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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