If you’re interested in making extra money outside of your full-time career, you’re not alone. Whether taking surveys online for cash, investing in an Airbnb or having a full-blown second job, a recent survey by Insuranks, a small-business insurance marketplace, from this currently published RBC website Insights article, says that 93% of Americans have some type of side hustle.
Motivation for starting a side hustle could vary, ranging from simply having extra time on your hands to wanting to focus more on a passion or hobby. Or it could be to save for a specific goal, like retirement. According to a survey of high-net-worth and high-earning millennials by RBC Wealth Management, more than half (55%) of respondents said they plan to start a side business so they can retire before age 65 or build wealth to create passive income.
But when you already have a full-time job and other demands on your time, it’s important to make careful decisions when it comes to anything that might impact your financial future.
What are your goals?
As mentioned, there are many reasons why you might be looking to start a side hustle, and your goals will determine what kind of side gig you want to take on. For example, the goal of making money to save for a specific need, such as a house, might require different considerations than if you’re looking at establishing a creative portfolio or creating a stepping stone to a full-time business. Keeping your specific goals in mind can be a useful motivator if you experience any challenges or difficulties related to balancing your side gig with your full-time career.
You don’t have to plan alone. Your financial advisor can assist you along your journey.