A record number of Americans are now working multiple jobs. Whether you're fully invested in the gig economy or have a part-time job in addition to your full-time one, one thing's for sure:if you're giving up your free time to do more work, you want to make sure to make the most of it.
Use these tips and tricks to make sure you maximize your sideways excitement.
1. Identify the purpose of your side hustle.
For some, a scramble is about financial survival – an extra stream of income in the event of job loss, or extra money to make ends meet. For others, a side gig can serve as a springboard – an opportunity to cultivate a new skill set or be exposed to a new industry.
It's important to be specific about your goals so you can make better decisions about which side is best for you.
If your goal is to break into a new industry, you might decide it makes sense to pursue virtual assistance for someone already working in that field so you can gain relevant industry skills and contacts. . In this case, you can prioritize experience over compensation.
If the goal on your side is to make more money, you might need a different strategy. Start by clearly knowing how much you want to earn and why.
2. Audit your restlessness.
Side hustles are not get-rich-quick schemes. They require an investment of your time and energy, and sometimes even your money. It's important to stop occasionally to assess the true value and potential return of your secondary gig.
Consider how long your turn takes versus how much it earns you or has the potential to earn you. Is it worth it?
Does your side gig cause you to overextend in ways that negatively impact your primary income, health, or relationships? If so, are these trade-offs worth it? If not, what are the alternatives?
3. Spend time managing the money you earn.
What's the point of making extra money if you don't give yourself the time to actually maximize the extra money you make?
Even if it doesn't seem like much at first, create a separate bank account for your side income.
Not only will this help you take your gig more seriously, but it can also help you make the important distinction between business and personal income so you can better account for taxes and relevant business expenses. compared to your actual net salary.
