How I Gave Myself a $2,806.25 Pay Raise

lemonJar


One of the most obvious ways to shorten your journey to financial independence is simply by earning more money. The more you earn, the more you’ll have left over to save, and the faster you can build up your freedom fund

If you have a 9-5 job, this could be through a promotion or a pay raise. But there’s an even more direct way to get a pay increase without sucking up to your employer or waiting patiently to be rewarded for your efforts at work: it’s through side hustling.

A side hustle is anything you do outside of your normal day job to earn extra cash. I have written about why it’s so awesome here and here. Today I want to share exactly how I used side hustling to give myself a $2,806.25 pay raise so far this year.

My Side Hustle: Tutoring

When I first started exploring different side hustles I tried many different things including taking online surveys, selling items on Ebay, and freelancing on Fiverr. I didn’t have much success with any of these and I found they usually weren’t worth the time investment. But eventually I stumbled upon a unique niche in online tutoring in statistics.

I outline in this post exactly how I find people to tutor online through Facebook. The idea is simple: I search Facebook for any posts about “stats tutors” or “statistics homework” or other relevant search terms and direct message people who might need statistics tutoring. Then, I either tutor these people via Skype or simply through messaging back and forth and they pay me for my time via PayPal. Not only is this the most lucrative side hustle I have found, but it’s also the simplest and least stressful. I don’t even have to leave the comfort of my own home to earn money this way.

Since I use PayPal it makes it incredibly easy to track exactly how much I earn. So far this year I have earned $2,806.25 through online tutoring:

payPal2017

These earnings only account for 4 months, so at this pace I could earn roughly $8,400 this year. In order to generate this much income from dividend paying stocks I would need a portfolio worth $280,000

My favorite part about online tutoring is that I determine exactly how much I want to work and who I want to work with. If I find someone who is a hassle to tutor, or consistently makes their payments late, I can simply decide to not deal with them anymore. I also have the ability to set my own price, so if there’s very few people looking for tutoring I might only charge $30 per hour but if several people need help I can bump up the price to $50.

The other aspect of online tutoring I enjoy is simply the fact that I can see people benefit directly from my help. At the end of this past semester I received a message from a guy I had been helping for several weeks that read “Because of you I’ll be able to graduate this semester. I can’t thank you enough man.” That felt as good as any paycheck I’ve ever received! Nothing beats being able to impact someone in a positive way and earn good money at the same time.

No Permission Necessary

I have preached this message before, but I can’t overstate the fact that the internet has truly made it possible for anyone with a laptop and WiFi to go out and find ways to make money online. I don’t think most people have realized the true capability of using the internet to make money in nontraditional ways. I don’t believe I have even reached the full extent to which I can use the web to tutor even more people and reach an even larger market. Who knows, this time next year I might even be tutoring full time like my friend La Papillion

The best part about the internet age we live in is the fact that you don’t need permission from anyone to start making money online. There are virtually no barriers to finding a market where you can use your unique skills to offer a service. My niche is statistics tutoring, what’s yours? 


Sign up to have my most recent articles sent straight to your email inbox for free 🙂

6 Replies to “How I Gave Myself a $2,806.25 Pay Raise”

  1. Congrats on the successful side hustle! Mine is doing freelance writing online. I like it because I can do it in my spare time, don’t really have to talk to anyone, and I can do something I like. It’s perfect. 🙂 The downside is that the work isn’t regular, so I do have to seek out clients from time to time. But it’s a great way to bring in some pocket money. 🙂

  2. Awesome job. I believe I am still in the ‘experiment stage of finding a side hustle. I do believe there are so many ways to make money online these days. My problem is finding one I want to commit long term to and focus on instead of trying many different ones and never succeeding.

    Keep up the good work. Looks like you have found a profitable niche that can be scaled up and create a nice income from!

    1. The experimental stage of finding out what works and what doesn’t in the side hustle world can be a little annoying, but the key is just to keep trying new hustles. Personally for me I think I could scale this side hustle up even more, potentially to a full time gig, but I’m just not sure how yet. So I’d say I’m still in the experimental stage myself 🙂

  3. Hey Zach,
    Sounds like the perfect side hustle. Way to go!

    This is another post that I’ll send on to my nephew the Computer Science major. He just completed his freshman year and I can imagine there’s a demand for CS tutors out there.

    Also, congrats on your featured post on Rock Star Finance. :0)

    1. Thanks so much, Mrs. Grumby!! Computer science is a great field to be in right now, I’m sure there are tons of opportunities out there for both tutoring and potentially teaching classes while he’s still in school. This would definitely be a way to earn more money than most people his age are probably making.

      As always thanks for the feedback 🙂

Leave a Reply

Your email address will not be published. Required fields are marked *