3 Side Hustles To Beat Inflation In 2024

Inflation isn't going anywhere just yet. The consumer price index (CPI) shows that inflation rose about 2.6 percent over the past year from October 2023 to October 2024, after cooling slightly in April.

However, "core inflation, which excludes more volatile food and energy subindexes, was 3.3% in October," in line with expectations. Americans are not only struggling with food and energy costs, but with housing prices as well. "To drill down a bit more on housing, the rent index has risen 4.6 percent over the past year, and is up 0.4 percent over the month," says the New York Times.

In addition to this many professionals experience job uncertainty. This combination of factors presents a unique opportunity for you as a professional to tap into your skills and create side hustles to bolster your income.

Instead of watching the news and worrying about the economy and inflation without creating any action plan, you can make a difference in your own life and take action to future-proof not only your career, but yours and your family's financial future.

And the best part? You don't even need to spend much money to get started.

Unlike traditional business ideas which require significant capital and investment to get off the ground, there are entrepreneurial ventures that you can pursue as a side hustle which require low overheads, and you can technically start them for free as long as you have a strong internet connection and your laptop. This enables you to hold on to your wallet a little longer while building up supplementary cash to cover expenses, so you can live comfortably.

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3 Side Hustle Ideas To Beat Inflation In 2024

Here are a few easy ideas to get you started:

1. Content Marketing/Content Creation

Large businesses and smaller companies are constantly investing in expanding their marketing efforts, and content marketing is a major aspect of this. In fact, the content marketing industry is expected to swell to a staggering $107 billion by 2026. This means if you are a skilled content creator, your services could be in high demand.

Content is consumed in all forms. Just think about the last time you opened your phone and scrolled through your Google or social media feed. You've likely consumed content through photos, infographics, reels, longer videos, bite-size information, as well as long-form content.

If you are skilled in any of these areas (for example, video editing, graphic design, freelance writing, social media management, social media engagement, or digital marketing strategy) you can promote your services online and get paid top dollar to work on marketing projects.

Focus on being active on LinkedIn, talking about your services, and showcasing your skills and knowledge, so that businesses on LinkedIn can get to know you and your work better and reach out to you for projects. Make use of job boards such as FlexJobs and ProBlogger, and use gig marketplaces such as Upwork and Fiverr to get your name out there faster.

2. Online Tutoring

With high income skills such as coding, AI, and design increasing in demand, many professionals are looking for courses, training, and one-on-one tutoring to help them polish their skills so they too can start freelancing or land a lucrative job.

If you have experience in any of these areas, why not share what you know? You can develop a course to create passive income, or you can coach and tutor on a one-to-one basis. In fact, you can even do both—providing more hands-on tutoring services for those who need it while having your course selling in the background.

3. Flipping Items

Another great side hustle to help you beat inflation, is flipping products and selling them for a profit. You can find good-quality items on marketplaces and stores such as eBay, Vinted, Poshmark, garage sales, and wholesale websites, and resell them for a higher price (especially if you make alterations to improve the quality or features of the item). You'll need to know what items are trending and identify where you can source them for a low price, so that you can resell for a profit and experience consistent demand.

These side hustles provide ways for you to tap into your creativity and skills while offsetting the rising costs of living due to inflation. More importantly they enable you to find passion and enjoyment in your work, even if you are not experiencing that same level of satisfaction and fulfilment in your day job.