$50k side hustles - Financial Freedom Pursuit

Aiming to earn money through a 50k side hustle can seem daunting. However, it is possible with the right side hustle, attitude, and discipline.

While exploring various side hustles, I’ve learned to differentiate fruitful ventures from time-wasters. In this article, I will delve into the side hustles I know have the potential to scale to 50k.

We also look at several thought processes and techniques to identify ways to increase your overall income.

This post is all about 50k side hustles and best side hustles.

Understanding the 50K Side Hustle

To be as transparent as possible from the start, most side hustles will not initially make you 50k a year. The keyword here is initially. This article looks at side hustles that, on average, can be scaled to 50k, given the time and effort.

The way I see it, there are two general ways to earn that money from a side hustle.

Way 1: Earn Hourly

Before going into the side hustles, I want to define something and explain my thinking, especially the obstacles and challenges with a 50k side hustle.

Let’s look at the math.

According to Self.Inc., most side hustlers spend 5-10 hours a week on their side hustle to make $688 a month or $8256 a year.

The average here won’t work, mainly because the goal is around six times the average outcome. So let’s say you spend 15 hours a week (any more, and it’s not a side hustle) to make 50k a year. Using thecalculatorsite.com, that comes out to $64.10 an hour.

This is possible, but it is far-fetched because the US average hourly wage is only $34.57, and the top 5% of Americans only earn $57.86 (in comparison to the goal).

So you either need to invest or have already invested the time to increase your hourly rate to that point, which brings us to the second way.

This is about investing your time to either increase your “hourly rate” or build/own something where your earnings are relevant to more than your hours.

Way 2: Investing your time, earning nothing

This is the most realistic way for the average American to earn $50K from a side hustle. However, the downside is that most of the time, it requires you to work with no returns for a time while you set the foundation for your venture.

Identifying your 50k Side Hustle

You know more than I do that there is a flashy new trend for making money online every few months. Deciding which way to go in this never-ending maze of TikTok money-making trends could be challenging for a beginner.

While taking your time and choosing the side hustle that fits you is essential, don’t fall for the trap of jumping from one to another, chasing greener grass.

“Success is neither magical nor mysterious. Success is the natural consequence of consistently applying basic fundamentals.”
E. James Rohn

In everything in life, consistency is vital. One of the obvious ones is that the more consistently one does something, the better one becomes at it, and the more likely one becomes to succeed,

But to me, it signifies more. It represents being willing and able to do what most aren’t or can’t, which is invaluable.

The best example I would like to give is the 50k side hustle we will cover below Podcasting. It is no secret how over-saturated the podcast world is and how hard it is to stand out in the never-ending ocean of content. 3.2 million to be exact, according to ExploringTopics.com

But did you know that 90% of those podcasts don’t make it past three episodes, and of the ones left, 90% don’t make it past episode 20? This means that all you have to do to be in the top 1% of podcasters is consistently publish 21 episodes.

Pick a side hustle that aligns with your passions and long-term goals. This will make it easy to stay consistent.

Don’t forget – Success is a long game.

Side Hustles

Without further ado, here are the 50k side hustle.

1. OutSource/ Drop Servicing

The theory is simple: find a niche service with a high cost, sell it to clients, and find someone willing to do it cheaper than the sale price. Whola, you keep the margin.

However, applying this theory is where simplicity ends; in reality, it implies knowing and understanding many dynamics.

First, while you don’t need to be an industry expert, you need to project who you are to your clients, especially since the more “premium” your service seems, the more you can charge for it. It will take endless hours of work and studying to handle industry conversations better and manage the workflow.

Second, you have to find the talent to back it up. It would be best to find a contractor/freelancer who excels in his field and is willing to consistently do the work at a rate less than the market price – thus your margin. The way I am exploring currently is by hiring a full-time employee abroad.

Third, while I am no expert at this, the research indicates that the most straightforward way is to run ads, which adds another cost and affects your margin.

Pros

It can be very lucrative since there is endless potential work and revenue.
It isn’t limited by your time but by the work/contractors you can find.
With suitable systems in place, it can be relatively passive after an initial ramp-up of the business model.
It is a reasonably straightforward model; you know what you need to succeed.

Cons

It needs both an investment in time and money to be successful.
It needs you to learn a few topics deeply before starting – your niche and ads.

2. Increasing your Hourly Worth

This is more like the traditional route to increasing your income; this usually means through some education, whether a simple certificate, a formal education, or invaluable experience.

This can manifest in numerous ways, such as switching jobs, working part-time, or freelancing. Its flexibility relies more on your field.

Pros:

Tested, proven, and everything but guaranteed to work.
If applied right, it can also increase your primary income source.

Cons:

Depending on your chosen profession, it can take a long time to get to the point of a 50k side hustle.
How much you earn is very much tied to your time.
It is hard to do consistently while being independent.

3. Overtime Pay

Whenever I talk to people about venturing on their side hustle, they consistently overthink it and miss what is right in front of them.

And yes, I think overtime can be a very lucrative side hustle.

If you have a job offering overtime pay around the goal hourly range (~$65/hour for 15 hours a week = 50k a year), that is probably your most accessible and best bet.

Pros

Risk-Free as the amount you earn is already set per your employment contract.
Effects on primary income: This can increase your chance of promotion (career advancement) and decrease your chances of being laid off (income security)
There is no additional cost; you are doing the same thing you have always done, just longer.

Cons

Depending on your employer and employment circumstances, overtime may be limited.
Assuming overtime pay is 1.5 times your pay, one must make $43/hour for overtime to qualify as a 50k Side Hustle.
There is no genuine path to financial freedom.

4. Blogging

Ahh, my chosen poison

in 2024, blogging can be incredibly lucrative. However, your notion is correct. It is very over-saturated and tricky to get Google on your side.

According to CreateAndGo.com, a blog should expect to earn between $0 and $5000 a month from various income streams.

Pros

Relatively easy to execute.
Wide range of possible topics
Incredibly flexible – both with time and location.
It can become passive.
It can easily be used as a tool for your next venture.
The sky is the limit.

Cons

It takes a long time to ramp up.
Success isn’t guaranteed.
You need to figure out a way to drive traffic to your blog.
I need to learn and keep up with the ever-evolving world of SEO, website design, and narrative writing.

5, Tutoring

You know that one topic you were good at in school? There are plenty of kids out there who aren’t, and their parents are willing to pay for your time to teach them.

I used to do this during college, and while the average hourly rate in the US is only $22, there is a little trick I used to utilize to get to that.

You can tutor more than one kid at a time. If you were to tutor three kids at a time in a topic, charging 22 dollars an hour, you have your $66/hour.

Pros

Incredibly Flexible – Both in scheduling and topic to teach.
Know the target audience and thus excellent potential marketing.
Personally Rewarding.

Cons

Income is still reliant on your time.
Ramp up time
Awkward working hours.
It will test your patience and interpersonal skills.

It’s critical to remember that there are literally endless potential side hustles. Parade.com actually has a list of 100 trending side hustles for 2024.

Here, I only explored the side hustles I have experienced and therefore feel confident that they can and will work given the time, effort, and proper mindset.

Work-Life Balance

This is a tricky topic to discuss, especially given the goal, but prioritize having a work-life balance when pursuing your side hustle.

It is all about the long game. Ensure your habits and lifestyle choices support your long-term plan. Here are just some of the benefits of a work-life balance.

Surprisingly, through promoting better time management, a work-life balance can increase productivity.
Elevated personal health and well-being.
Less likely to burn out – thus more likely to be consistent.
Better personal relationships
Better job/side hustle satisfaction.

Do not prioritize your side hustle over your loved ones and general day-to-day living. Because if you do, what is the point?

Legal and Financial Considerations

This is not legal or financial advice; you should research the implications of your side hustle deeply.

Generally, for myself, here are two things I focus on when starting a side hustle:

1. Starting an LLC

This doesn’t only help you from a liability standpoint regarding your side hustle, but I have noticed that reaching out to people as a company helps boost credibility.

Here is an entire run down from investopedia.com

2. Keep Receipts

Keeping accurate financial records has helped me immensely when tax season comes around. Plus, extra tax returns never hurt the body.

This will also help keep you informed about the financial health of your side hustle, which can be crucial in making daily decisions.

Success Stories

I figured I would leave you off with some inspiration. Here is a quick list of successful real-life stories that helped keep me motivated when I started.

Sophia Lee – Blogging

Sophia started BySophiaLee.com in 2016 as a college student who was faced with the reality of her financial situation, partly caused by school.

BySophiaLee.com grew into a viral blog sensation, generating $75,000 a month. She has used blogging to get out of debt and start her own successful interior design firm.

Georgia Austin – Drop Servicing

Georgia started as a Fiverr gig worker who hired freelancers to help meet demand. She then realized that drop servicing was safer and more dependable, bringing in 1.7 million over the last 18 months.

Check out more about Georgia in this article.