Do you want to earn over $20,000 per year

 

5 side hustles where you may earn over $20,000 per year—all while working from home

What to consider before taking on a side hustle

There are several factors to consider before you choose a side hustle—apart from potential earnings. Even if you’re only working a few extra hours a week, you don’t want to find yourself in a position that leads to burnout or causes unnecessary stress.

Your hobbies, passions, and existing skill set can work to your benefit

You can use your side hustle to explore a passion or hobby that doesn’t have to do with your day job, but if nothing piques your interest, you can also use some of the skills you use at your regular job to make extra money on the side. This could also be an opportunity to build up your résumé with experiences from outside companies.

Time management is key, so choose a side hustle that won’t lead to burnout

Your side hustle will inevitably eat into your free time, so aim to set a designated time for side hustle work as well as time to rest and recharge. “I would suggest this side hustle be done in the evenings or on weekends.

You should loop your employer into your plan

If you're looking to start working on the side, you might need to let your employer know if it might be considered problematic.

For example, if you’re producing similar work to what you normally do at your job, your employer may or may not have an issue with it. Review your employee handbook to see if your company has outlined any specific rules or limitations related to outside work. Typically, it’s best to err on the side of caution and let them know in advance if possible.

“Integrity and honesty are a must. Discuss with your employer the side hustle and that you have boundaries set between both responsibilities,”

Consider the tax implications for that extra income you earn

Side-hustle earnings are taxable income, so you should keep a record of your earnings

If you earned $600 or more in income, the company you worked for will need to provide you with a 1099 form. If you earned less than $600, the company isn’t required to send you a form, but you are still required to report that income on your taxes.

conclusion

Side hustles can be a great way to take a breather from the tasks you work on at your day job and explore other talents. They can also be an opportunity to strengthen the skills you already have. If you’re considering a side hustle, think carefully about how to balance the added work with your day job and make sure to keep your employer  know to avoid any surprises

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