The opportunity for a side hustle, (or two), in today’s world is everywhere. Here are just a few examples: tutoring, dog walking, ride-share driver, affiliate marketing and grocery delivery.
We should all strive to have different income streams. An IRS study shows that an average millionaire has seven different streams of income!*
The side hustle can increase your financial security. We could all use some extra cash, right? More funds, no matter the amount, can make us sleep easier, pay off debts and save.
Want to hear my side hustle? As a bookkeeper/accountant; I am passionate about saving money of course -so I got into affiliate marketing and promote product deals to an online community. Shameless plug, check out my page at SCROLLING FOR SAVINGS and score some deals and savings!
But more income streams also mean more cash flow to keep track of. We still need to treat the side hustle like a business because it is right? That means open a separate bank account, track income and expenses properly, and get advice from your tax professional. Friend and colleague Jamie Trull, developed a spreadsheet that would be very useful for tracking cash flow for the side hustler, check it out here: PROFIT & LOSS TEMPLATE.
All these things will make it easier for you to see how much you are truly earning from your side hustle and, make tax time easier. If you find you need more bookkeeping help with the fiscal side of your side hustle, check out our PROFIT PARTNER PLAN or contact us!
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