Are you working full-time, but still not making ends meet? Would you like to be your own boss, but are not sure where to begin?
Almost thirteen million people hold down a second job in the United States. This allows people to have an additional source of income to pay off debt, use for an emergency, or save up for a rainy day.
If you are looking for financial security, you have come to the right place! Use our guide to learn the secrets to starting side hustles, so that you can retire by the age of 40!
What Is a Side Hustle?
A side hustle is work that is taken on in addition to one’s full-time job. It usually entails taking on a position that you have a passion for or working freelance.
It is not the same as a part-time job. Whereas a part-time job involves you working for someone else, a side hustle allows you the freedom to decide your work hours and how much you want to earn. It creates sources of income that can help you reach financial independence much quicker than a standard 9-5 job.
Now that we have learned what a side hustle is, we will now explore several factors that should be considered when starting a side hustle.
1. Do You Have the Time?
When starting a side hustle, the first thing you should consider is if you have time to do the work. Start by creating a schedule.
Would you be able to do this side hustle if you were working on the weekends or evenings? Answering these questions will determine if a side gig is right for you.
2. What Are Your Skills?
Do you have a skill that can benefit others? Use that to your advantage. It is much easier to pick a side hustle when you are good at it.
Even if you do not have the skills needed for your side gig, there are many ways to gain that experience. Take a course online or enroll in a class at your local community college.
3. Seek Out Enjoyable Work
If you are like most people, the majority of your day is spent at work. This means that you feel tired and mentally exhausted by the end of the day. Therefore, your side hustle should be enjoyable and fun.
However, even though your side hustle is enjoyable, you still need to work hard at it. You never know if it could turn into a full-time position for you.
4. Pay Your Taxes
Earning money from a side hustle can feel fantastic. But it would be good to consider how it can affect your taxes. If you make over four hundred dollars, you must report this income to the IRS.
Ensure that you track the money coming in and put some aside to pay the taxes. Eliminate those stressful moments come tax time by taking note of the income you receive.
5. The Sky Is the Limit
When it comes to side hustles, the sky is the limit! In this regard, you might consider turning something you are passionate about or a hobby into a source of income.
Some examples of side job ideas are:
- Pet sitting or dog walking
- Playing on online betting sites
- Freelance writing
There are numerous ways to make extra income. Make sure that you explore your options and pick a side hustle that is perfect for you.
Starting Side Hustles Takes Guts
Carving out a way to secure your financial future takes guts, but you are not alone! Let our guide walk you through what you need to know about starting side hustles.
By following our advice, you will be making extra money in no time and creating the future of your dreams!
Did you find this article helpful? For more income-related content, make sure to explore the money-management section of our blog.