A number of clients I see tell me that their wages haven’t increased for some time or their expenses have increased, or they are living week to week with minimal savings and they need to find a way to do better. My answer to this is create a ‘side hustle’.

What is a side hustle you may ask? This is creating a second job or another form of income which allows you the flexibility to continue working in your full-time or regular job. This will allow you to put extra income towards savings, holidays, expenses and lowering your financial worries. 

With a side hustle, you are not just taking a second job as you are more likely to do something you are passionate about, have experience in or don’t have the funds to start without a primary source of income. 

There are many advantages to a side hustle which include the following:

Boost your savings and retirement benefits

Fast track paying off your debt obligations

Fund a hobby or passion outside of work

Look to build yourself a new career or pathway. 

Save for your children’s future education expenses

Reignite the passion in your life that may make you live more sociably and actively

I have several friends that have successfully used side hustles to quit their day job and gone on to start successful PTY LTD’s including property buyer groups, protein meal plans, personal training businesses and men/women’s clothing ranges. Some of the biggest brands in the world were started this way including Apple, Under Armour, Groupon and even INSTAGRAM yes INSTAGRAM.

I myself in High school up until my early years in the Financial Services industry had a small successful Djing business which I used to do on the weekends as an extra source of income and to get away from the Financial stuff which can sometimes get a little boring. 

Here are a few ideas of what you can do to create your side hustle:

Are you creative? Look at making candles, creating invitations or cards, take pictures and sell them or start up a social page. 

Are you handy or want to be active? Looking at a Handy man business, or cut peoples lawn on the weekends and evenings, start a cleaning business.

Fancy yourself a bit of a chef? What about starting a catering business or baking cakes and treats

Got a car or ute? look at Uber, Lyft or rent a truck type service. People are always moving around and moving furniture.

Know how to play an instrument? Teach classes or organise private lessons in your free time. 

What a side hustle does is also provide an additional layer of security if you were to ever lose your day job or main source of income. This comes down to the saying ” Don’t put all your eggs in one basket”. Always look for extra income sources where possible. 

In Summary a ‘Side hustle’ fills up time that you may have available and leads to several benefits detailed above and gets you on path to a potentially closer retirement. It expands your skill set and ignites a passion that may have been hidden away.

So, what are you waiting for? Start planning your side hustle today and stop procrastinating.

If you need help with this regarding logistics or tax considerations- contact our office on (02) 9188 1547 or email admin@rpwealthmanagement.com.au