While the easiest way to earn more dough is to simply ask for a pay rise, for many employees an income boost is out of their control.
Enter the potentially lucrative, part-time “side hustle”.
“It’s kind of a rebrand to a second job, but it’s a lot more casual,” said Hannah McQueen, founder at personal finance company EnableMe.
There are two types of side hustles, Ms McQueen told RadioLIVE, which include easy side gigs or essentially creating your own small business.
Some common options include babysitting, driving for Uber, or marking papers for a school.
For others, a side hustle can mean opening an online store to sell a good or service that they can easily provide.
While a side hustle can be great for chipping away at a mortgage, Ms McQueen warns that the numbers need to stack up to your advantage.
“If it’s going to take too much of your time, too much of your energy or cost too much to run, than it’s probably just easier to give up your coffees and you’re getting $100 extra a week that way.”
RadioLIVE’s Carly Flynn admitted that after doing some number-crunching herself, she realised her side yoga business was just breaking even.
Ms McQueen agrees it’s a common pitfall, so it’s essential the side hustle gives enough in return for the time and money put into it. She estimates that most sustainable side hustles will pull in around $200 extra per week.
But beyond extra cash, the financial expert suggests that a side hustle can help a person revaluate their expenditures and priorities.
“People are actually capable of doing much more than they realise or what their current default is. They just need to be shown how or be given the reason why they can.”
Listen to the full interview with Hannah McQueen above.
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