Side hustles are great for making extra cash on the side to help you reach your goals quicker. But there are a few things you should know before diving into the world of side hustles.
Even when you love what you are doing, sides hustles are something you are doing on the side. No matter how you spin it, it is extra work; it is something you are doing on top of your day job.
But you will keep going because you are working towards a goal and if you are the type of person to start side hustling in the first place you are probably not a quitter. Just know that it will be exhausting just as often as it will be exhilarating.
If you are working a traditional second job, the taxes are probably already taken care of, however, if you are freelancing you will need to take care of the taxes yourself.
What does this mean? It is a good idea to set aside 40% of your income for taxes. Hopefully, you’ll be able to deduct some expenses, but don’t count on it. Set aside 40% for the tax man and when you end up getting to keep some of it, it will be a nice bonus.
At the end of the day your side hustle is getting you closer to your goal, and when you finally accomplish your goal, it will have all been worth it. So keep on hustling on, I promise it is worth it.
Side hustles are just that, something you do on the side that requires some hustle. It’s not always glamorous or exciting but when you see the difference that extra money makes, it’s almost always worth it. Keep working hard towards your goals, we’ll get there together.
Financial Goals: How to Set & Achieve Them
Looking for an easy side hustle, you can do any time? Side Hustle Series: Becoming a Lyft Driver
Want control and freedom to work where you want? Side Hustle Series: Freelance Writing
Curious about blogging as a side hustle? Side Hustle: Start a Blog
Want more ideas? Check out my Make More Money Page.
Have you ever hit a wall with your side hustle? What did you do to get past it?
Elizabeth Stapleton is the founder and voice behind Less Debt More Wine and ElizabethStapleton.com. She is a Pinterest marketer, online entrepreneur, and recovering attorney whose writing has been featured on Entrepreneur.com, The Huffington Post, The Penny Hoarder, Budgets Are Sexy, Credit Sesame, and Magnify Money. Additionally, she has been quoted in articles on Business Insider, Student Loan Hero, and Nerd Wallet.
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