Things you must know before you begin your side hustle

2개월 전

On the grounds of increasing your income and having multiple sources of income, you must have heard about starting a side hustle and having multiple streams if income. This is a very brilliant idea because the age, time and moment we live in goes beyond just having one thing that brings in money for you it is really advisable that you learn other skills or vocation or just have something else asides from your job that is bringing in some cash flow.

Before you start a side hustle or even if you are into one currently, there are things you really need to look out for in order to be sure that you are truly hustling and not the other way round like it is the job that is hustling you (very funny), but it surely does happen very well some people get a job and practically they are not working it is rather the work that is doing them (I hope you get my point). Alright let us get straight to the gist then, how do you know a good and better side hustle? Read more to learn about it.

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How to identify a good side hustle.

It is advisable that before you venture into any side hustle at all, you should carry out necessary research on what it is about, it is good to make research about the details of responsibility, the details of payment as well as the days of the good and ugly, this will provide you with the insight of what you are going to deal with when you get into the hustle completely and also help you understand if it is something you can combine with your work or not.

Another thing that must be highly considered in a side hustle is the hidden cost, you might think you are making $40 per hour but when you calculate the unforeseen cost like transportation, warehouse bills and electricity bill you will realize you are only making a profit of $25 per hour and this is apart from the time and attention you put into the work, so you really have to calculate what your hidden charges are and then calculate if it is truly worth your time.

The cost of tax is one thing side hustlers like to ignore but the bad part is when the government shows up unexpectedly. It is usually best to keep aside some money for when the government will come knocking so we don’t have to take from our personal finance to do that. It is also a right choice to have a separate bank account for our side hustle, you should know how much you are making and the expenses involved, this can only work out when you have a separate account for your side hustle.

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I agree with you my friend, some people have two to three side hustles and they have just become slaves to work, they do not get the time to rest or do any other thing but at the end of the day the value of the work is not shown in the salary obtained.

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Even if we have to work extra hard, it just needs to be calculated seriously so we know that the stress is worth it.

Having an extra income is always important, but obviously we must be well informed so as not to waste our time and money.

Greetings @papa-mensa, in these times to have multiple entries of money is essential, especially in countries that are going through very complex economic situations. We must always take into account what you described in the article, we have to make sure that there is a good cost-benefit ratio, and that all the time and money we are investing leaves us certain profits.

Thank you for sharing your experiences!

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Thanks a lot for reading, there must be various ways to earn but the worth must also be calculated.

thanks for the info. at times not all side hustle bring good income, most still have to sit down and do the calculation if that side hustling is really paying them or they are just wasting their time

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That is exactly my point, thanks for reading.

@papa-mensa we need to check all our research and due diligence before investing anywere and we need to keep a track on the amount we have invested.

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Exactly, every side hustle must produce worthwhile result.

I like the points raised, it means we should get adequate knowledge about the types of job we want to do before we take it as a form of side hustle's because some of them are not going to be profitable at the end of the day.