053: Money Moves in your 20s
Tip 06: Maximize your Income-Side Hustle
Tip #6 Maximize income- Side hustle
In a nutshell, it is wise to look at your skill set, be sure to sharpen your skills often, to stay in demand, and rely on yourself, as opposed to your employer, to ensure that you are financially sound.
SO, how do you put this into practice? Short answer. You take advantage of all of the opportunities provided to you by the Internet. In other words, you need to ‘Get your side Hustle On!’
1. For example, if you are a graphic designer or a writer, by day, nothing prevents you from using your skills after 5PM on a site like Fiverr, Upwork or TaskRabbit to offer those very same skills to a small business owner who doesn’t have the resources to hire a full-time worker, but needs the work done nonetheless.
2. Do you like driving? You can use your vehicle to transport people and earn income while doing so. Think Uber & Lyft.
3. Got items sitting around the house that you don’t use and will never use? Sell those items on a site like Ebay or take them to the consignment shop.
4. Do you have a vehicle that is just sitting around in your driveway doing nothing? You can rent that vehicle out using a peer-to-peer car sharing service like, GetAround.
There aren’t many hurdles to doing this as you would only work during dates and times that are convenient to your schedule. Now, once you’ve started earning this income and working with the assumption that your day job covers (or substantially covers) your living expenses, as we determined in Money Flow exercise, you can now start exploring saving this new found income, to invest in your future financial goals and pay off your debts faster.
Side hustles make a difference – You can supplement your full-time salary by working overtime, waiting tables, and picking up odd jobs, like creating online courses. Working just a few extra hours per week has provided me with thousands of dollars per year to first save and also spend on travel and entertainment—guilt-free.