Tag Archives: #SideHustle

Pro-Tips for Side Gig Beginners

We’ve all probably heard someone talk on social media about their “hustle” or “side gig.”

It’s in style; and it makes sense—and cents? Gigs are now just a click or tap away on most of our devices, and a little extra money never hurts! Here are a few things to consider when starting up a side hustle.

What are your side hustle goals? We typically think of a side hustle as being an easy way to score a little extra cash. But they can sometimes be gateways into bigger things. Do you have skills that you’d like to develop into a full time career? A passion that you can turn into a business? Or do you just need some serious additional income to pay down debt? These considerations can help you determine how much time and money you invest into your gig and what gigs to pursue.

What are your marketable skills? Some gigs don’t require many skills beyond a serviceable car and a driver’s license. But others can be great outlets for your hobbies and skills. Love writing? Start freelancing on your weekends. Got massive gains from hours at the gym and love the outdoors? Start doing moving jobs in your spare time. You might be surprised by the demand for your passions!

Keep it reasonable Burnout is no joke. Some people thrive on 80 hour work weeks between jobs and side hustles, but don’t feel pressured to bite off more than you can chew. Consider how much you’re willing to commit to your gigs and don’t exceed that limit.

One great thing about side hustles is their flexibility. You choose your level of commitment, you find the work, and your success can depend on how much you put in. Consider your goals and inventory your skills to get there—and start hustling!

Passive Income: How It Works

What if there were a way to increase your cash flow without starting a second job, changing careers, or getting a raise?

If you’re like many, that sounds exactly like what you and your family need! Who wouldn’t want some extra money coming in? It might seem like pie in the sky, but it’s not a fantasy.

Earning a passive income is more achievable than you might realize. Read on to discover how passive incomes work, what makes them so advantageous, and common ways to create them.

In general, a passive income is cash flow that requires little to no regular effort to create and maintain.

That’s not to say that they don’t require work. But the labor involved in opening a passive income stream is normally upfront—you spend time and/or money in the beginning to set up the income stream, then sit back and reap the rewards as time goes on.

It’s an advantageous model because it can potentially free up your time—which is the most valuable resource you have.

But be warned—not all opportunities to create passive income are created equal. Here are a few proven strategies for you to consider!

Create digital products. EBooks, online courses, stock photos, and stock music are all passive income generators. They require initial time investments to create and publish, but then earn you money as users buy them over time.

Rent out property. Renting is a classic source of passive income. It requires money upfront to buy the property—and maybe time and more money for renovations. But once rent starts coming in, they’re income sources that don’t require your daily attention. (Note: Becoming a landlord may have other costs involved, like repairs or replacing old equipment or appliances.)

Build a team of sales professionals. This is the hidden gem of passive income. There’s a starting commitment of time to learn about your market and how to close sales. Then you’ll need to create a team of salespeople. Every time they make a sale, you earn a portion of the profit. Once you’ve mastered the basics, the sky’s the limit for how much passive income you can potentially earn!

If having a passive income stirs your interest, let us know. Register for our FREE class this Saturday, February 13th at 2:30 PM EST to get ideas for your passive income opportunity and what things need to be part of your plan. Afterwards if you’re interested you can get a FREE review of your financial position, skills, and the opportunities available and see which one might work best for you!

Really we’re offering both of these items for free, no catch. Of course we’d love it if you find out that our first course offering is a great fit for you, but even if it isn’t you’ll still be eligible to get the free review. So go ahead and register and tell a friend or three!

Tax Season Cometh – Pt 2

You read Pt 1 and came back for Pt 2. We salute you. So now without further ado the tax tips you’re looking for…

Photo by Austin on Pexels.com
  1. Start saving for a down payment on a house.
    Maybe you’ve already paid down your debt with past refunds, have an emergency fund and are a regular retirement saver. Is it your dream to own a home? Then apply your refund to that savings bucket. If you’re ready to pull the trigger on your purchase or bought in 2020 with the historically low interest rates we’re seeing right now, don’t forget that your points can be deductible as can home mortgage interest and real estate taxes.
  2. Maximize HSA contribution to decrease taxable income.
    Similar to the dependent care FSA mentioned in Part 1, health savings account contributions decrease the amount of taxes you pay in the year you make contributions. The trick is that HSAs aren’t available to everyone as they are meant for people with high deductible health insurance plans. However if you do have access to one, not only can you stash money pre-tax to cover your medical expenses like eyeglasses, prescriptions and doctor visits, but the account can earn interest and rolls over from year to year and from employer to employer.
    If you don’t qualify for an HSA perhaps your employer provides access to a Medical FSA. You can elect how much to contribute from your pre-tax income and use the funds on medical expenses. Here’s where this account gets tricky. The funds are a use-it or lose-it deal so you need to be really good at estimating how much you’re going to spend in a calendar year or risk losing some cash. This didn’t used to be a big deal years ago because you could use up whatever was left at the end of the year buying OTC products, think 🩹💊 . Thanks to coronavirus (bet you thought you’d never see those words used in a non-sarcastic manner 🙂) you can do this again. However, stay alert to hear if the government switches this feature back off again. Honestly we hope they never do, but if it does happen just know that it’ll mean getting a prescription for things like Tylenol just to use your money.
  3. Take advantage of catch up retirement contributions if you’re 50+.
    Didn’t start saving for retirement with that first job? While you might be behind in your savings you don’t have to stay that way. The limits on contributions are actually $1000 higher if you’re 50 or older. So find a way to minimize other expenses so you can max out your contributions.
  1. Defer retirement to help grow savings.
    This one might not seem like a great tip if you’re nearing retirement age. Unless you’re facing the reality from the comic above that you didn’t save enough and will either need to significantly downsize your life to try to stretch your limited savings or continue working. If you continue working, you can still contribute to an IRA and as the previous tip stated, contribute more.
  1. Take all RMDs to avoid 50% penalty.
    First of all RMD stands for Required Minimum Distribution. The IRS wants to collect taxes on all of that money you saved for retirement throughout the years without paying them a piece. So once you hit 70.5 years old, they force you to start taking money out whether you need it or not. The catch? If you don’t withdraw all that they tell you to take out they hit you with a 50% penalty. So to avoid losing money to useless penalties, just go ahead and take out the full RMD.
  2. Make estimated payments to avoid underpayment penalties.
    Did you take our advice from our Divorce Your Job series or our posts on starting your own side hustle? Well watch out for an increased tax liability since you’re now considered self-employed. Make estimated tax payments throughout the year to avoid wasting money on penalties.
Benita Epstein for Six Chix
  1. Document your business expenses to lower tax liability including up to 100% of health insurance costs.
    And we don’t mean document like in the comic above. Need tips on how to keep track of all of your business expenses? While Quicken is a software we’ve used in the past and Quickbooks is always a great go-to, maybe you’re not ready to learn a new program.
    Join us on February 13th at 2:30 PM EST for our free Entrepreneurship class and ask about other tracking options.
  2. Subcontract and deduct non-core administrative expenses.
    Getting bogged down with administrative tasks instead of focusing on the key activities of your business? Hire somebody else to do it for you and deduct the cost from your taxes. Looking for a virtual assistant to handle calendar management, social media and other admin tasks for you? Allow us to provide those business services for you by the hour. You don’t have to file any tax paperwork until you reach $600 paid for services. The form that you’d end up filing is the 1099-NEC.

Did you find any of these tips helpful? Talk back to us in the comments.

Simple Side Gigs

Side gigs should be simple.

They’re not usually meant to consume hours of your time each week or distract you from your main source of income. Fortunately, right now we’re in a side gig golden age. There are dozens of opportunities just a tap or click away. Here are a few simple side hustle ideas that might make you a few extra bucks without sacrificing all of your free time!

Photo by Negative Space on Pexels.com

Freelance writing
Working as a freelance writer can be a simple, efficient way of turning your prose prowess into cold, hard cash. Powerful and persuasive writing is of top importance in the information age, and there are plenty of people and companies that are willing to pay writers for quality content. Look for opportunities to write about your favorite hobbies and interests. It’s an easy way to combine your personal passions with making a little extra each month.

Photo by Katerina Holmes on Pexels.com

Private tutoring or lessons
Do you have a hidden talent? Maybe you’re a secret chef, a low profile ping pong wizard, or a late night guitar hero. You might be surprised by how much people will pay for your insights and guidance—certain video game coaches can make between $10 to $140 per hour, depending on their skill level! The beauty of this gig is that it doesn’t take tons of leg work to get started. You already have the skills and your client base can be from your local community. Just plot out a curriculum, set a price for your services, and get the word out!

Photo by Norma Mortenson on Pexels.com

Delivery driver
Rideshares have become icons of the side-hustle economy. But ferrying strangers to and from bars on the weekends isn’t the only way to make some extra cash with your car. There are plenty of startups and companies that need drivers. That might mean delivering food for a local restaurant chain or dropping off packages for a more established company. Do some sleuthing on what’s available near you and what demand looks like in your area. Since the pandemic, demand for drivers has increased dramatically in many areas.

The beauty of these gigs is that they’re built on skills and tools that you already have. Put in the leg work to get things started and you might just find yourself with a dependable extra income stream!

Entrepreneurship Master Class

So this post should have been scheduled earlier today…but it wasn’t typed. I (Ms. ME) should have done far more marketing for the entrepreneurship master class I just held. To be honest, I kind of phoned it in, right down to the replay of one of my earlier classes from this year (see e2E launch below).

But enough of what I did wrong…here’s what I did right.

I didn’t press play and walk away. I actually put myself back through my own class. If you haven’t seen it, I won’t spoil anything here so you’ll be incentivized to sign up for the next free class happening on February 13th. What I will say is that it reminded me of the things that I need to be doing, even when I don’t feel like it to keep this and my other businesses going & growing. It reminded me why I took so many years to come back to this entrepreneur lifestyle and how rewarding and freeing it has already been this year.

Is that to say it hasn’t been nerve-racking at times? No, but it also depends on how I choose to look at it. The tedium of employment had driven me to a low point that I don’t want to revisit. So I have to accept the occasional thrill of “will she or won’t she” until my motivation returns to its past level when I juggled parenthood, college, and entrepreneurship. Or I can take my own advice from the master class…

Photo by Katerina Holmes on Pexels.com

At any rate here are a few tips on starting your own business (some are similar to my master class) that I’ll share from an ABC story back in 2011 that still has relevance:

  • Know why you want to start a business
  • Create a simple business plan
  • Nail your target customer
  • Go out and get customers

There are more tips in the article, seven to be exact. But as I and so many others are proof of, tips and knowledge are necessarily always enough without sufficient motivation or support. That’s part of the reason I created my course. So often while teaching teens and young adults how to start businesses, I’d hear from their adult guardians that they wish they not only had the knowledge but the support I provided my students.

So the key difference of this course in what I see as a series of at least three courses is the support group, for now located on Facebook, Entrepreneurs Creating Value. In my over a decade of working in education, I’ve truly come to appreciate that while the educator may direct the class, all of the instruction does not come from that educator. Goes back to that concept of ‘each one, teach one’ that I first heard in one of my college classes.

Of course at the end of the day everyone who enrolls in an online course is looking for the instructor’s feedback, which I provide on the schedule we’ve agreed upon based on our consultation prior to enrollment. However when it comes to tips 3 and 4 from above, I find the more people you have available to pick their brains the quicker you travel the path to identifying and reaching your target customer for your new business. Instead of bugging family and friends who may not fit that profile or worse yet may not want to support you in your escape for the employee lifestyle that they are too afraid to leave behind, crowd-sourcing the information you need in addition to individual research is a better path.

But what do you think? If you’re thinking about starting a business do you prefer one-on-one, having a group to bounce ideas off of, or both? Share below.