For years we have been passionate about having Multiple Sources of Income.  Obviously investments, rental income, are all optional methods of building multiple sources of income.  In today’s economy the side-hustle is becoming more and more common.  Have you thought about a side-hustle? What is a side-hustle?  A good side-hustle is not a part time job in which you exchange your time for dollars.  A good side-hustle puts you in control.  It gives you the freedom to decide how much you want to work and how much you earn.

  • Because of Inflation extra income is more important

  • You can use the extra money to pay off debt

  • You can use the extra money to build wealth

  • Your side-hustle is a good way to fund a vacation

  • Your side-hustle can help you develop new skills

  • Your side-hustle could turn into a new career

  • Having a side-hustle is empowering

“The Ultimate Side Hustle Guide For 2021” published on CNBC September 25, 2021 by Elaine Pofeldt states the following.

As many Americans have discovered, you don’t have to quit your day job to start a business.  Now is the perfect time to start a side hustle — a business you can run outside of the hours you work your full-time job.  With many workers commuting less, it’s easier than it has been in years to create a side income.

Starting a side business is one of the smartest financial moves you can make right now. With the economy shaky, no one can have too much income diversity.  Even people in seemingly secure public sector jobs have been hit with furloughs and layoffs since Covid-19 struck.  That’s one reason 56% of Americans said they’d be more secure working for themselves than in a traditional job in 2020, up from 32% in 2011, according to the State of Independence Report by MBO Partners, a provider of back-office services to independent workers, …. depending on a job as your sole source of income is downright risky right now.

Even if you aren’t worried about job loss, a side hustle can be a great source of extra income to pay down debt, save money and invest. It can also have tax advantages. If you make purchases for the business, you may be eligible for tax deductions.  Not to mention a side business can be the best way to get a taste of a future career you might want to ramp up later.

Things to Think About to Insure a Successful Side-Hustle
  • What Is the cost associated with this side-hustle?

  • What is the market for your products or services?  It is a large market or a niche market?

  • How many customers do you need to make a profit?

  • Customer acquisition is costly.  You want your customers purchasing over and over!

  • Do the products or services withstand the test of time? (not here today gone tomorrow)

  • Can you make sufficient income to make it worthy of your time and effort?

  • Have you done market research to ensure success? (96% of Businesses fail within 10 Years)

  • How long can you operate without making a profit?

  • Do you have a strong team and mentor to get you thru the start up phase? (History of Success)

  • Does this Side-Hustle Provide Lasting Income, (Residual Income) or is it Trading Time For Dollars?

  • In any endeavor, it’s good to have written goals as a means to measure your progress.

If You Want to Learn More