This Study Says These Are the Top 5 Side Gigs for Making the Most Money
We love good side gigs here at The Penny Hoarder, but are y’all actually trying to make some substantial pocket change?
Last month, Bankrate published a study that revealed those with side gigs are making, on average, an extra $9,948 a year.
But what platforms are side-gig workers using to rake in this money?
Earnest, which offers personalized loans, combed its data of tens of thousands of loan applicants and found the most profitable arenas.
Ranked by the average monthly income, here are the top five:
Earnest found that the average monthly income for Airbnb hosts was $924, making it the highest-earning side gig on the list.
This makes sense, as we wrote about a host who makes $1,380 a month just by renting out a backyard tent.
You don’t have to be that creative, though. Folks list spare bedrooms, vacation homes, garage apartments and even campers to bring in the bucks.
Use the platform’s calculator to see how much you could make each week.
Ever heard of it?
TaskRabbit is an online marketplace that matches freelancers to local demand. For example, if you need a logo made for your website, find a designer on TaskRabbit. Or if you need your lawn mowed, search TaskRabbit.
According to Earnest’s data, TaskRabbit members make, on average, $380 a month.
If you want to learn more about TaskRabbit, check out advice from these contractors, who make up to $2,000 a week.
Ever wonder how much you could make driving for a ride-sharing service? Lyft and Uber come in back-to-back on this list.
The average Lyft driver pockets $377 a month, according to Earnest’s findings.
However, this is just the average. Your wages will depend on where you live and how often you drive. Earlier this year, we interviewed a guy who makes $750 per week as a Lyft driver.
If you’re curious about how much you could make, Lyft has a calculator to see how much you could make.
Driving for Uber, your earnings will be calculated by adding a base fare, plus time and distance traveled after your pickup, and Uber charges a service fee.
If you want to give it a try, here are a few of the things to keep in mind: You must be at least 21 years old, have at least one year of licensed driving experience in the U.S. (three years if you are under 23 years old), have a valid US driver’s license and pass a background check.
Also, your car must be a four-door, seat at least four passengers (excluding the driver), be registered in-state and be covered by in-state insurance.
Here’s a link to apply with Uber.
DoorDash is an on-demand food delivery service that’s located in more than 300 cities.
If you’re interested in being tempted by delicious food each day while you earn money, check out more details on its site.
The side gigs that rounded out the top nine also included Postmates, Etsy, Fiverr and Getaround. If you want to see more details and breakdowns, Earnest has it all.
Carson Kohler (@CarsonKohler) is a junior writer at The Penny Hoarder. Do you make bank in the sharing economy? She’d be curious to hear your story!