30 Jun Are You Ready to start a Side Hustle?
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Is Everyone but You Side Hustling?
If you want to stop living paycheck to paycheck, put more money in your emergency fund, or boost your retirement savings. Earning extra income by starting a side hustle is critical to reducing your money stress!
You hear it everywhere; everyone seems to have some kind of “side hustle.” But you’re still not sure it’s right for you, and you have questions before you are ready to commit.
What side hustle would be best to pursue? And what about side hustles and taxes, will all the extra money you earn just go to Uncle Sam?
Let’s take a look at side hustles, what they mean, why they’re so popular, and any tax implications they may have. Then you can better decide if it’s a good idea for you to take on a side hustle to make more money.
What is a Side Hustle?
A side hustle is any work you do to generate extra income beyond what you earn at your full-time job. Examples of everyday side hustles include, pet or house sitting, driving for Uber or Lyft, making, and selling jewelry online, babysitting just to name a few.
Why You Can’t Get Ahead without a Side Hustle
How Many People Have Side Hustles?
There are several different reasons people might start a side hustle, but for many people, it’s a necessity. The pay from their full-time job barely covers the bills, so they aren’t able to save for emergencies or even retirement. People work hard all week, but just aren’t able to save or get ahead.
American Consumer Credit Counseling’s recent survey on second incomes found that 43% of survey respondents have a side hustle just to keep up with their bills that they cannot pay with only one job.
The survey also found:
- 22% have a side hustle so they can pay off credit cards
- 24% have a side hustle to save for retirement
- 74% of respondents make $0-$200 a week working their side hustle, while 10% earn $500 or more
How do Taxes Work if You Have a Side Hustle?
If you have a second income from a side hustle, you already know what that means: TAXES.
How do taxes work for side hustles? It depends on the work you’re doing. If your side hustle is a part-time job, like waiting tables or bartending, then you’ll get a W-2 at tax time.
For any side hustle income that this paid to you in cash, you must report this income on your annual tax return.
How to Determine if Your Side Hustle is a Business
Is a Side Hustle Right for You?
Before you start a side hustle, there are some things you should consider.
First, do you have the discipline it takes to organize your time to work your day job and a side hustle?
Side hustles can require time and energy, and if your full-time job is already demanding, time management is critical. But, if you find you have a lot of spare time after work and on weekends, why not do something to make a little extra cash? Fill those hours with a side job you love, and it’s a win-win!
If you love dogs, start getting paid to walk dogs during your free time. You’ll have fun hanging out with some furry new friends and get paid for it!
Another thing to consider is your skillset. Do you have skills you don’t use at your full-time job that could be making you money elsewhere?
The bottom line is if you have skills you aren’t currently getting paid for, use them to make more money!
5 Best Tips to Start Your Side Hustle
Ask Yourself This Important Question
Finally, the most critical question to ask yourself before you start hustling is this: Why do I want to start a side hustle?
There are many reasons to start a side hustle on top of keeping your full-time job. Whether you’re looking to:
- build your skillset
- adding new revenue streams to your income
- networking
- inspiring others
- just getting your passion projects out in the public
Your side hustle is the way to get more fulfillment and more money in your life.
Now, sit down and list your hobbies, your passions and what you like to do. Once built, look at your list, and for each item, ask yourself, honestly, can I earn money doing this?
One of my beloved hobbies is building models, plastic, metal, or wood. Building models calms me and focuses me, so it is my way to relax. But, in all honesty, I’ll never make one cent trying to sell the finished models! So even though this is a beloved hobby, it will never be a side hustle.
Of course, for some people, their side hustle is a hobby that can make money. People who can knit sweaters can make a side business out of it. Bingo, hobby = side hustle!
Are You Ready to Change your Life and Succeed?
Final Thoughts on Deciding to Start a Side Hustle
Making extra money and putting aside money stress is wonderful. But starting a side hustle also offers many other benefits. Learning or practicing new skills, exploring a passion of yours or just empowering yourself to find you have economic value outside of your day job or paycheck.
Don’t be the person that wished they started a side hustle last year. Start making more money today!
Now that you’ve learned about the ins and outs of side hustles, when will you start yours?
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2 Comments on Are You Ready to start a Side Hustle?
Hey there would you mind stating which blog platform you're working with?
I'm looking to start my own blog soon but I'm having a difficult time deciding between BlogEngine/Wordpress/B2evolution and Drupal.
The reason I ask is because your design and style seems
different then most blogs and I'm looking for something completely
unique. P.S My apologies for being off-topic but I had to ask!
Hi Sidney,
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Fred & Kim ~ The Biz Wizards