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0 To live relatively well in The United States of America, a household needs to make 100k per year at least. That sounds challenging for some but it is actually doable. Thanks to the sharing economy model powered by a stela technology advancement; making a good income isn’t a mystery anymore.
Indeed, the shared economy model more than any other model in human history provides that possibility. Since that model reduces or eliminates most industry entry barriers.
Thus, empowering many to transform their livelihoods by accessing markets as suppliers of goods or services. Though, to make at least $100k per year two important things are required.
First, you need to shift your mindset to adjust to this new norm and be prepared to get out of your comfort zone. Second, you need to be extremely focused and keep an eye on your main goal.
Evidently, many people over the years have been able to build considerable wealth. Nevertheless, to make 100k a year or more you have to combine multiple streams and put in the hard work.
Yet, if you are interested, follow these breakdowns, to see how you can achieve that dream as well.
Takeaways:
Today it is easier than ever to take home a healthy income. Indeed, the underserved, the underprivileged, the high school dropout, immigrant, the uneducated with a little bit of effort can also achieve the American dream.
Advantages:
- Enormous flexibility
Flexibility is definitely the top value that resonates in the sharing economy model. Because you can decide when and how to work or not to work at all. In addition, your pricing depends entirely on your desire. You are basically running your own small business.
- You are your own boss
Some people are not made to work for others. I have a friend of mine who is extremely allergic to feedback.
- Unlimited revenue cap
Accurately, your earnings depend on the hours you put in. You can work from Monday to Sunday, 24/H it is up to you.
Inconvenients:
Even though you don’t hear alot about that mention but the system has its set of drawbacks.
- Taxes
Because you are basically running a small business, you need to be aware of the fiscal and tax implications. Normally, every quarter you need to declare your revenue. If you wait to do that at the end of the year then you are probably up for a nasty suprise.
- Health Insurance
Typically, because you are not a direct employee but a contractor you are not eligible for the company healthcare plan. Normally, it is just a platform that connects the needs and the offerings. Nonetheless, tremendous efforts have been made over the past few years by established platforms to offer healthcare plans through a third party.
- Retirement, social security etc…
Likewise, with the healthcare plan, retirement is also a challenge that you need to take into consideration. Contributing towards towards plan is entirely your responsibility and most tech platforms do not offer any 401k or Roth or any retirement plan directly to independent contractors.
- Long Hours
To actually make $100K, you really need to put in hours. We are not talking about many hours per week. You should be prepared to put in at least 80 hours per week if you want to be able to reach that goal.
- No work-life balance
Indeed, if you are choosing that path forget about work-life balanced. At least until to reach a certain milestone. There is no such things as passive income.
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How To Make 100k per Year
The methodology is based on information gathered from official websites, blog posts, surveys, and testimonials. Here is what you can do to reach that goal. Of course, the list is not exhaustive.
Strategy 1
- Drive a Car:
- Drive for a ride-hailing app full-time (Uber, Lyft…): earning $1300/month
- Peer to peer delivery: $1200/month
- Rent your car:
While you are busy driving for car-sharing companies, your second car is rented out. indeed your second car/scooter/bike can be rented on platforms such as Turo or any other peer-to-peer car rental platform. You can actually also rent your car on the same ride-sharing app you are using:$1000/month
3. Rent your unused space:
- Room on Airbnb: $700/ month
- Basement for storage: $500/month
- Driveway: $100/month
- Free weight pounds in your luggage or car when traveling: $600 /month
4. Clothes, books & electronics:
Rent your top-notch branded used clothes, shoes, books, jewelry, and electronics: $300/month. You can also sell them on-site as Poskmark specialized in fashion.
5. Yourself:
There are people looking for people to spend time hanging out, go around with them: $300/month. For example, a site like Rent a friend is notorious for that.
6. Money:
Peer-to-peer lending: join an exclusive peer-to-peer lending program. Let your money work for you. Nonetheless, I will recommend you join programs that provide net-working capital for small business owners: $300/month in interest. Interestingly, you can set up a peer to peer lending system with small business owners or independent contractors.
7. Physical goods:
Set up an online store and integrate it with a fulfillment center like Amazon FBA. Also, streamline the process with your supplier and finally outsource your digital marketing campaign to a marketing agency. If you have the right product: you can take home more than $2000/month. In addition, you can sell on the Facebook marketplace, Etsy, or any other e-commerce platform.
Platforms like Robinhood, Cash app, WeBull, etc… have democratized what was once a myth. Those technologies make it possible for everyday Americans to trade stocks.
Strategy 2
9. Handy jobs
Chances are you are extremely good at a specific task. A website like TaskRabbit is a great start for Cleaning, landscaping, building or moving, assemble a table/chair, etc… This niche could be extremely lucrative. Join a marketplace that connects labor to demand: Potential income: $1000/week.
10. Online course
Set up an online course, nowadays you don’t absolutely need to have a fancy website with all those features. You can actually have that set up through a YouTube channel and monetize it. Just a basic set up and you are up and running take a look at the Top 3 YouTubers earning.
- 1. Ryan ToysReview – $22 million
- 2. Jake Paul – $21.5 million
- 3. Dude Perfect – $20 million
Indeed, today on youtube you can basically learn everything and apply it immediately. The beautiful thing is it, you can hire someone on Fiverr to run your channel.
11. Tutoring
Tutors are in high demand for some courses. In addition, some parents are willing to drop top dollars for their kids. Normally, you should focus on high demand, high price niches such as GMAT, languages, STEM, and music.
12. Cooking skills
Cooking is one of the growing segments of our society. Truly, people want to eat healthy and cheaper. If you are a good cook, you can really bank good money running a home restaurant and while not turning it into a full-time catering business.
13. Coaching/personal trainer/motivational speaker
Coaches are in high demand. The need ranges from anything from weight loss to soccer coach. This is a very lucrative niche and your experience can really make a difference in one’s life.
14. Sell contents, pictures, videos, writing
This is very demanding, granted, and required a certain level of dedication. However, you can hire a professional to do the work for you. Typically, freelancers as Ghostwriters are available for people looking to write a book without doing it themselves. More, royalties are a lifetime revenue stream.
15. Inventor
Yes, you heard that right. Actually, the process is extremely simple and straightforward. All you have to do is to modify an existing invention and registered a patent. Then you sell your invention.
16. Flip houses
It is a very lucrative activity. Nonetheless, it requires patience, good mentors and a little bit of understanding. Certainly, you have to educate yourself well before jumping into it.
Conclusion
No matter, your options please be advised, you will need to put in the hard work. Typically, you would need at least 80 hours per week if you expect to make $100k per year. Even though, you would find people taking home more than the amount with just one activity again check out their hours. But, “hope for the best but be prepared for the worst”.
Hence, you would also need to combine at least two activities thus forgot any work-life balance dream. For instance, you could combine home cooking with a cooking blog and catering services. As you start, you will eventually find your balance and settle down for what best works for you.
Nevertheless, it is imperative to have an exit plan. Normally, the level of mental and physical efforts required is not sustainable over a long period. Therefore, you need to have a S.MA.R.T agenda to help you transition to a normal life. Most people, open a business or set up an investment portfolio or enjoy royalties. Either way, be focused and don’t live for a moment.
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