August 2021 Side Hustle Report – $1,733.79

August is in the books, which means it’s time for the latest Financial Tutor side hustle report. In this post, we’ll be taking a look at what I was able to earn in August 2021.

As a brief recap, for the past three years, I’ve tracked what I make each month from gig economy apps. For a long time, all of the money I earned from these apps was clearly side hustle income. I had a full-time day job that paid the bills and I fit in these gig economy apps during my spare time.

A few years ago, however, I quit my job to pursue full-time blogging and writing. These days, I make a living from a combination of writing and gig economy work. It’s made these side hustle reports a bit more confusing. Are they really a side hustle anymore? It seems like when you’re self-employed, there’s really no difference between the types of income you earn. Everything is your job. And everything is a side hustle.

I still call these side hustle reports just for continuity purposes, but it’s definitely helpful to be aware of the context around this side hustle income.

That being said, here’s a look at what I made from the gig economy in August 2021:

Side Hustle Income for August 2021:

• Wag: $0

• Sharegrid (Camera Rental): $0

• House Hack: $411.79

• Airbnb/Rental Income: $1,322.00

Total Side Hustle Income for August 2021 = $1,733.79

August was a good side hustle month, as I brought in a little over $1,700 from various gig economy apps. I didn’t expect it to be so high, so I’m pleasantly surprised.

Here’s a more in-depth breakdown of my earnings in each category:

Wag Income: $0

I didn't walk any dogs for the month of August, but hope to in the upcoming months.

Sharegrid (Camera Rental): $0

I have my GoPro 7 hero, GoPro Fusion, and DJI Mavic 2 drone for rent on Sharegrid website. Sharegrid is a website where people local can rent camera equipment. I unfortunately didn't have any request for this month.

House Hack Income: $411.79

If you’re a regular reader, you know that I bought a three-flat in Chicago in June 2019. I lived in the building while doing the renovations and moved out in June of this year. I rent the bottom garden unit for $1,000, plus $100 for the two car garage. The top unit rents for $2,325 per month. So in total I'm collecting $3,425 per month in rents. While I still have the middle apartment open for Airbnb, which is discussed below.

My monthly mortgage payment with insurance and property taxes was $3,013.21. There were no repairs in August, which meant I earned a total of $411.79 for the month of August.

Airbnb/Rental Income: $1,322.00

I used to rent out two rooms in my apartment within the three-flat I own on Airbnb. It was a lucrative side hustle, typically earning me about $800 per month per room. The pandemic put an end to our Airbnb hosting and it’s unlikely that I’ll start doing Airbnb again at this stage of my life. It’s why taking advantage of house hacking strategies like Airbnb is important to do when you’re young and in a stage of life where you can do it.

Since I’m no longer living in my three-flat house I rent out the entire apartment on Airbnb. The longer term rental for the top and garden units cover the mortgage and then some. For Airbnb I don't subtract any mortgage payment, insurance, nor property taxes. Obviously, big expenses will eat into those profits, but it’s still pretty amazing to have a single property cash flow that much.

One thing I struggled with was how to think about the rental property income in the context of my side hustle income. I’m self-managing the property, so it’s not an entirely passive source of income, which makes me think it could reasonably fall into the side hustle income category. That being said, for now, I’ve opted to share the gross income that I earn from the rental property.

And that concludes the August 2021 Side Hustle Report.

August was a good month. When you include all of the different income sources I have – my blog, my side hustles, the rental income – I’m actually able to make a solid living. I’m not rolling in cash necessarily, but I do have a lot more time freedom, which I value much more. At this stage in my life, I’d definitely opt to make $50k a year and control all of my time versus making $150k a year and controlling very little of it.

I hope you enjoyed this look into my gig economy earnings and my “side hustle” earnings for last month. If you want to see what I’ve made in previous months, check out my past side hustle reports.

If you’re looking for ideas on how you can earn more money using the gig economy, check out side hustle review page.