The key to riches is multiple channels of income. With that being said, the demand for side hustle ideas has increased.
Due to inflation, the cost of living has increased drastically over the years. In fact, according to a study done on washingtonpost.com, inflation rates have increased by about 5 percent between May 2020 and May 2021 in the US.
This simply means that the same salary you worked for a year ago, is now worth a lot less. As a result also, prices for universal goods and services have also risen in response to this phenomenon.
So what is the response to this as an alpha male? Short answer; to increase income.
SIDE HUSTLE IDEAS| INCREASING INCOME
As you guys know, a big aspect of becoming an alpha male you must be financially inclined or at least be on the way.
I brought up the inflation statistic simply to give you guys some perspective on the current state of the economy. I also brought up the data to give you guys incentive to go out and increase your income.
How do we increase income? You may ask. Well there are two legitimate ways, go in and beat your boss up demanding a rai- just kidding lol.
Seriously though, two ways in which you can increase your income is negotiating a raise in your salary from your boss. Or you can start up a side hustle(s) to increase your income.
SIDE HUSTLE IDEAS| EARNING POTENTIAL
I know the term ‘side hustle’ sounds a bit unflattering but I’m here to raise awareness about the earning potential of these side hustles.
According to zapier.com about 1 in 3 Americans have a side hustle or alternative source of income from their job.
This shows just how much individuals require increased income and how limited you are when you have just one income stream.
Side hustles, depending on how you scale them can have limitless earning potential as well. As we’ve seen time and time again with dropping shipping stores on Spotify making 6 to 7 figures annually.
So not only does having a side hustle give you a more diversified source of income, it also comes with great potential as well.
SIDE HUSTLE IDEAS| THE AIM
We also gave a brief description of the crazy inflation rates in the US as of recently. How exactly it caused a demand for more money from each person and how exactly to increase income.
So you’ve seen us mention side hustle a lot. In case you don’t know what that is, it is basically engaging in an alternative form of work outside of your regular job, to leverage that extra labour for more income.
Let’s face it, we all want to make more money, inflation or not. We can hardly have enough money especially as society and our standards in general advances.
In this article we compiled a listof mediums or channels you can invest into, to increase your income in the form of side hustles.
So with that being said, kick your feet up, relax and take notes of 7 SIDE HUSTLES YOU CAN ENGAGE IN TO INCREASE INCOME. It’s money Mondays baby!
1.Leverage a Digital Skill
As an alpha male, having a digital skill or a skill in general is so key when it comes to mastering your finances.
A high income skill gives you the ability to command income at will. A digital high income skill gives you that same ability but it can be done at the comfort of your home.
This skill can be turned into a hustle by scaling and offering that skill on micro job websites like Fiverr and Upwork.
Having a digital side hustle can be so beneficial as it’s something that usually requires no upfront financial investment. You are simply required to educate yourself about the skill, get great at it then leverage it.
2.Flip Items For Profit
Markets such as EBay and Amazon are great platforms you can use to start the side hustle of flipping items.
What ‘flipping items’ means is the purchasing of a particular product for a cheap price, adding a profit mark up on it then selling it for profit.
This is a side hustle that many many individuals scale to a very profitable enterprise. For example Shopify is jam packed with retailers who flip items for profit.
I have flipping sneakers as a separate side hustle for a legit reason, don’t click off just yet.
The sneaker market, especially where streetwear is concerned has rapidly increased in recent years. In fact, according to sidehustlenation.com the Forbes website has noticed a 40% increase in market growth in the international sneaker market in the last year.
We predict that the industry will only increase in future years, especially with the increasing influence celebrities have over fashion and style.
All this makes for a good side hustle to engage in, as there is a huge demand for these items as well as the market growth seems to be ever increasing.
Not to mention the profit margin for selling sneakers can be insane. In 2020 I was checking out the price of some Jordan 1s and it went for around $200.00. Months later, famous rapper “Lil Baby” wore a pair and the price went up to about $400 bucks.
This shows a 200% increase in the price. That must’ve been a really good couple of months for sneaker flippers at the time. These crazy statistics shows just how lucrative this side hustle can be.
4.Rent Your Car As An Uber
A quick and easy side hustle you can pick up to get a little extra cash is renting your vehicle as an uber taxi.
This side hustle can have a slightly higher upfront investment but if this is done correctly, you can cover that investment in no time.
Let’s do the math. On average a delivery driver for Uber can make around $1000 per week. A somewhat new delivery truck can cost you about $15,000 bucks. This vehicle can be financed monthly for about $1000, let’s say. That leaves you with $3000 net monthly in profit.
After a year and half or so that investment would be fully covered and the full $4000 earned income is yours.
Affiliate Marketing is a great side hustle you can engage in especially if you have an audience or following on your social media platforms.
Affiliate marketing is basically the process of selling someone’s goods for them for a commission of the sale.
This is a highly profitable side hustle because you don’t have to incur any expenses or overhead costs nor are you liable for losses.
There are also no upfront costs to become an affiliate marketer, you just sign up for a program and start making commissions.
Some very established affiliate companies are Amazon FBA, Clickbank and ShareASale.
6.Start A Small Business
Becoming a part time sole trader can be a great way to build a financial portfolio, gain entrepreneurship experience and most importantly, increase income.
Starting a small company and selling a winning product is a side hustle that has a lot of earning potential and one that can very easily out earn your main income source.
The only con to this side hustle is you incur a lot of risk, if you are unable to pay back any debt, should you incur debt. Your personal assets can be seized.
So my advice is to start off small, and stay away from external financing. Instead use crowdfunding to source your capital and mitigate risks as much as possible.
Dropshipping can be a very profitable side hustle you can venture into. For those who don’t know drop shipping is basically middleman entrepreneurship.
Whereby you sell a product with a high profit markup, then upon the sale, you pay for the product and deliver it to the customer for a much cheaper price.
Notice I didn’t mention anything about purchasing and holding stock or even seeing and touching the product in general. This is what makes dropshipping so profitable, it allows for as little costs to be incurred as possible.
This is because you (the dropshipper) aren’t primarily responsible for the manufacturing, storing and delivering of the product.
You simply source a buyer, add a profit markup on the product and ship the product to the customer for profit.
THAT’S ALL FOLKS!
And that brings you to the end of this blog, thank you for reading all the way to the end, stay tuned in to redpilltactics.com for new uploads like these every Monday and Thursday! As always leave a comment in the comment section letting us know how you feel about this one and how it benefited you. Also feel free to share the game with a family member or a close friend, don’t be selfish lol. Finally, thank you for your continued support. Peace and love!