Hit Your Goals - Extra side Income 🤑
Do I need a side income?
Well that's a question only you can answer. There are usually two reasons that someone wants a side hustle.
The first reason is purely financial. If you are just about covering expenses with your salary with nothing left over to save or invest, you're living month-to-month. In theory, you're a few missed pay cheques away from being bankrupt.
The second reason is also just boredom and wanting a challenge. Many people do a side hustle not for the money, but for the challenge. Ironically, it can help you focus on your day job if you've got something else to look forward to in the evening!
Do side incomes actually work?
Yes, they can. We'll give some tips below.
But what you must not do is fall for scams. Before you take a side income opportunity that sounds great, you have to watch this video:
So how much can I actually earn from a side income?
We've seen people do anything from covering a bill or two (around £100/month) to replacing their entire salary (£2000+/month).
We did a video with - shock, horror - real people and real examples!
Our top tips for coming up your side hustle
Step 1: have you got a skill that people often turn to you for? Chances are you can monetize that. For some people it's being handy with DIY, others are great with computers, some know several languages.
If you honestly can't think of anything, first ask someone else who knows you well.
If you still don't have anything then don't worry there's hope in step 3.
Step 2: if you identified a skill in step 1, don't fall into the trap of worrying about a fancy website and getting an accountant. Just start finding customers.
Step 3: if you didn't have something from step 1, think about your strengths and be unique. People have created a living off YouTube and TikTok accounts just by being themselves! Some examples of side incomes that anyone can turn to:
- creating an online store
- mowing lawns
- online surveys
- start a blog (worry about monetizing later - it worked for us at IFG!)
- start a YouTube or TikTok channel doing reviews, playing games, whatever
There are so many more examples. Nowadays it is easier than ever to get started.
The key thing is to act and not get bogged down in things that feel like good progress (like choosing a name, brand colours) but actually aren't. The only thing that counts is getting the money in, you can worry about the rest later.
Side incomes you should avoid
Anything to do with investment is usually shaky territory for side incomes.
We don't mean investment in terms of just buying things to set up an online store or similar. We're talking about day trading stocks, crypto, etc.
Even worse, you should 100% avoid anything to do with forex. If you've not done it already, you should read our article on forex.