Side Hustles 101: 4 Tips to Start Earning Extra IncomeMoney
Side hustles – a recent survey found that nearly four in ten Americans say they have one. And it turns out side-hustlers are boosting their income by an average of $8,000 a year! That’s why we spoke to Bankrate’s Amanda Dixon, who’s giving you the 101 of having a side hustle – and four things to keep in mind when seeking out your on-the-side moneymaker.
1. Test Drive Your Dream
Some people use their side hustle to pursue something they’re passionate about while keeping their nine-to-five as insurance. So test out the viability of teaching that spin class, picking up shifts at the dog groomer’s, or firing up that YouTube channel.
2. Ditch Pre-Fab for Fabulous
You’d think side hustles are dominated by ready-made gigs, but that’s not the case. Some of the most popular side-hustle jobs are related to home repair and landscaping, online sales, crafts and child care. Jobs that are in demand, but also have a low-barrier to entry.
3. Be Consistent
The most important variable in side-hustle earnings is to be consistent. Among people who self-identify as side-hustlers, 62 percent said they never did anything for their side hustle. And still, the average side-hustler makes about almost $700 a month, which is not pocket change.
On the other hand, hustlers who reported actually doing something at least once a month, earned an average of $836 per month – that’s 22 percent more! Amanda recommends devoting time as often as possible to your side hustle. At least once a week.
4. Have a Plan for the New Money
Finally, once you have that second stream of income rolling in, make sure you have a plan. Use it to pay down debt, create emergency savings or invest in a retirement account. It is a great way for people to get their financial life back on track.
Whether it’s a means to extra income, or a way to pursue a passion, more and more Americans are taking advantage of having a side hustle. And if you’re one of them, use this as your ultimate guide to get you started.