What's Your Side Hustle?
Feeling the financial pinch? Sure, you can cut back on spending, and we are big believers that a fiscal diet is pretty darn important to getting ahead financially. But, equally important is side-hustle; where you seek out ways to earn more money, and starting up a side-hustle can be motivated by just about anything — wanting more money, developing new skills, and creating new social connections.
Side-hustles aren’t doing anything illegal like robbing a bank. They’re simply a way your household can make more money or replace lost income in any economy. Common side-hustle opportunities are to:
Work more. Take on extra shifts or overtime, if this option is available to you. Many workplaces have overtime lists you need to join to be considered for overtime hours.
Get another source of income. Apply for a second job, freelance, or build a small business using your skills. If you have extra space in your house, rent a room, your basement, storage, or parking. You can even sell multi-level marketing products (think skin-care, Tupperware, Avon and more).
Make purging and selling what you no longer need another income stream. Sites like Kijiji and Facebook Marketplace make purging and selling your possessions so easy. And, if you have a lot of them, this could be a whole secondary source of income.
Upgrade your job and salary. Jobs are a bit harder to find these days, but if a better opportunity comes up, consider moving roles. You may have to move locations and stretch your career comfort zone. The target to really make it worth your while is a 15 to 25 per cent increase in pay.
Work smarter. Whether you’re an entrepreneur or not, stop spending time and money on things that don’t increase your income. In some cases this may mean outsourcing tasks that don’t help you generate money, but that free up your time so that you can earn more.
Collect dividends from stocks. This is also a passive income stream. But, ideally you’ll collect dividend cash from these stocks and rather than reinvest it (which we recommend that you do if you don’t need the money), you can take these dividends in cash as income.
Watch MeVest Founder Lesley-Anne Scorgie for ideas to create your own side hustle.