Financial Friday: Side Hustles

If time is money, and you’ve got the time but not the money, maybe it’s time for a side hustle!

FOX 46 has you covered and is getting you results when it comes to what you need to know in order to start a hustle of your own, and eventually get to a point where you’re turning a profit. 

We partnered with Tenley Desjardins of Consolidated Planning to help guide you through the process. 

So what IS a side hustle?

“It’s anything that increases your income,” says Tenley. There are so many opportunities she says out there for people to try, but it helps to start with one very important step: take inventory of your skills, resources, time, schedule and other factors. 

Let’s start with skills. Think about what you’re good at or what special skills you may have. A second language? A passion for fitness? A gift for gab and the ability to sell anything? Write these down and then think of how you can put them to work for you and possibly earn a profit.

Resources are the next thing to consider. Have a car that you own outright and don’t mind driving? Maybe you can earn extra income as a Lyft driver. Have a lot of exercise equipment? Maybe it’s time to get certified as a personal trainer and put your equipment to use. 

Time and schedule are also key factors. You may have a passion for something but you don’t have a lot of time. Well, any side hustle is going to take time. Same goes for schedule. If you work full time, your side hustle will require you to work evenings and weekends. Make sure you’re cool with that. 

Once you have an idea of what you’d like to do, it’s time for RESEARCH. Learn what it takes to do whatever it is that you’re interested in. Tenley uses the example of someone who loves yoga. Do you love it enough to undergo grueling, and time intensive teacher training? For some of you, that might be a definitive HECK YES. Others may decide they prefer their downtime to remain flexible. 

As you get going with your hustle and start to turn a profit, it may be tempting to quit your day job. There’s a good reason for that famous phrase: don’t quit your day job, Tenley says. First consider several factors. Are you financially stable? Are you turning enough of a profit that losing your full time income won’t hurt too much? There are also tax implications as well as thinking through your insurance options and the reality that you will no longer have an employer to fall back on to pay those things. 

And if you’re considering opportunities with multi level marketing companies, vet these companies well. Ensure you fully understand the process and investment involved before you sign a contract or go into business. 

Do these things and you may be pleasantly surprised at how fulfilling and financially rewarding the right side hustle can be! 

As always, if you’d like to reach Tenley Desjardins of Consolidated Planning, you can find her contact information on my facebook page, Diana Alvear FOX 46