What a side hustle isn’t:
-A “get rich quick” scheme
-A part-time job
-A new millennial dance move
A side hustle is: A great way to generate extra cash flow. It requires some of your downtime, and is not going to make you a billionaire overnight, but according to CNN Money, 44 million people report having one. Side hustles are often based on a passion; my friend loves movies, so he saved for a camera and started shooting short promo videos for cash. And a White Oaks team member who has a knack for crafting designs handmade holiday wreaths to sell at art fairs.
How can it benefit you?
Fast track to a financial goal: Need money for a downpayment on a new home? Paying back student loans? A side hustle can bring in the extra money to help you to meet your goal quicker. That financial goal doesn’t always have to fund something responsible, either. Make this income your vacation savings, or put it aside to buy yourself the newest tech.
Emergency cash stash: The Motley Fool states that nearly half of U.S. adults don’t have the cash on hand to pay for a $400 emergency, and White Oaks stresses the importance of holding the right amount of cash. Having cash for an disaster emergency fund is crucial because you never know when Mother Nature or another event out of your control might delay access to banks or ATMs.
Be your own entrepreneur: A side hustle can be your independent project. You work on your own terms, and your own time. Being the boss can be fun for millennials and retirees alike, and you never know where it could lead.
Need some ideas to get your side hustle started?
-Love books? Try proofreading
-Sports fan? Referee for local teams
-Extra space? Rent out a room on Airbnb
-Have opinions? Find focus groups near you
-Pet person? Watch other peoples’!
Jenna Pitoscia, White Oaks Wealth Advisors — Marketing Intern