What if you could get paid for doing something that you already enjoy doing? We’re all good at something. Many people have turned their hobbies into a side business as a way to earn extra money. For nearly everyone, there’s a topic they know well or a skill they have that many other people don’t have. That niche can spell opportunity – and a chance to turn something you enjoy doing anyway into a money-maker.
Depending on the type of hobby you want to monetize, your startup expenses may be quite low. For writing, coding, or graphic design, you might only need a laptop or tablet – something you may already have. If your hobby is fixing up old cars, however, you might need a place to do the work – possibly adding to the expense. For that scenario, you could check out the possibility of putting in a couple of Saturdays per month at a local shop to help save on rent and insurance costs.
With a little ingenuity, you might be able to earn $10 to $40 (or maybe more) per hour doing work you enjoy. Artists can earn extra money by selling arts and crafts items through virtual stores on specialized websites. Freelance writers, coders, designers, and even teachers can find work as well on similar type websites that bring clients and service providers together. If you have a knack for knowing what’s valuable, you may be able to turn garage sale and estate sale buys into a rewarding online business on any popular consumer-to-consumer and/or business-to-consumer sales website. (Hint: If this is something you’d like to try, start out small. Concentrate on one type of item that might be near and dear to you, like brass musical instruments, or antique mason jars.)
The old saying that asserts “knowledge is power” applies here as well. Let’s say your childhood fascination with dinosaurs never quite went extinct. Maybe there’s a successful educational blog or a YouTube channel in your future. Technology has given us the power to reach a larger audience than ever before and to bring our knowledge to anyone who wants to learn more. Sharing what you know can be monetized in many ways and – if you love doing it – you might not feel like you’re working at all!
Do your research and understand any legal or insurance requirements that may apply to the area you want to get into, but don’t let a little legwork bar the way to your next great endeavor – even if it just starts as a 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!
Paying off your mortgage, car, and student loans can sometimes seem so impossible that you might not even look at the total you owe. You just keep making payments because that’s all you might think you can do. However, there is a way out! Here are 4 tips to help:
Make a Budget. Many people have a complex budget that tracks every penny that comes in and goes out. They may even make charts or graphs that show the ratio of coffee made at home to coffee purchased at a coffee shop. But it doesn’t have to be that complicated, especially if you’re new at this “budget thing”.
Start by splitting all of your spending into two categories: necessary and optional. Rent, the electric bill, and food are all examples of necessary spending, while something like a vacation or buying a third pair of black boots (even if they’re on sale) might be optional.
Figure out ways that you can cut back on your optional spending, and devote the leftover money to paying down your debt. It might mean staying in on the weekends or not buying that flashy new electronic gadget you’ve been eyeing. But reducing how much you owe will be better long-term.
Negotiate a Settlement. Creditors often negotiate with customers. After all, it stands to reason that they’d rather get a partial payment than nothing at all! But be warned; settling an account can potentially damage your credit score. Negotiating with creditors is often a last resort, not an initial strategy.
Debt Consolidation. Interest-bearing debt obligations may be negotiable. Contact a consolidation specialist for refinancing installment agreements. This debt management solution helps reduce the risk of multiple accounts becoming overdue. When fully paid, a clean credit record with an extra loan in excellent standing may be the reward if all payments are made on time.
Get a side gig. You might be in a position to work evenings or weekends to make extra cash to put towards your debt. There are a myriad of options—rideshare driving, food delivery, pet sitting, you name it! Or you might have a hobby that you could turn into a part-time business.
If you feel overwhelmed by debt, then let’s talk. We can discuss strategies that will help move you from feeling helpless to having financial control.
Your degree is in your hands and the world is now your oyster. If there’s one thing you should know, it’s that life after graduation isn’t all about partying with friends and family until next summer rolls around again. No, it’s time to start building wealth!
That’s because you have a secret weapon at your disposal—time.
Your money has the potential to grow via the power of compound interest. The longer your savings accrue interest, the more potential they have to grow.
Let’s say you’re 22 and fresh out of college. You’re able to save just $160 monthly in an account earning 9% interest. After 45 years, you would have grown over $1 million!
And, as your income rises, you can increase your savings rate and level up your goals.
But how can you save $160 per month?
It’s pretty straightforward—you should at least implement a budget ASAP, and maybe even start up a side gig. These are simple ways to decrease unnecessary spending and earn more money that can go towards wealth building.
If you want to learn more about building wealth reach out to financial professional you trust and schedule an appointment! They may have the knowledge and expertise to help you start on the path towards financial indepedence.
Here’s how that works. Items are typically cheaper in thrift stores and flea markets than they are online. That means there’s potential to make a handsome profit if you buy something at a thrift store and then sell it on a digital marketplace.
Let’s look at an example…
You notice an item at your local thrift store that you’re certain sells online for about $60. You check the price tag—it’s only $5. You buy it and make a listing on your favorite digital marketplace. It sells! Let’s say shipping costs and selling fees are also $5 each. Your net profit is $45. You’ve made back triple the cost of your initial investment and business expenses.
It’s a simple, elegant, and fun business model that can potentially generate extra cash flow.
If you decide to start a thrifting business, consider these tips to maximize your profits!
Start at home. Before you send something to a landfill or thrift store, search for it on an online marketplace. You might be surprised how much of your “trash” is actually treasure! Make no mistake—some items aren’t worth your time salvaging and selling. But if you have clothes, toys, and books that are in good condition, consider listing them online and see what happens!
Scout out the right locations. Whenever possible, shop at thrift stores in wealthier neighborhoods. They’ll typically have higher-end products that fetch better prices. Also, consider using an app like Nextdoor to monitor local garage and estate sales—those are where you’ll find the real treasures at potentially deep discounts.
Prioritize the right items. Not all resale items are created equal. Books, textbooks, picture frames, and designer clothes tend to have strong returns. But always check the price of an item on eBay or another online marketplace before you buy it.
Buff up what you buy. Before you buy anything from a second-hand vendor, check it for damage or blemishes, but don’t be put off by surface-level issues. You might be surprised at how many items are simple to repair, fix, or clean. Putting in a little elbow grease may substantially boost the selling price.
Remember to have fun while you’re thrifting. The beauty of the reselling business is that it allows you to make money and enjoy a hobby at the same time. It’s perfectly fine if you don’t walk out with an incredible find. Embrace the process, see what’s out there, and make some extra cash while you’re at it!
There’s something liberating about closing one chapter of your life and beginning a new one. You realize that this year doesn’t have to be like last year, and that there are countless possibilities for growth.
Now is the perfect time to write a new financial chapter of your life.
In the mindset of new beginnings, the first thing is to forgive yourself for the mistakes of the past and start fresh. Now is your chance to set yourself up for financial success this year and potentially for years to come. Here are three simple steps you can take starting January 1st that might make this new chapter of your life the best one yet!
Automate wise money decisions ASAP. What if there were a way to go to the gym once that somehow made you steadily stronger throughout the year? One workout would be all you need to achieve your lifting goals!
That’s exactly what automating savings and bill payments does for your finances.
All you have to do is determine how much you want to save and where, set up automatic deposits, and watch your savings grow. It’s like making a year’s worth of wise financial decisions in one fell swoop!
Give your debt the cold shoulder. Debt doesn’t have to dictate your story in the new year. You can reclaim your cash flow from monthly payments and devote it to building wealth. Resolve to reduce how much you owe over the next 12 months, and then implement one of these two powerful debt strategies…
Arrange your debts on a sheet of paper, starting with the highest interest rate and working down. Direct as much financial firepower as you can at that first debt. Once you’ve cleared it, use the extra resources you’ve freed up to crush the next one even faster. This strategy is called the Debt Avalanche.
Arrange your debts on a sheet paper, starting with the smallest debt and working up to the largest. Eliminate the smallest debt first and then work up to the largest debt. This is called the Debt Snowball. It can be a slower strategy over the long-haul, but it can sometimes provide more motivation to keep going because you’re knocking out smaller goals faster.
Start a side hustle. You might not have thought much about this before, but you may have what it takes to create a successful side hustle. Just take a moment and think about your hobbies and skills. Love playing guitar? Start teaching lessons, or see if you can start gigging at weddings or events. Are you an embroidery master? Start selling your creations online. Your potential to transform your existing talents into income streams is only limited by your imagination!
Start this new year strong. Automate a year’s worth of wise financial decisions ASAP, and then evaluate what your next steps should be. You may even want to meet with a qualified and licensed financial professional to help you uncover strategies and techniques that can further reduce your debt and increase your cash flow. Whatever you choose, you’ll have set yourself up for a year full of potential for financial success!
But maybe you – or a friend – learned about those consequences the hard way. Most late bill payers fall into 1 of 3 camps: they forget to pay on time, they don’t have enough income, or they have enough income but spend it on other things.
In case you – or your friend – are stuck in 1 of these camps, consider the following tips to help pay the bills on time.
I forget to pay my bills on time. If this is you, you’re actually in a more advantageous position. There are many easy fixes that can help get you back on track.
Use a calendar. This is a tried and true, but often underutilized, method to track your bill due dates. When you get a notice for a bill – either by email, text, or snail mail – jot the due date on your calendar. You can also set a reminder if you use an electronic calendar.
Fiddle with your due dates. Many companies offer flexible due dates. Experiment with what due dates work for you. Some people like to pay their bills all together at the beginning of the month. You may find that you like to pay some bills in the beginning and some in the middle of the month. It’s up to you!
Take advantage of grace period/late fee waivers. If you do forget about a bill and have to make a late payment, give the company a call and ask them to waive the late fee. Late fees can add up, ranging from $10-50 depending on the account. It’s worth a try!
I don’t have the money to pay all my bills. If your income doesn’t cover your outgo no matter how diligently you pinch those pennies, it won’t matter what type of bill payment method you use, you’re going to have trouble. If you’re in this situation, there are 2 solutions: increase your earnings or decrease your expenses.
Find a side gig. Take a temporary part-time job to make some extra income. Delivering pizza in the evenings or on weekends might be worth doing for a few months to make some extra dough.
Shop around. Shop around for savings. Prices vary on almost everything. Take a little extra time to make sure you’re getting the rock-bottom best prices on your insurance, cable, phone plans, groceries, utilities, etc.
I overspend and don’t have enough left to pay my bills. Managing income and expenses takes some practice and persistence, but it is doable! If you find yourself consistently overspending without enough left over to cover your bills, try the following:
Create a budget. Get familiar with your income and expenses. This is the only way to know how much disposable income you’re going to end up with every month. You can track your budget daily on an app like PocketGuard, Wallet, or Home Budget.
Stash the money for bills in a separate account. Put your bill money in a separate checking or savings account. This will keep it quarantined from your spending money and help make sure it’s there when the bills come due.
Good Financial Habits. If you feel bill-paying-challenged, or you have a friend who is, try some of the above tips. Taking care of your obligations when you need to can relieve stress, build good credit, and reinforce healthy spending habits for life!
They feature a wide range of people in neat home offices and coffee shops bent over laptops in deep focus. And that reflects how most of us think about them; freelancer and entrepreneur are two different words for people who work outside the traditional employee/employer world.
But there’s more to the picture than stock photos let on. Here’s a look at the difference between freelancers and entrepreneurs.
Freelancers trade time and skill for money. The word freelance comes from the early 19th-century when English authors attempted to describe medieval mercenaries. Most knights in the middle ages pledged their loyalty to a lord. They swore that they would use their skills and resources to support their sovereign in times of war. But there were many knights who worked as mercenaries. They would fight for whoever had the most coin. Sir Walter Scott referred to these soldiers for hire as “free lances” in his novel Ivanhoe, and the name stuck.¹ Soon it was used to describe working without long-term commitments to a single employer.
Freelancers are essentially modern day mercenaries. They have a skillset that’s in demand and they sell it off to the highest bidder, typically for a short period of time or a specific project. They trade their skills and time for money, and then move on. A freelance graphic designer, for instance, might get hired by a small business in need of a new logo. They pay the designer a set fee, the designer delivers the logo, and the two parties part ways. The freelancer doesn’t have any more responsibilities towards the small business beyond completing a specific task, and the small business pays the freelancer a fee.
The main appeal of freelancing is flexibility. You get to decide for whom you work, the hours you work, and from where you work. Yes, you’ll have deadlines, but you get to decide how you’ll get everything done. Freelancing is also a great choice if you’re currently an employee and want to start exploring your options. Striking a balance with your side-gig and your main income stream can help bring in extra money to cover debt, save for retirement, or just have nicer vacations.
But freelancing has drawbacks. You’re still completing tasks for other people, you have to manage projects by yourself, and work can sometimes dry up. If you can’t maintain a healthy time balance with your main job, that work could suffer.
Entrepreneurs trade their team for money. Defining entrepreneurship is tricky. Freelancers and entrepreneurs have many things in common. But they end up working on different levels of risk and solving problems in very different ways. Remember how we said freelancers were like mercenaries, fighting wars for other people in exchange for money? Entrepreneurs are like the lords mercenaries fight for. They make decisions, assume responsibility for outcomes, and build things that last even when they are long gone. A more modern example would be your favorite local restaurant. The owner of the business doesn’t take your order, pour your drinks, and prepare your food. They have a team that does all of that for them. But they had the vision of owning a restaurant, may have reached out to investors, and then took on the financial uncertainty of starting the restaurant. They make the top-level decisions but rely on a team to ensure that the day-to-day operations work smoothly.
Starting a business is risky. Only 25% make it past their 15th birthday.² But the advantage of successfully starting a business is that it will eventually reach a point where it runs on its own. Apple didn’t need Steve Jobs to operate. Amazon doesn’t need Jeff Bezos. Neither does your favorite local restaurant. They’re all built on a system and have teams that empower them to grow and accomplish more than they could independently. A freelancer’s income, however, is tied directly to the time they invest. If they get sick, they can’t earn. Losing just a single client could be a significant loss of business.
Interested in freelancing or starting up your own venture? Let’s talk! There are perfect opportunities out there for you to start exploring your potential.
¹ “The Surprising History of ‘Freelance’,” Merriam-Webster, https://www.merriam-webster.com/words-at-play/freelance-origin-meaning
² Michael T. Deane, “Top 6 Reasons New Businesses Fail,” Investopedia, Feb 28, 2020, https://www.investopedia.com/financial-edge/1010/top-6-reasons-new-businesses-fail.aspx#:~:text=Data%20from%20the%20BLS%20shows,to%2015%20years%20or%20more.
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!
Freelance writing <br> 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.
Private tutoring or lessons <br> 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!(1) 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!
Delivery driver <br> 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.
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!