I Tested Financial YouTubers’ Side Hustles For A Month

Summary

The video explores the reality behind popular side hustles promoted by financial YouTubers, showing that making quick and large profits is not as simple as it seems. The creator tests side hustles like Airbnb arbitrage, sneaker reselling, and flipping free items. While some side hustles, such as renting out properties, generate modest profits, others like phone part reselling fail. The creator highlights that these hustles require time, careful selection, and scaling to become profitable, offering an honest perspective on what it takes to succeed in these ventures.

Takeaways

• 💼 Many YouTubers make it seem easy to generate passive income from side hustles, but the reality is often more complex.
• 🏡 The video explores the Airbnb arbitrage side hustle, where you rent a property and sublet it on Airbnb to potentially make a profit.
• 💸 For the Airbnb hustle, the creator rented a property for £600 a month and aimed to cover the cost within 10 days by charging £60 per night.
• 📉 Challenges arose, such as a guest cancelling due to a bad smell outside the property, highlighting the unpredictability of the side hustle.
• 👟 The sneaker reselling side hustle was tested, but it didn’t generate much profit due to low demand for the specific sneakers bought.
• 📱 Flipping phone parts was not successful due to competition with warehouses and the technical skills required to refurbish parts.
• 🪑 The side hustle of flipping free items from Facebook Marketplace proved to be one of the more profitable ventures, though it requires a bigger car and time to evaluate item condition.
• 💻 Listing the rented property on both Airbnb and Booking.com resulted in a combined revenue of £1,342 in the first month, leaving a profit of £462 after expenses.
• 🏘️ The creator concluded that Airbnb arbitrage is viable but suggests scaling it up to multiple properties to make significant profits.
• 🎯 The key takeaway is that while some side hustles work, they often require significant effort, scaling, or niche knowledge to be truly profitable.

Q & A

What is the main goal of the video?

The main goal of the video is to test and evaluate various side hustles, following advice from popular YouTube financial gurus, with the objective of making $10,000 in one month from different side hustles.

What is Airbnb arbitrage and how does the video creator plan to test it?

Airbnb arbitrage involves renting a property and then listing it on Airbnb for a higher daily price. The creator plans to rent a house for $1,500 per month and charge $150 per day on Airbnb, aiming to cover the rent in 10 days and make pure profit for the rest of the month.

What challenges did the creator face with the Airbnb arbitrage side hustle?

The creator's first Airbnb guest left due to a bad smell outside the property, which was caused by the neighboring tenants. The guest requested a refund, which disrupted the initial plans.

Did the Airbnb side hustle eventually turn profitable?

Yes, despite the initial setback, the Airbnb side hustle became profitable. The creator made £1,342.26 in revenue in the first month, with a net profit of £462.26 after expenses, and earnings improved in subsequent months.

What was the outcome of the sneaker reselling side hustle?

The sneaker reselling side hustle was less profitable than expected. The creator spent £1,500 on 30 pairs of sneakers but only sold 20 pairs for £1,380, meaning they still needed to sell 10 pairs to break even.

Why did the sneaker reselling side hustle underperform?

The sneakers the creator purchased did not have high demand, which made them harder to sell. The creator realized that successful sneaker reselling requires buying high-demand sneakers.

What is the concept behind flipping free items from Facebook Marketplace?

Flipping free items involves finding free items on Facebook Marketplace or Craigslist, picking them up, and reselling them for a profit. The creator had success with this side hustle, sometimes making £400 a week.

What are some of the items the creator flipped for profit?

The creator flipped various items, including a table sold for £60, a free gaming chair sold for £30, an exercise bag sold for £78, and a non-smart TV sold for £80.

What was the outcome of flipping phone parts as a side hustle?

The creator did not make any money flipping phone parts. Despite listing the phone parts on eBay, they received low offers, which would have resulted in selling at a loss.

What advice does the creator give about the phone parts side hustle?

The creator advises against trying the phone parts side hustle unless you are a technician or have expertise in phone repairs, as it is difficult to compete with warehouses offering cheaper parts.