This comprehensive guide delves into the realm of prepping side hustles. Regular updates will be provided as new side hustle opportunities emerge, and effective ways to monetize prepping skills are validated.
Engaging in side hustles, which involve generating income through avenues other than your primary job, has become increasingly convenient. The United States has warmly embraced this concept, with 37% of Americans actively pursuing side hustles. Augmenting your income is a prudent move, especially for preppers.
Aside from accelerating your journey towards financial independence, a side hustle also mitigates income-related risks. The extra income can be allocated towards completing your prepping supplies, sustaining your food storage inventory, or even establishing a bug-out location.
Millennials are at the forefront of leveraging side hustles, with over half of them earning income through secondary sources. The surge in the ‘gig economy' might contribute to this trend, or it could merely be a response to increased Millennial spending habits. Regardless, it's evident that side hustles offer preppers a strategic advantage.
Understanding Side Hustles
Traditionally, having multiple jobs was synonymous with a side hustle. However, a critical distinction between multiple jobs and a side hustle lies in autonomy. While a second job typically entails adhering to a fixed schedule and reporting to a supervisor, a side hustle provides you with autonomy over your working hours, effort input, and ultimately, your supplementary income.
A plethora of self-starting opportunities exist, including:
- Monetizing Hobbies (Etsy, blogs, small business)
- Retail Arbitrage (Reselling)
- Task Gigs (Uber, Lyft, DoorDash, etc.)
- Leveraging Assets (VRBO, Airbnb, investing)
- Multi-level Marketing (Pyramid sales)
Each of these avenues offers the potential to earn additional income, with varying levels of commitment and time investment. When initiating a side hustle, it's crucial to commence with a clear end goal in mind.
If your objective is for the side hustle to evolve into your primary income source, it's essential to ensure its scalability. Alternatively, if you prefer a hands-off approach, exploring passive income generators such as blogging or investing might be more suitable.
The viability of various side hustles also hinges on your current circumstances. Engaging in a side hustle is ill-advised if you lack a stable primary job. The significance of a steady income source cannot be overstated.
Optimal Side Hustles for Preppers
Preppers are inherently risk-averse individuals who prioritize foresight, knowledge, and control in all facets of their lives, regardless of the circumstances. Unsurprisingly, preppers tend to gravitate towards side hustles that revolve around monetizing hobbies or investing. A cursory glance at prepping blogs often reveals a synergy between hobby monetization and investment opportunities, underscoring the natural alignment between the two.
Monetizing Prepping Passions
If you possess unique survival skills, you already possess a competitive edge. Monetizing your survival proficiencies represents the logical progression. Let's explore the myriad possibilities available based on an illustrative example:
Suppose you are well-versed in bushcraft survival techniques. Let's navigate through several avenues allowing you to transform your skills into a lucrative side hustle.
- Become a bushcraft guide during your spare time.
- Conduct group hands-on courses on bushcraft survival.
- Establish a website/blog dedicated to bushcraft survival.
- Create instructional videos on bushcraft survival for platforms like YouTube or web courses.
- Fabricate and vend bushcraft tools on platforms like Etsy.
For most of these ventures, you can substitute ‘bushcraft' with any other hobby or skill you've honed to explore a plethora of potential income streams. The monetization of hobbies not only boosts your earnings but also nurtures valuable connections and enriches your engagement with your passions. If you lack a prepping or survival hobby, peruse our latest compilation: 49 Hobbies Useful for Survival and Prepping.
Success Stories
Canadian Prepper, a prominent YouTube figure within the prepping sphere, stands as a remarkable success story. Over recent years, he has propelled his store and content to exceed a million subscribers. Boasting the premier YouTube prepping channel, he has established a thriving empire while educating millions on prepping practices, notwithstanding differing opinions on his methodologies.
Strategic Investing for Preppers
While prepping objectives often focus on achieving self-sufficiency, financial independence remains a less emphasized yet pivotal goal. Debt is a formidable adversary for preppers, and accumulating wealth to fulfill prepping goals is an overlooked aspect. Whether you aspire to transition to an off-grid homestead or fortify your readiness for unforeseen circumstances, financial resources play a pivotal role in achieving these aims. For further insights, refer to our prepper financial planning guide.
Investing serves as an effective approach to amass wealth and set your assets in motion. In a landscape where inflation is the norm, failing to match inflation with investment returns translates to a loss in the real value of your earnings.
DISCLAIMER: This does not constitute personalized financial advice, and I am not a financial advisor. All investments carry inherent risks.
Many preppers opt to invest in bullion due to its stability or appreciation during economic downturns, making it an appealing asset class. Diversification is equally paramount for preppers, as allocating investments across various sectors mitigates risks. Mutual funds and exchange-traded funds (ETFs) represent effective diversification tools.
A conservative portfolio offers its own merits, particularly for preppers. Although you may not yield the exponential returns akin to early-stage Amazon stock investors, you insulate yourself from market downturns. When exploring funds, it's crucial to acquaint yourself with associated fees, as these fees can sometimes overshadow the benefits of diversification. Certain ETFs come with exorbitant fees and are tailored for short-term holdings, necessitating thorough research or consultation with a financial advisor.
Utilizing platforms like Robinhood, which waive commissions and trading fees, can yield cost savings in your investment endeavors. Robinhood, available as a mobile app and web platform, facilitates trading in ETFs, funds, options, and conventional stocks. Whether you're a seasoned investor or a novice, Robinhood offers an accessible platform for investment activities. As an added incentive, new users receive $5-$200 worth of stock upon signup: Try Robinhood, Get Free Stock.
Robinhood no longer stands alone in offering commission-free trades, as major investment firms have adopted similar fee structures, ensuring widespread access to zero-fee transactions.
Side Hustles Preppers Should Avoid
While I do not intend to dissuade you from exploring these avenues, it's worth noting that these particular side hustles may not align seamlessly with the overarching prepping ethos. Although certain individuals excel in these side hustles, individual success stories do not necessarily reflect the broader landscape.
Airbnb
Offering spare rooms in your home to strangers can yield substantial income if you own a property. While some individuals leverage Airbnb to pay off mortgages and fund extensive travel, this practice introduces an element of risk by accommodating unknown guests in your residence.
Moreover, the Airbnb market has witnessed a contraction, with numerous superhosts dedicating properties exclusively to short-term rentals, intensifying competition and potentially diminishing profit margins in certain regions.
Retail Arbitrage
Reselling, often glamorized as retail arbitrage, has gained popularity owing to its apparent simplicity. The narrative typically revolves around purchasing discounted items from retail outlets and reselling them at marked-up prices on platforms like Amazon, thereby pocketing the profit margin.
However, this endeavor demands constant attention and time investment, offering no passive income stream. While witnessing successful reselling transactions can be exhilarating, the absence of a passive income stream and the need for continual activity might deter preppers.
Task Gigs
Participating as a task rabbit for companies like Uber, Lyft, or similar entities might yield quick earnings, but the growth potential is severely limited. Your earnings are contingent solely on the time you invest, recognizing that time is a finite resource. The lack of scalability inherent in task gigs serves as a deterrent for preppers considering such ventures.
Multi-Level Marketing
Although multi-level marketing (MLM) businesses are often disparaged due to their pyramid-like structures, they offer tangible products as opposed to traditional pyramid schemes. Brands like Amway, Avon, Herbalife, and Mary Kay recruit individuals to work on a commission basis, with substantial earnings tied to early entry and recruitment efforts.
While hosting parties and selling products to acquaintances can be enjoyable, the limited scalability and absence of passive income potential make MLMs a less attractive choice. Dave Ramsey provides a comprehensive breakdown of the pros and cons associated with MLMs.
Ultimately, your perseverance and resolve dictate the level of success you achieve in your side hustle endeavors. While external factors play a role, the beauty of a robust side hustle lies in its ability to translate your efforts into tangible earnings.
Parting Thoughts
Envision your future trajectory and evaluate whether your primary job aligns with your aspirations. If your current job or income level falls short of your desired destination, contemplating a side hustle might be a prudent move. While contentment with your job and income is commendable, an increasing number of Americans are seizing the initiative to transform their lives positively.
Financial independence is a cornerstone of self-sufficiency. Despite personal opinions on economic structures, society is intrinsically entwined with financial frameworks. During unforeseen events, ranging from market downturns to regional crises, financial stability serves as a crucial lifeline.
For additional insightful guides, peruse the following resources that have proven beneficial to our subscribers:
- How to Get Free Land in the US (and Canada)
- The 10 Best Prepper YouTube Channels
- How to Start Prepping: Prepper 101
Continue exploring, stay prepared, and prioritize safety above all else.
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By: Sean Gold
Title: Transforming Survival Skills into Profitable Side Hustles
Sourced From: trueprepper.com/prepping-side-hustles/
Published Date: Thu, 07 Mar 2024 11:29:30 +0000