hustle in cursive

Where to put your money (Part 3: Income generation)

This is a multi-part blog post about how I deal with money and what has worked for me. I have broken it down to 3 parts: Banking+Credit Cards, Investment, and Income generation.

This post is about how to generate income while you are off doing whatever you do. There are many things you can do as long as you are creating something that was not there before and people like it. Some people create YouTube videos, stream themselves playing video games, or make jewelry and sell it on etsy.

Car rental

I personally rent out my car. It so happens, that I live in the city now, and do not need my car on a daily basis because I use public transportation. Therefore, the car sits there in the parking lot all week (and sometimes weekends). This is where Turo comes in. It is an Uber for renting out your car. I can get about $25/day and my car is covered by Turo’s insurance. I have already rented to a couple of people and all have been very pleasant to deal with. Everyone is pretty flexible when it comes to pickup/dropoff of the car. So far I have not regretted it, and it is extra cash I would not have gotten otherwise. You can get $25 credit if you use my link.

Chauffeur

Another thing people do is drive Uber or Lyft. Using the links here will give you free rides (Uber) or $10 in credit (Lyft). When I use Uber, I talk to the driver and ask about how they see the market. A lot of them say they prefer Lyft over Uber because they get more from a fare. An Uber driver once broke this down fairly easily for me. An average fare in Boston is $10-$20, in New York, it is closer to $40-$50. You get about 5-10 clients per hour in Boston, in New York (because of gridlock) you get much less. Let’s average that out to making $100/hr. Not too shabby.

A trick the driver also mentioned is to drive at times when cabbies are on a shift change (usually around 3pm). Early morning commuters gave him a pretty good income as well. Most Uber drivers do not like to drive after 10pm. One reason is they do not want to deal with the drunks, but another fairly common reason is they want to be home with their families.

Video producer

If you are in to showing people how to do things, making youtube videos can be quite lucrative. You can make money even while you sleep. Though you must realize that being a youtube star takes many years. There is no youtuber that became a success overnight. In fact, that can be said about everything. People easily forget the many years of effort involved in becoming aligned with something that people want.

Podcaster

Podcasters use alternate methods called affiliate marketing (similar to what I did above), where they give a special link (possibly with a discount), and if you use that link to make a purchase, the podcast creator makes some money too. It’s not a bad gig, but it takes some work to set it up. You need to find the product you want to promote, create that link, and tell your audience to use that link. The larger your audience, the more you’ll make.

Writer

The last method of income generation I will discuss is blogging. The most transparent way to make income is to put advertisements on the blog, but I do not like it because it is distracting to the reader. Instead I’m trying out Patreon. Many people use it on their YouTube channels as well.

I hope these articles have been useful to you. Leave a comment here (or on Facebook) about any questions or things you would like me to cover next time.

Liked it? Take a second to support me on Patreon!

Leave a Reply