Featured Photo Credit: NhanStop Photography

To most people, earning money can equal freedom, less stress, and increased resources. An extra $1000 a month can be the differentiator in where your kids go to school, what neighborhood you live in, and how well you can take care of your health.  Learn here 4 Ways to Choose That Perfect Financial Side Gig.

Amid the wake of COVID-19 quarantine, the desire and flat out need for many to make more money is prevalent.

Here are the stats:

People have come face to face with how vulnerable their financial income and job security really is. Perhaps the most eye-opening of statistics is that 69% of adult Americans have less than $1,000 in a savings account, according to the May 2020 American Savings Statistics. 

How do individuals seeking to ameliorate lost income and ultimately crush their financial goals or create that elusive retirement income? 

3 Income Generating Opportunity Makers to Choose from to Create the Perfect Financial Gig

In the next 4.3 minutes, I will give you the download on 3 avenues to help you seize the day and explore the diverse options.

We will also explore 4 questions on how to choose the best fit for yours truly! Good news: They ALL involve working when you want and for as long as you want! Fashionable late no longer gets you fired! 

#1: The New Guy: “Gig Economy” 

Best known as a side hustle or gig consisting of workers who get paid per task or sale like giving someone a ride, handling a task, taking Chancho for a walk (that’s my dog), or allowing a customer to vacation in your” I swear we will go every weekend” lake house. This economy provides income for over 60 million people and has a gross income of over 450 Billion and growing. Well-known examples include Uber, Lyft, Airbnb, Wag!, Shipt, and TaskRabbit. These are all pretty much solo gigs.

What to Love: Turn on your app, and the company provides you with customers. Work 1 hour get paid instantly for that hour. 

What Not to Love: 

“After paying all expenses, and after the app takes its cut, drivers for a service like Uber and Lyft average between $8.55 and $11.77 per hour. That’s quite a bit less than what the U.S. Bureau of Labor Services (BLS) has claimed is the average income.”

Eric Reed, thestreet.com April 2020

You aren’t climbing up the preverbal ladder working on reaching the next goal or the future income, there is no room for growth or scaling. (But you also aren’t kissing up to anyone other than yourself) Way to go YOU! You walked that dog like a BOSS! 

#2: The Classic: Direct selling, MLM, and Affiliate Models

Commissions paid for the referral of a good or service

What to Love: You work as part of a team and are often offered the ability to earn residual (reoccurring) income and overriding income (more on this in future articles).

What Not to Love: You are often required to grow your customer base through personal contacts and relationships which many find challenging.

#3: Good Ole Reliable: Reselling Items or Monetizing Your Passion

Sites like Amazon, eBay, Mercari, and Etsy.

What to Love: You are fully independent and can sell as much as you want without ever leaving your coffee (or let’s face it, it might be champagne in that cup). 

What Not to Love: You create or source the goods.

4 Questions to Ask Yourself

to Choose the Perfect Financial Side Gig

1 | TIME

Consider the amount of time you are willing to give and what financial result you are desiring?  Many choose the Gig Economy because it gives them instant cash for the time they put in, but there is a max number of dollars that can be made with often no ability to grow or increase that number. 

People often underestimate the kind of time it takes to create life-changing financial results. Make sure the amount of time you are willing to put in matches the size of your goals. There is a reason diamonds have to stay in the fire for so long! That kinda beauty takes time! (This is the same phrase I also use on my hubby when I am taking tooooo long to get ready!) 

*Bonus Tip to Choose That Perfect Financial Side Gig:

Enroll your family in what’s possible and set goals together. When you are spending time away from them and working towards these new goals, they are clear on what’s in it for them. (Happy wife FAMILY Happy Life)

2 | MONEY

How much extra money would you like to make?  Could you replace or supplement your income? Short term income goals can be very different from long-term income goals depending on the opportunity. Ask yourself if you are merely interested in cash now or creating a long-term business with the financial upside to match. 

*Bonus Tip to Choose That Perfect Financial Side Gig:

If you are looking to create a business that truly supplements or replaces your income, you may want to consider questions like: 

Do you make money only on your efforts, or are you able to make money through the efforts of a group? 

Do you make money one time, or can you generate income every month from a single action? 

Are there performance-based bonuses or profit-sharing opportunities? 

(I recommend reading “Rich Dad Poor Dad” by Robert Kiyosaki for mind-blowing, earth-shattering breakthroughs on how to create financial freedom– remember the word “quadrants.”)

3 | SUPPORT & GUIDANCE

Ask yourself: Can I do it? Will I have help? Is there a system in place to support me? Some people are very self-motivated, while others will have a much higher chance of reaching their goals by being part of a team. Ask yourself, “Am I best playing alongside a team or acting as a lone ranger? Would I enjoy working by myself or in a team environment? Am I open to receiving guidance and willing to allow myself to learn something new?” Do you consider yourself a leader, and are you motivated by giving back to others?

*Bonus Tip to Choose That Perfect Financial Side Gig:

Take into consideration the learning curve. Sometimes success comes quickly, and other times it may take a moment to hit your stride even with a successful team helping you. It took me 6 months to create success when I first embraced a side hustle. Those were a harrowing 6 months. How determined are you to stay committed long after you said “I am committed” has passed? The right team can keep you motivated when you can’t do it yourself. Just think of the last time you made that work out happen on your own! If the answer is NEVER, you know what you need to do.

4 | PASSION & FULFILLMENT

Find a common cause or group of people that motivate you. In anything you choose, you want it to be part of something that adds more than money to your life. What are you passionate about? Is this a group or company you would have fun working with? Is the mission behind the company something you believe in? Are you able to make an impact in other people’s lives, is that important to you? Is there room to grow and the ability to set goals that will fulfill you? Would you do it even if you didn’t get paid? (Because you LOVE it soooo much!!)

* Bonus tip To Choose That Perfect Financial Side Gig: Since this is your side hustle in addition to what you are already doing, if you aren’t having fun, it will make it much harder to stay motivated and stay in the hunt performing at the level required to truly succeed. Make sure it’s something you love or are willing to learn to love. Try to find a community you want to align yourself with! People will often quit on business, but they won’t quit on a friend!

In anything you choose, there will be those that have succeeded and failed before you. There will be those cheering you on (YEA YOU!!!) and those naysayers that will assure you you’re wasting your time. 

Remember why you started in the first place and follow in the footsteps of those that have successfully gone before you (not those that just talk about it, those that have lived it – in the ring, sweat dripping down their hot body kinda thing!) You will always find what you are looking for. 

If you are looking for reasons to fail, you will find them, if you are looking for ways to succeed, you will find them. One of my all-time favorite quotes from a mentor of mine is, “If there is a difference between excellent and average and excellence is an option, why would you ever settle for average?”

Grateful is a great place to start. Interested in learning about how to LIVE LIFE AT CAPACITY in other ways?