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Welcome, Future Early Retirees.

Side hustles are increasingly common in today’s world, with 49% of people aged 18-35 reporting they have one. While there are various reasons for taking on a side hustle, I typically categorize them into two main motivations: achieving short-term financial goals and exploring the possibility of turning a side gig into a full-time career. Let’s explore some side hustle options that align with these motivations!

In today’s newsletter:

• How I look at side hustles

• Temporary Side Hustles

• Career Changing Side Hustles

• Things I found interesting

• Financial Tools

How I look at side hustles

In today's world, more people than ever are embracing side hustles. But what’s driving this phenomenon? I believe there are two key factors at play:

1. Achieve a short term goal

Are you striving to achieve your financial goals but need a boost in your earnings? Side hustles can provide just that! With well-paying opportunities, you can earn extra income without the commitment of a long-term job.

2. Career transitions

Additionally, many people are looking to pivot their careers, exploring new passions and opportunities outside of their primary jobs. Side hustles offer a flexible way to test the waters in a different field.

Fortunately, the digital landscape makes it easier than ever to pursue these ventures, providing access to a wide range of opportunities.

A Balanced Approach

While side hustles can be a great thing to have, I believe they shouldn't be a permanent solution. It’s essential to have a clear endgame in mind.

By approaching side hustles with intention, you can achieve your financial goals while maintaining a balanced life.

Temporary Side Hustles

If you're content with your job but need a financial boost for a specific goal, like a European vacation, or to improve your current financial situation, a temporary side hustle can be an excellent solution. These short-term gigs are designed to provide a quick influx of cash to help you reach your immediate financial goals.

Here are some popular temporary side hustles you can get started today:

Babysitting/Pet sitting

What you do: Care for children or pets, including feeding, walking, playing, and providing companionship. You may also handle related tasks like light housekeeping or pet care duties.

Earnings: Babysitters typically earn $15-$25 per hour, while pet sitters make $12-$20 per hour. Rates can be higher for specialized care or in certain areas.

How to start:

• Ask friends, family, or neighbors if they need your services

• Use platforms like Care.com or Rover to find clients

• Advertise your services locally or on social media

Ride-sharing/Delivery services

What you do: Transport passengers or deliver food and packages using your own vehicle.

Earnings: Income varies based on location, hours worked, and demand. Tips significantly boost earnings, so focus on providing excellent service and working during peak hours.

How to start:

• Meet age requirements (usually 18-21)

• Have a valid driver's license and reliable vehicle

• Pass a background check

• Sign up with companies like Uber, Lyft, Grubhub, or DoorDash

Seasonal part-time job

What you do: Work in industries like retail, hospitality, agriculture, or recreation during peak seasons.

Earnings: Typically $15-$20 per hour, varying by industry and location.

How to start:

• Identify peak seasons for different industries

• Search job listings on websites like FlexJobs or ZipRecruiter

• Apply early and prepare a tailored resume

• Network and leverage personal connections

Virtual assistant

What you do: Provide remote administrative, technical, or creative services to clients.

Earnings:

• Entry-level: $10-$15 per hour

• Mid-level: $15-$30 per hour

• Experienced or specialized: $30-$50+ per hour

How to start:

• Determine your service offerings based on skills and interests

• Choose between freelancing or working for a VA company

• Join VA forums and networking groups

• Create profiles on freelancing platforms or apply to VA companies

Remember, these side hustles are meant to be temporary solutions to reach specific financial goals. They offer flexibility and the potential for quick earnings, making them ideal for short-term financial boosts. I don’t want you to have work this job just to make ends meet. If that is the case, check out my previous post on three ways to save a thousand dollars.

Career Changing Side Hustles

Many people are dissatisfied with their current jobs and are looking to make a career change. Another way side hustles often start are as a way to explore new interests or skills with the potential to turn them into a full-time career. It's important to note that side hustles typically don't generate significant income initially compared to established full-time jobs. However, with patience, dedication, and strategic planning, they can grow into lucrative full-time businesses or careers.

Some popular side hustles that have potential to become full-time careers include:

• Content creation: This involves producing engaging digital content across various platforms like blogs, social media, YouTube, or podcasts. Income can start modestly but grow significantly as you build an audience.

• Freelancing: Offering services like writing, design, programming, or marketing on a project basis. North American freelancers earn an average of $44 per hour, though rates vary widely based on skills and experience.

• Handmade goods: Crafting and selling unique items like jewelry, soaps, artwork or baking goods. Monthly earnings can range from a few hundred dollars initially to $5,000 or more as the business grows.

• Labor-based services: Offering skills like construction, painting, or junk removal. Earnings potential varies based on the specific service and location.

To successfully transition a side hustle into a full-time career:

1. Choose a niche aligned with your interests and skills

2. Start small and consistently improve your craft

3. Build a portfolio and market your services

4. Manage your time effectively to balance your day job and side hustle

5. Plan your finances carefully for a smooth transition

Remember, while the potential for higher earnings exists, success requires patience. When things get hard (they will), think about your motivations for starting the side hustle to keep going!

Things I Found Interesting

• Amazon is legally responsible for recalling dangerous products sold on its site, agency finds

• Housing affordability is ‘moving in the right direction,’ economist says.

• Down payment assistance: How it works and how to qualify

• Credit Scores Fall and Bankruptcies Climb in States With Legal Sports Gambling

• Best states for Americans to retire

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