Many people are seeking additional income streams beyond their nine-to-five jobs. Alternative sources of income can help you earn extra money, pursue a passion, or even start a new business. Pure’s Financial Advisor, Johnson Andrews, CFP®, AIF®, explores various side gig options to find what best fits your interests, budget, and available time.
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Transcript
If you’re like most of us, you’re probably feeling that everything is more expensive than it was a year or two ago. Well, it’s not your imagination, it’s true, inflation has been creeping up and its made just about everything you need or want more expensive! So, what can you do? Well, if you have the time, maybe picking up a side hustle to earn a little extra cash can help offset those price hikes. I’ll outline a couple of ways to make extra money and hopefully ease that bite from inflation.
Ever heard of retail arbitrage? If you are savvy shopper and knows a deal when they see it, then retail arbitrage might be right for you. In retail arbitrage, you buy clearance and markdown products from retail stores, then sell them online at a higher price. If you’re willing to check out local retail stores and online marketplaces, this side hustle can be a real cash cow. Now, the retail arbitrage side gig does come with upfront costs in purchasing and shipping products but there are low-cost and even free price checker apps to help you make smart buys.
Do you enjoy reviewing and providing feed-back? The becoming a verified user could be your lunch ticket. There are numerous manufactures, marketing companies, research firms, web developers who are looking for users of all backgrounds to review and provide user feedback. From testing new apps and sampling organic food, to identifying upcoming artists or recording yourself using a product. The possibilities are endless, and the cash is there for the taking just a few minutes or hours of your time.
Do you love animals? Maybe a dog walking service might be the right side gig for you. If you’re available when everyone is at their 9-5, you could rake in the cash while they’re stuck in the office. Plus it offers the added benefit of getting exercise and tons of canine kisses. Costs are minimal since owners generally provide leashes, but you might want to invest in a few leashes as well as waste bags on your own. Also in urban areas, you can find dog walking gigs with a variety of online sites that match you up with the owners.
Do you have a car and don’t mind a late dinner? Well, maybe try Uber Eats or other food meal deliver apps to bank some cash. No hassling with passengers, just enjoy the aroma of delicious meals wafting through the cabin. Your customers are always happy to see you and you can get the lowdown on the best restaurants.
Also, keep in mind: accepting over Tax considerations $600 from sales of goods or services via an online marketplace or payment app could result in receiving a Form 1099-K. And remember, if you are collecting Social Security prior to your full retirement age, the maximum you can earn in 2024 is $22,320 before Social Security begins reducing your benefits by $1 for every $2 above the limit.
Bottom line is that side gigs are a great way to earn extra income, pursue a passion or launch a new business. It’s wise to explore the options to determine what fits your interests, budget and available time. If you would like help with your financial future, take advantage of Pure’s free financial assessment.
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IMPORTANT DISCLOSURES:
• Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, LLC, a Registered Investment Advisor.
• Pure Financial Advisors LLC does not offer tax or legal advice. Consult with your tax advisor or attorney regarding specific situations.
• Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.
• Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.
• All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy.
• Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors.
CFP® – The CERTIFIED FINANCIAL PLANNER™ certification is by the Certified Financial Planner Board of Standards, Inc. To attain the right to use the CFP® designation, an individual must satisfactorily fulfill education, experience and ethics requirements as well as pass a comprehensive exam. Thirty hours of continuing education is required every two years to maintain the designation.
AIF® – Accredited Investment Fiduciary designation is administered by the Center for Fiduciary Studies fi360. To receive the AIF Designation, an individual must meet prerequisite criteria, complete a training program, and pass a comprehensive examination. Six hours of continuing education is required annually to maintain the designation.
