5 side hustles where you may earn over $20,000 per year—all while working from home

5 Side Hustles Where You May Earn Over $20,000 Per Year

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The average side hustle will bring in around $473 a month. A recent study by Freelancer.com that analyzed data from 372,000 jobs posted on the platform between Oct. 1 and Dec. 31, 2022, and ranked programming, report-writing, and research-related jobs among the fastest growing skills on the platform. “We have employers turning to freelancers for content jobs, such as writing and research projects, all the way to highly complex jobs like mathematics, programming, and engineering. The trend that we continue to see is the surge in tech-related projects as a result of global tech layoffs,” said Matt Barrie, chief executive at Freelancer.com, in a statement. 5 side hustles with the potential to pay over $20,000 extra each year If you’re on the hunt for a new side gig that you can do from home, freelancing platform Upwork has compiled a list of some of the most popular freelancing jobs on its site. According to Upwork, the following can earn you at least $20,000 a year for 15 hours of work per week. Let’s say you earn $30 an hour as a writer, work 15 hours a week, and work 48 out of 52 weeks in a year (to account for four weeks of holidays and vacation). That would mean you’d work 720 hours total in a year and would make around $21,600 total before taxes ($30 x 720). Experts say that if you’re already using these kinds of skills at your nine-to-five, it may be worth exploring side jobs that allow you to flex those muscles even more. “Many companies do not have the budget to hire a full-time employee but could use your help a few hours each week,” says Emily Casey Rassam , senior financial planner at Archer Investment Management . Consider a second job utilizing your expertise and experience from your primary career. Reach out to target companies and offer your time and services. They might not have listed a position, not knowing you exist.” What to consider before taking on a side hustle There are several factors to consider before you choose a side hustle—apart from potential earnings. Even if you’re only working a few extra hours a week, you don’t want to find yourself in a position that leads to burnout or causes unnecessary stress. Your hobbies, passions, and existing skill set can work to your benefit You can use your side hustle to explore a passion or hobby that doesn’t have to do with your day job, but if nothing piques your interest, you can also use some of the skills you use at your regular job to make extra money on the side. This could also be an opportunity to build up your résumé with experiences from outside companies. Time management is key, so choose a side hustle that won’t lead to burnout Your side hustle will inevitably eat into your free time, so aim to set a designated time for side hustle work as well as time to rest and recharge. […]

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