28-year-old makes $189,000 a year from 7 income streams: ‘3 businesses you can start for $50 or less’

In 2018, I started experimenting with broadside hustles to wage disconnected my $40,000 of indebtedness successful recognition cards and pupil loans.

Today, I've accomplished that extremity — and more. In 2021, I built capable income streams to discontinue my $98,500-per-year engineering occupation and enactment connected my businesses full-time.

At 28 years old, I am my ain boss, and I enactment little than 4 hours a day. Last year, I made much than $189,000 from 7 income streams.

My biggest streams travel from teaching radical however to commencement profitable broadside hustles: I station acquisition contented connected YouTube, mentor radical connected Patreon, and merchantability concern consulting services connected Fiverr.

Here are 3 businesses you tin commencement contiguous for $50 oregon less:

Cost to start: $0

Fiverr is an online marketplace for freelance services. Common jobs see graphic design, penning and translation, and integer marketing.

I created my archetypal concern consulting listing successful 2021. I had a batch of occurrence selling products connected Amazon and wanted to stock cognition successful e-commerce.

I charged betwixt $60 and $350 to behaviour merchandise research. Someone would archer maine what they were funny successful selling, and I would find circumstantial products successful that class that were precocious successful request and debased successful competition.

Then I'd enactment unneurotic a probe study that included merchandise details, wherever to manufacture it, and a outgo estimation and nett analysis. I'd sometimes consult customers connected however to database the merchandise connected Amazon. I made a nett of $29,000 during my archetypal year.

Fiverr is escaped to join, and you'll lone beryllium charged a interest erstwhile you implicit an order. The level collects 20% of your revenue successful fees.

Some different no-cost freelancing platforms to consider: UpWork, 99designs and Guru.

Cost to start: $50

Patreon allows you to physique and merchantability memberships by providing exclusive entree to your work. I signed up successful 2020 to thatch radical however to make an Amazon store.

Every month, subscribers wage a interest to pass straight with maine and larn astir top-selling products successful antithetic categories. Last year, I made $33,114 done Patreon.

Signing up to make contented connected Patreon is free. You lone wage to usage the work erstwhile subscribers wage to articulation your group. Patreon charges betwixt 5% and 12% of your monthly revenue, depending connected however galore features and tools you need.

Here's however it works:

1. Decide connected a rank merchandise oregon service. You tin database thing that you person skills and acquisition in. Search connected Patreon for creators that are moving wrong your country of involvement to spot what is selling and wherever you person the astir opportunity.
2. Conduct competitory marketplace research. Once you've decided connected a niche, reappraisal akin creators' pages to find a just monthly terms to complaint subscribers and what features you'll beryllium offering.
3. Create a invited video. Post it connected your leafage to outline your services to imaginable subscribers. You don't request to put successful video editing bundle — iMovie oregon DaVinci are escaped and casual to use.
4. Set up a Google Ads campaign. This volition assistance you people radical looking for your merchandise oregon service. I lone spent $50 connected my Ads campaign.
5. Routinely interact with your subscribers. Listen to their feedback to fig retired what features to adhd to your page. Word of rima is indispensable to increasing your Patreon business.

Cost to start: Varies

Own a car? Turo, a peer-to-peer car-sharing level that lets you rent retired your vehicle, is simply a large mode to make immoderate other income.

In 2019, I purchased a $22,000 Polaris Slingshot with a $2,000 down payment. I saw radical successful my marketplace renting retired their Slingshots for $150 a day, and since my monthly outgo was astir $400 (including insurance), I lone had to rent my car retired for astatine slightest 3 days a period to interruption even.

In 2020, I made $5,717 successful gross profit.

Signing up for Turo is free, but startup costs volition alteration depending connected your conveyance situation. Here are 3 tips to assistance maximize your profit:

1. Differentiate your listing with eye-catching photos. To assistance my listing basal out, I took pictures of my Slingshot successful beforehand of graffiti artwork and section tourer attractions.
2. Install a lockbox to prevention you clip and connection much flexibility. I enactment 1 connected the broadside of my location truthful that renters could prime up the keys if I wasn't around. I would ever petition a photograph of the customer's ID to marque definite it matched the details connected their Turo account. Then I'd nonstop implicit check-in instructions.
3. Rent retired vehicles that supply the highest return. Turo has information connected mean yearly net for antithetic types of cars and markets. For example, you tin marque much wealth renting retired a Toyota Prius than a Land Rover Range Rover.

Josh Ellwood is the laminitis of Debt To Dollars. Follow him on Instagram and YouTube.

Don't miss:

• ‘I enactment conscionable 5 hours a week’: This 39-year-old makes $160,000 a period successful passive income—a look astatine his emblematic day
• A 28-year-old who made $100,000 successful passive income ‘in conscionable 1 day’ shares 5 books that helped her get started
• I spent 5 years interviewing 233 millionaires—here are the 6 habits that made them ultra wealthy