Episode 14 – How Your Side Hustle Can Supercharge Your Financial Goals

Need Extra Money? How Your Side Hustle Or Second Job Could Supercharge Your Financial Goals
I believe firmly in the financial power of the side hustle. There’s a second source of income for nearly everyone. For me, I’ve been creating extra income from side hustles for as long as I can remember.
A side hustle could be babysitting, dog walking, teaching, writing, multi-level marketing or working in a store or café.  Not sure if you have the time or skills to earn a second stream of income? Start by asking yourself, “If there was something I could do that I enjoyed for just four hours per week to earn extra money, what would that be?”
Four hours per week…
I am not suggesting you work two full-time jobs.  I want you to have a balanced life. Chances are, however, that you have four hours per week that you’re not currently using to their full advantage.
Maybe you’re the one who binge watches Netflix, scrolls through Instagram or Facebook or spends hours waiting for your child at soccer practice. There are many more productive things we could do with those four weekly hours.
What a few hundred extra dollars per month can do. I wanted to share with you guys some stories that I read about on FinancialFinesse.com website.
So what could a few hundred extra dollars per month do? 
An extra $200 per month from babysitting is helping a one lady pay off her $15,000 in credit card debt in less than four years vs. the more than twelve years it would take if she just paid the required minimum. She’ll save nearly $14,000 in interest payments.
Another guy uses his $300 per month income from doing projects on Fivver to build his down payment savings. He is planning to buy a home in an expensive city, so he needs a good sum to even qualify for a low down payment mortgage. Because of his extra income, he’ll be able to build his down payment fund from $18,000 to the $25,000 in savings he needs in two years.
What could a few hundred dollars extra per month do for you?
Does this idea sound intriguing? Here is some guidelines that I got from the article on Financial Finesse’s website
  1. 1. Do something you enjoy

    I read about Mark Dennis, a certified financial planner (CFP) is an online college professor teaching business and personal finance classes on the side. It’s a strong fit for him, because it’s related but doesn’t conflict with his primary job and he enjoys doing it. He says the additional income is very handy as his daughters enter into their college careers because he is facing a mountain of tuition payments.

    Another lady I read about used to moonlight during the Christmas season nights and weekends at the mall selling jewelry while still working full-time. She earned a nice commission on gold and diamond sales.

  2. Look for flexibility (if you need it)

    Another lady I read about was a part-time security guard when she was younger to furnish her first condo without having to go into debt. She chose that because the hours were flexible enough for her to maintain a full- time job. Since she worked nights, she was able to study since she was also going to school.

    Mark the CFP I mentioned before who is also an online professor, teaches around his primary work schedule and vacations. He has even taught classes while on a cruise ship!

  3. Work for yourself

    If you’ve got kids, are caring for an aging parent, or have a ridiculous commute, part-time self-employment is likely to be a better fit. I have many friends who generate extra income from offering nutritional products, clothing, jewelry or household goods. I’ve been earning side hustle income from my marketing business since 2012. Recently I transitioned into a CBD oil based product business and a services business where I market ID theft protection, telemedicine, small business funding and other services.

    Kelley Long, who is also a CFP, was an income-diversifier in her early career years. She signed up for a babysitting service where parents requested sitters and she could go in and see if there were any gigs she wanted to do. She said the pay was great, parents LOVED that she was older, and she even found some regular gigs where she’d go over early in the morning to get the kids to school so mom and dad could go in early and leave in time for school to get out. Then she could go to work at her normal time on her primary job.

  4. Or work for someone else

    If you don’t have an entrepreneurial side, don’t worry. There are plenty of part time jobs to be had. Another planner mentioned in the article worked part time at Home and Garden shows, boat shows, and fairs for vendors as a lead generator. You have to be comfortable talking to a lot of people.

    Kelly also worked a retail job on several occasions throughout her 20s and 30s. Her most memorable was working weekends at Michaels craft store during the holidays. See her post: 5 Seasonal Jobs To Earn Extra Holiday Cash.
    https://www.financialfinesse.com/2017/11/01/5-seasonal-job-ideas-to-earn-extra-holiday-cash/

Experiment with a future career or business idea
For Mark, his online teaching is likely a gig he can continue on a part-time basis when he is ready to ease into semi-retirement. For you, it could be an excellent way to test a business or investment idea. Just make sure it doesn’t compete with your current employer.
Get paid for your hobby
Kelley also taught fitness for 12 years. Not only did she get paid to work out, but it got her to the gym when she may have not otherwise gone, and it was a free membership since she was teaching there. The experience also bled over into her professional career because she learned to be a great networking and also helped her with presentation skills.
Maybe you could work part-time after work at a tanning salon for free tans and extra spending money.”
Experiment with what works until you find a good fit
Kelley also used to be a part-time pet-sitter. After trying her hand at dog-walking, she switched to cat-sitting. “There are limited hours that people actually want their dog walked, so you’re limited in income,” she described. “However, a cat sitting gig was much more palatable. Times were more flexible, so I could accept more clients, and there’s money to be made by staying over to care for pets.”
When part-time work isn’t a good idea
There are some periods in life when focusing on income diversification may not be the best fit. I can’t imagine a new mom working two jobs when her daughter was a baby. It’s hard enough working at one, with a maternity leave. Your current job may be more than a 40-hour per week commitment, or you have personal or health challenges that require your time and attention.
However, if you’ve got some time that’s not being put to its highest use, consider a four-hour per week side hustle. Then set a goal for that money. You’ll be surprised at how far that takes you.

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