I think most of us could use a little more money in our lives. The only problem is that earning more money isn’t always that easy or immediate. Raises are typically an annual thing and definitely not guaranteed. Bonuses are the same way. You could switch jobs to make more money, but that’s not always an option for everyone.
One surefire way to make some extra money is to get some overtime hours. But, if you’re a white-collar worker like many of us are, you’re probably getting paid a salary. Even those of you who might be eligible for overtime probably can’t do so regularly.
This got me thinking though…
Why can’t we just create our own overtime?
I know, I know. We’re all super busy and work plenty of hours. At least that’s what we tell ourselves. Yet, despite being so busy, we all still seem to find time to catch up on our Facebook posts, post our tweets, watch the latest episodes of our favorite TV shows, and all the other stuff we do to fill our day.
Maybe we all have a little more time than we think?
Do You Work As Much As This Guy?
A few days ago, my local newspaper had an article about a security counselor at a Minnesota hospital who made an extra $294,000 in overtime pay over the past three years. Take a look at what his yearly overtime earnings were:
* Note: Fiscal year in the above chart is calculated from July 1st to June 30th (i.e. fiscal year 2014 = July 1, 2013 to June 30, 2014).
Delving deeper, I found out that a security counselor is essentially a security guard. There’s no doubt, it’s an incredibly tough job and not one that a lot of us could do.
It’s also not a particularly high-paying job or one that requires a lot of education. You only need a high school diploma to qualify. The wage for a security counselor ranges from $18.31 per hour to $25.32 per hour. This equates to around $38,000 to $52,000 per year – a pretty average salary, in my opinion.
So how does a guy who might make as much as $52,000 per year, wind up making more than double that in overtime alone? Here’s what the Star Tribune said:
One employee, a security counselor at the Minnesota Security Hospital in St. Peter, has worked 8,129 hours of overtime since 2013, collecting $294,493 in extra pay.
Doing the math, this guy worked an average of 2,709 overtime hours per year in the past three years. That’s an average of 52 overtime hours per week! This guy was literally working the equivalent of a second full-time job (and then some). As a benefit, he likely tripled his yearly income. That’s pretty astounding.
No, you don’t have to work 90 hours a week as this guy did. What I am saying, though, is to really look at your schedule. We all get 168 hours in a week. If this guy could spend more than half of his week working, can you find some time to work a little bit more?
My guess is that if you’re working around 40 hours per week, you probably have some wiggle room to work with.
Create Your Own Overtime
This is where we come to the concept of creating your own overtime. I’ve said before that we live in the best time ever in history to start up a side hustle. If you’ve got more time on your hands than you think, why not try and see if you can put it to use?
I think it’s perfectly reasonable to try to make yourself $20 per hour on the side. If you carve out just 5 hours per week, for 52 weeks per year, you’ll make an extra $100 per week or an extra $5,200 per year. That’s enough to almost max out a Roth IRA.
Five hours of extra work per week isn’t very hard to do unless you’re working well over 40 hours per week already. You’ve got 48 hours to use each weekend! And with the nature of the gig economy, you don’t necessarily have to carve out specific time to work like you would have to do with a job. Instead, you can find something you’re already doing and incorporate it into your routine.
For example, I already enjoy biking and exercising. It doesn’t really add much work for me to bike around town, get some exercise, and make a little extra cash. I have a spare room in my house. It’s not a ton of work for me to occasionally rent it out on Airbnb. And I already have a dog, so it’s not much work for me to occasionally dog sit a second dog.
Don’t Underestimate Your Side Hustle
The interesting thing is how much of an impact your side hustle can have on your income. Working an extra 5 hours per week to make an extra $5,200 per year doesn’t seem like all that much by itself.
But consider a new graduate making $50,000 or so per year. If you consider the impact of that extra $5,200 per year, that’s a 10% wage increase just from an extra 5 hours of work per week. There aren’t a ton of ways to increase your income by that much in a single year.
Even a person making a stout $100,000 per year could benefit by increasing their wage by another $5,200 per year. That’s good for a 5% salary increase, better than the 3% raise a lot of people get each year. And if that same person could figure out how to bring in an extra $10,000 per year on the side, that’s good for a 10% raise in just one year.
Get Creative With Creating Your Own Overtime
There are a lot of ways to pull in some extra income that can lead to an extra $100 per week or so. And you don’t have to use up a ton of your time either.
For example:
- Rent out a room on Airbnb for just 4 nights per month at $50 per night for an extra $200 per month.
- Make an extra $200 per month doing DoorDash, Uber Eats, and Grubhub on the side by working an extra 10 hours per month (or 2.5 hours per week).
- Do an hour of DoorDash, Uber Eats, and Grubhub on your way home from work. Do nothing on the weekends.
- Wake up at 8 am on Saturdays and Sundays and do some side hustling until 11 am. Do nothing the rest of the day.
If you’re working a ton of hours already or already have a large income, of course, don’t add more work to your plate unless you think it’s fun. Even if I made hundreds of thousands per year, I’d probably still be an occasional bike messenger because I think it’s fun.
But if you’re like most people, you’re probably working a lot less than you think. That means you have a lot more free time than you think.
Why not give yourself a raise then? If that security counselor can work an extra 52 hours per week, then I’m sure most of us can find a way to work an extra 5 or so hours per week.
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More Recommended Ebike/Scooters
Check out these other ebikes and scooters I've reviewed:
- Urban Arrow Ebike – Last year, I made one of the largest purchases I’ve ever made – I bought a $9,000 electric cargo bike from Urban Arrow. In my Urban Arrow review, I will discuss what it is and why I decided to buy this bike, as well as discuss how impactful a bike like this can be on your journey to financial independence.
- Troxus Explorer Step-Thru Ebike – The Troxus Explorer Step-Thru is a fat-tire ebike that I’ve had the pleasure of riding for a while now. It has amazing power, great looks, and awesome range. If you’re looking for a great fat-tire ebike that offers a lot for the price, the Troxus Explorer Step-Thru is definitely one for you to consider. Check out my Troxus Explorer Step-Thru Review.
- Hovsco HovBeta Ebike – The HovBeta is a folding ebike with great specs and a lot of interesting features, and importantly, it’s sold at a good price point. I’ve had a blast commuting with it and using it to do deliveries with DoorDash, Uber Eats, and Grubhub. Check out my Hovsco HovBeta Ebike Review.
- Vanpowers Manidae Ebike – The Vanpowers Manidae is a fat tire ebike that I’ve been riding as my primary winter commuting bike and have also been using it to do food delivery with apps like DoorDash, Uber Eats, and Grubhub. After clocking in a decent number of miles with this ebike, I wanted to write a post sharing what my experience with the Vanpowers Manidae ebike has been like. Check out my Vanpowers Manidae Review.
- Sohamo S3 Step-Thru Folding EBike Review – A Great Value Folding Ebike – The Sohamo S3 Step-Thru Folding Ebike is an entry-level folding ebike that offers a lot of value for the price point. I’ve been riding the Sohamo S3 for a while now, putting the bike through its paces, and I have to say, this bike has exceeded all of my expectations. Check out my Sohamo Review.
- KBO Flip Ebike – The KBO Flip is an excellent bike. I’ve had a great time riding it and think it’s a versatile bike that can be used for a lot of purposes and can fit a variety of lifestyles. It’s worked out great for me as a general commuter bike and as a food delivery bike. Check out my KBO Flip Review.
- Hiboy P7 Commuter Ebike – The Hiboy P7 is an excellent electric commuter bike that’s offered at an affordable price point. The range and speed of this bike are both very good, so you won’t have any trouble getting anywhere you need to go with it. As a food delivery vehicle, this is also good – with how much range it offers, you’ll be able to work all day on a single charge. Check out my Hiboy P7 Commuter Electric Bike Review.
- Himiway Escape Ebike – The Himiway Escape is an interesting bike for anyone looking for a moped-style ebike. If you’re a gig economy worker, the Himiway Escape is particularly interesting and it’s possible to think of it as an investment, especially if you can opt to do deliveries with the Himiway versus using a car. It’s not cheap, but you can definitely make your money back when you compare the mileage you’ll put on your car versus using an ebike. Check out my Himiway Escape Bike Review.
- Espin Sport Ebike – The Espin Sport is a good ebike for someone who is looking for an ebike that feels and rides more like a regular bike. There are many ebikes that are really only bikes in name. In reality, they’re basically electric mopeds. The Espin Sport, by contrast, is a bike you could probably ride without the battery and you’d feel like you’re just riding a regular bike. Check out my Espin Sport Review.
- Varla Eagle One Scooter – The Varla Eagle One is an excellent scooter that can make sense for a lot of people. It can work as a primary mode of transportation. You can use it to work on gig economy apps like DoorDash, Uber Eats, and Grubhub. And it can also be a recreational vehicle if you’d prefer to use it for that. Check out my Varla Eagle One Review.
- Varla Falcon Scooter – The Varla Falcon is an excellent scooter that offers a good amount of power at a lower price point compared to more powerful scooters. It’s not exactly an entry-level scooter, nor is it a high-powered scooter. I think it fits somewhere in-between those two categories – an intermediate scooter if I had to give it a category. Check out my Varla Falcon Review.
- Hiboy S2 Scooter – The Hiboy S2 is an excellent entry-level commuter scooter that's perfect for someone looking to save some money in transportation costs and improve their commute. Check out my Hiboy S2 Review.
- Hiboy S2R Scooter – The Hiboy S2R is one of the more interesting electric scooters I’ve been able to test out. It’s not a high-powered scooter, but for an everyday transport option, it’s very useful, especially given some of the unique features that it has. Indeed, for the price, the Hiboy S2R might be the best value scooter I’ve used. Check out my Hiboy S2R Review.
- Fucare H3 Scooter – The Fucare H3 is a fun scooter and I’ve enjoyed testing it out. For a daily commuter or quick trips or errands, the Fucare H3 is probably the scooter I’ll use. It’s portable and easy to maneuver, so it’s just easier to take on the road when I need it. Check out my Fucare H3 Scooter Review.
More Recommended Investing App Bonuses
For additional investing app bonuses, be sure to check out the ones below:
- M1 Finance ($100) – This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $100 for opening an account. Check out my M1 Finance Referral Bonus – Step-By-Step Guide.
- SoFi Invest ($25) – SoFi Invest is an easy brokerage account bonus that you can earn with just a few minutes of work. Use my SoFi Invest referral link, fund your SoFi Invest brokerage account with just $10 and you’ll get $25 of free stock. I also have a step-by-step guide for the SoFi Invest referral bonus.
- Webull (20 free stock shares) – Webull's current promotion gives you 20 free shares valued between $3-$3,000 each if you open an account using my referral link. Here’s a guide I wrote about how to earn your free shares using Webull.
- Moomoo (15 free stocks) – Moomoo is a free investing app currently offering 2 different referral bonuses if you open an account using a referral link. Read my Moomoo referral bonus guide for more information.
- Robinhood (1 free stock) – Robinhood gives you a free stock valued between $2.50-$225 if you open an account using my referral link.
- Public (1 free stock) - Public gives you a free stock valued between $3-$70 if you open an account using my referral link.
More Recommended Bank Account Bonuses
If you’re looking for more easy bank bonuses, check out the below options. These bonuses are all easy to earn and have no fees or minimum balance requirements to worry about.
- Upgrade ($200) – Upgrade is a free checking account that’s currently offering a $200 referral bonus if you open an account and complete a direct deposit. These bonus terms are easy to meet, so it’s well worth doing this bonus as soon as you can. Here’s a post I wrote with more details: Upgrade $200 Referral Bonus – Step By Step Directions.
- Ally Bank ($100) – Of all the banks out there, Ally is, without a doubt, my favorite. At the moment, Ally is offering $100 to customers who open an eligible Ally account and meet the requirements. Here are the step-by-step directions to earn your Ally Bank referral bonus.
- Fairwinds Credit Union ($175) – Fairwinds Credit Union is offering a referral bonus for users that sign up using a referral link. Fairwinds has no fees or minimum balance, so this is a particularly easy bonus to earn. Since this is a smaller credit union, my gut instinct tells me this offer won’t be around long, so if you’re in a position to meet the bonus requirements, grab this bonus before it’s gone. Here is my step-by-step guide on how to earn your Fairwinds Credit Union bonus.
- Chime ($100) - Chime is a free bank account that offers a referral bonus if you use a referral link and complete a direct deposit of $200 or more. In practice, any ACH transfer into this account triggers the bonus. This bonus is easy to earn and posts instantly, so you’ll know if you met the requirements as soon as you move money into the account. I wrote a step-by-step guide on how to earn your Chime referral bonus that I recommend you check out.
- US Bank Business ($900) – This is a fairly easy bank bonus to earn, since there are no direct deposit requirements. In addition, you can open the Silver Business Checking account, which comes with no monthly fees. Check out how to earn this big bonus here.
- GO2Bank ($50) - GO2Bank is an easy bank bonus that I recommend people take advantage of if they have an easy way of meeting the direct deposit requirement. I like that it’s easy to open the account and that the bonus pays out quickly. Check out my step-by-step guide on how to earn your GO2Bank $50 referral bonus.
- Current ($50) – Current is a free fintech bank that’s offering new users a $50 referral bonus after signing up for an account using a referral link. Current is an easy bonus to earn and also gives you access to three savings accounts that pay you 4% interest on up to $2,000. That means you can put away up to $6,000 earning 4% interest. That’s very good and makes Current an account I recommend to everyone. Check out my step-by-step guide on how to earn your Current Bank bonus.
- Novo Bank ($40) - Novo bank is a free business checking account that’s currently offering a $40 bonus if you open a Novo business checking account using a referral link. In addition to being a good bank bonus, Novo is also a good business checking account. It has no monthly fees or minimum balance requirements and operates a good app and website. Indeed, it’s the business checking account I currently use for this blog. Check out my post on how to easily open a Novo account.
- Varo ($25) – Varo is a free fintech banking app similar to Chime or Current. It’s currently offering a $25 bonus to new users that open a new Varo account with a referral link. The bonus for this bank is very easy to meet, all you need to do is spend $20 within 30 days of opening your Varo account. Check out my step-by-step guide to learn how to earn this bonus.
Kevin is an attorney and the blogger behind Financial Panther, a blog about personal finance, travel hacking, and side hustling using the gig economy. He paid off $87,000 worth of student loans in just 2.5 years by choosing not to live like a big shot lawyer.
Kevin is passionate about earning money using the gig economy and you can see all the ways he makes extra income every month in his side hustle reports.
Kevin is also big on using the latest fintech apps to improve his finances. Some of Kevin's favorite fintech apps include:
- SoFi Money. A really good checking account with absolutely no fees. You'll get a $25 referral bonus if you open a SoFi Money account with a referral link, and an additional $300 if you complete a direct deposit.
- 5% Savings Accounts. I'm currently getting 5.24% interest on my savings through a company called Raisin. Opening a Raisin account takes minutes to complete, it's free, and all of your funds are FDIC-insured. I explain how it works, why I'm now using it to store my emergency fund and any other cash savings I have, and why I recommend everyone check it out in this review.
- US Bank Business. US Bank is currently offering new business customers a $900 signup bonus after opening a new account and meeting certain requirements.
- M1 Finance. This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $100 for opening an account.
- Empower. One of best free apps you can use to monitor your portfolio and track your net worth. This is one of the apps I use to track my financial accounts.
Feel free to send Kevin a message here.
Wow this is such an interesting concept! I’ve always thought of it as a side hustle or a side business. I started my new blog about 2 months ago and have been working on it almost 30 hours a week without an income. But I really like it, so I don’t mind =)
Blogging is definitely something that takes a lot of time – but it’s so much fun! If you need money right away, blogging definitely is NOT the way to go. It’s definitely a long-term play.
This is awesome! I wish my employer didn’t limit my overtime to 10h/week !!!
We started airbnb last month and it has been really good so far, it is fun to meet new guest and we made $350 last month. It’s not exactly doubling my salary like that security guard but it’s still good! 🙂
Hey, $350 a month adds up to $4200 per year! That’s not too shabby in my opinion. And probably doesn’t take up too much work either!
Totally agree with this approach! It’s easier than ever to pick up work here and there. And as you mentioned, if you can stick with it the results can be equivalent to a raise. Additionally, as you put that money to work for you the rewards from compounding and dividends make the bottom-line impact even better.
I didn’t even mention what a big impact on your savings rate working a little extra can have. Imagine making an extra $5200 a year and banking all of it! You can really up your savings rate a ton.
Okay, that security counselor overtime is seriously impressive. You make a great point! We always think “I don’t have time to…” fill in the blank. It’s really all about creating the time – it’s there, we just have to choose how we use it.
Yeah, that is a crazy and unsustainable level of work. No one should do that. But it really shows that you’ve got the time if you really think about it. If one guy can work 90 hours a week, working 40 hours a week in one job and 10 hours a week doing something else should seem like a cakewalk!
Working a bit more now, to ensure you have a lot more in the future. Definitely worth it to me! Create side hustles that you enjoy and it won’t even seem like work!
Very important about doing side hustles you enjoy. I never really feel like I’m “working” when I’m doing bike messenger deliveries. I find it fun to me, and I’m doing it because I want to, not because I have to.
I’m always surprised at how much time I can fritter away doing basically nothing. Since I started my blog it’s surprisingly easy to find a few hours to write a post without affecting my usual activities! That’s my (unpaid) overtime!
Unpaid overtime is alright too! I do the same thing here. It’s good that you’re using the time, instead of doing like a lot of people who fritter there time away, then say they don’t have time to hustle.
I love these stories. They’re so inspirational! With a little creativity it can be pretty easy to supplement your income, at least a little bit. Also, don’t ignore savings. I spend about 1-2 hours a week on organizing our shopping list using coupons. I calculated this freed up about $5k the first year from our old spend pattern – my hubby jokes that it’s my part time job. Lol. Soon as I noticed the amount we opened Roth accounts (in addition to our 401ks) – putting the savings to work by helping grow our net worth. It’s good to have a plan in mind for the new income.
That’s great on the savings! I totally don’t do a great job at calculating the value of savings like tha. And what’s really important there is that you’re actually saving that money, rather than using it somewhere else! A lot of people are great at saving, but then all it really does is just shuffle money around to other spending things.
Overtime is endemic to my line of work. The important thing for me is to live as if I won’t have overtime and make every effort to properly balance the time I get with time spent with my family. Unfortunately a lot of law enforcement become too absorbed by the job and lose touch with their family.
If I lose them because of work then I have lost what I care about most for something that does not love you at all. Hmmm, too sappy for my normal tone. I’ll end with, “Yes! Overtime is sweet!” But like all dessert, you want to pick up he right amount.
Like your bike messenger dates: still picking up that OT (so to speak) but still affirming your family bond. Respect.
You make a good point there Jack. It’s definitely true that you don’t want to get caught up in the hustle so much that you lose sight of what’s really important. Money’s just a tool, after all. Doesn’t really mean anything if you’re sacrificing too much in order to get it.
I’m always fascinated by these guys/gals that really hustle. I think they deserve every penny. I looked deeper into the story from your local paper and it looks like the security counselor has been working there for 33 years and is originally from Sierra Leone. I had hoped to find some information about his life and boy did I!
Apparently, he has seven children and also used his earnings to support 27 nieces and nephews in Sierra Leone whose fathers were killed in recent wars. Assuming that’s true, it’s not a bad use of your overtime wages!
He’s also suing the state for incorrectly calculating the overtime wage:
http://www.southernminn.com/st_peter_herald/news/article_a2382826-a775-5320-ac4e-bdfd0c78dbb8.html
I saw that story too and found it really interesting. Really goes to show how anyone can hustle if you’re really working towards something. Wonder what’s happened with that wage suit.
There’s been several similar stories in the news lately. I love hearing about people taking advantage of opportunities available to them to earn more money. As you mention in your article, you don’t have to take it to that extreme. I’ve worked plenty of 90 hour high preasure weeks under tight deadlines, and I couldn’t keep it up for an entire year. But throwing in an extra 10 hours a week….everyone can do that. With the side hustle opportunities available now, there are no excuses. Everyone has time, but not everyone is willing to sacrifice the things that currently fill their free time. From binge watching Netflix to spending hours at a time on social media, time sucks are everywhere in today’s world making us think we’re way more busy than we really are.
Exactly. Just looking on google, it looks like the average person watches 5 hours of TV per day. I can see that. You work 9-5, then come home and watch TV from 6pm to 11pm. I know I’ve done that (and still do that sometimes). Just take away 1 hour of that and throw it into working a little bit, and you suddenly have 5 extra hours of work in a week. And like you pointed out, there are so many ways to make some extra dough today.
That’s a lot of overtime. But you know what, if you want to make more money sometimes you have to put in a little sweat equity and work more, whether that’s clocking some overtime or working a side hustle.
It’s a ludicrous amount of overtime that I don’t think anyone should aim to do on a regular basis! But, what it does show is that, if someone can do 50+ hours of overtime per week, most of us can probably find a way to do at least 5 hours of extra work per week. If you’re only working a regular 9-5, it really isn’t much work to add another hour or 2 into that, or find a way to add a few hours on the weekend.
Wow, I’m surprised they allowed the security guard to work that many overtime hours! You’d think it’d be cheaper to hire an extra employee vs. paying overtime, but I guess not.
I really need work/life balance but it does sound pretty tempting to push yourself ridiculously hard like that guy did for a few years and then scale back after that.
To be fair, state government isn’t exactly the model of efficiency. Not exactly sure how someone can accumulate so much overtime. My guess is a combination of government bureaucracy stuff, coupled with fairly low pay and a tough job. All these make it so that people probably don’t wan to work the job, which leads to a lot of available overtime hours.
I had a friend who did a similar thing as a train conductor. He basically took as much overtime as he wanted and made well over six figures a year driving a subway train.
Most comapnies are working people in the ground today with excess overtime.