Dec 242019

Making Real Money from Your Side Gig

Posted on December 24, 2019 Uncategorized

 

In the last several years, it’s become more and more common for working Americans to pick up some kind of side gig to bring in more income, help pay off debt, or simply have extra “rainy day” money. Whether you’re driving for a ridesharing service, selling your work on eBay or Etsy, or offering housesitting / petsitting services, there are so many different ways one can make money on the side. However, it’s important to ask yourself the important question: Are you making actual money with your side gig?

 

The answer to that question can determine whether you should move onto a different gig, or simply find ways to make it work for you. If you have a side hustle that needs a boost, here are a few tips to help you make actual money:

 

  • Consider the up-front costs of running your side gig.  It’s true that you generally have to spend money to start making money, and this is no exception. If you’re making sales, do you need a storefront or do you plan to sell remotely? Do you need to keep a regular stock of supplies? Before you start, make an estimate as to how long you’ll see a return on your initial investment, and you investments going forward. Creating a budget and business plan is key in taking this important initial step.

 

  • Understand the value of your skill set.  Not all side gigs entail sales and merchandising; if you aren’t adept at creating and selling, there are plenty of other ways you can make money. If you’re good with animals, petsitting or dog-walking services can bring in good money, as pet owners want the peace of mind that their babies will be in safe hands. If you have sharp organizational and time-management skills, virtual assistant work is a great way to help out busy people who are willing to pay someone to manage daily, non-work tasks.

 

  • Plan ahead for your side income.  Once you start bringing in actual money from your side gig, it’s important to determine where you want to save it or how you want to use it. At Polam, we offer a number of investment tools that can help you save and grow your money as you continue to earn. Our Vantage savings accounts allow you regular access to your money, but if you want a more secure option where you can allow your side gig cash to grow, ask us about our CDs or IRAs. Visit one of our branches, and one of our savings specialists will be happy to get you started.