jobs in your skillset at a level comparable to yours. I’ve used Fiverr, and I recommend it.
If you realize you don’t have any “special” skills, create a list of the skills you’re interested in developing. Starting today, pick the skill that you’re most interested in and start building it.
In the meantime, start making money with the skills you have. Walk dogs, clean cars, or drive for a ride-share. Your effort is going to pay off.
Start Small, Stay Consistent
We’re going to optimize for starting. Don’t worry about making 1000 dollars. Focus on the immediate steps you can take to start earning extra money today. Later on you can think about how to make 100 dollars a day, but we’re going to start small and focus on making $5.54 each day.
There are 365 days in a normal year, and $2,020 divided by 365 equals $5.534246….
We simplify our lives and round up to $5.54.
Note: 2020 is a leap year, so you actually have 366 days to make $2,020.
Ideas for Side Hustles in 2020
There are 100 ideas you could come up with for extra money. Here are just a few in two categories:
- Side jobs that you can start doing right now, no excuses:
- Driving for Lyft or Uber or some other ride-sharing company
- Delivering food or groceries
- Walking dogs
- Washing cars
- Skills that take time to develop but offer a higher earning potential in the long run:
- Graphic design
- Logo design
- Photo editing
- WordPress site setup
- Content writing
- Audio editing
- Being a virtual assistant
- Video creation and editing
You may be having a minor panic attack thinking of how you’re going to market yourself if you aren’t a pro. The good news: you don’t need to be a pro to get started — in fact, getting started is the only way to become a pro. Pick a skill that you can start doing right now and do it.
If you can clean a car and you’re willing to make someone’s life easier by going to them, you will get paid.
If you start walking dogs for people in your neighborhood, that’s great! You can easily make $5.54 each day doing that. Start learning a more in-demand skill on the side until you can market it and make more.
The goal is to pick something that you can start right away. Once you see your efforts turn into cash, you’ll be motivated to continue building skills and hustling.
Develop a Future-Growth Mindset
The skills you market and begin performing in exchange for money allow you to do multiple things at once:
- Earn money
- Build a skill
- Build a portfolio
- Build your self-confidence
All of these things work together to help you earn more money over time.
Building a skill gets you jobs and earns you money. Doing jobs builds experience and a portfolio that builds trust with future clients. These things, along with the action of just getting started, build your confidence. What a good cycle to be in!
You may only charge $5 or $10 when you start performing a task, but over time you’ll get better, work faster, and be able to demand higher pay for your work.
If you can make $5.54 each day in 2020 on the side, you’ll earn an extra $2,020 for the year. If you can repeat this for 10 years, investing at a conservative 7 percent return on investment, your compounded side income turns into $29,862.87.
And that’s assuming you just keep making the same amount for 10 years, which you won’t. You’ll make more.
Because you’ll learn more, you’ll earn more. And people will be happy to pay you more for your skills.
Go Make Some Dollars
If you spend even a few minutes thinking of your current skill set, you’ll realize there is something you can start doing right now to earn an extra 5 dollars and 54 cents daily. You need to do the work to find what that is, and you need to take action and put yourself out there.
If you don’t have any technical skills yet, consider driving for Lyft 3 hours a week — drivers make around $17 an hour depending on ride count and tips. Or wash cars for people in your neighborhood.
Perhaps you already have some technical skills you can put on Fiverr to start earning money on the side. Create an account on whatever platform you choose and begin to offer your services.
The point is, you can absolutely make $2,020 with side hustles in 2020.
Start making money with the skills you have, and build more skills over time. Future you will be grateful.
Related: Financial Freedom by Grant Sabatier