How to start a side hustle: Practical steps for Australians

This week on Money and Investing, Mitch Olarenshaw and I break down the essentials of starting a side hustle and its benefits in today’s challenging financial climate.

1. Why side hustles are becoming essential

Rising living costs, mortgage repayments, and everyday expenses have made having a second income stream a necessity for many Australians. A side hustle can ease financial pressures and build long-term stability.

2. What you need to start a side hustle

Starting a side hustle only requires one of the following: Time, skills, or money. Whether you can dedicate extra hours, leverage a particular skill, or invest some funds, a side hustle can generate additional income.

3. Examples of profitable side hustles

Some proven side hustles include driving for Uber, reselling goods on eBay or Amazon, offering freelance services such as photography, or running a small business selling homemade goods.

4. Benefits of a side hustle

A side hustle can help you pay down debt, grow an emergency fund, or save for future investments. Additionally, it can improve your confidence, develop new skills, and open doors to further opportunities.

5. Tax implications for side hustles

Income earned from a side hustle is taxed at your marginal rate. Planning your finances carefully and consulting with a tax professional can help maximise your earnings and ensure compliance.

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The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.