Having a side job definitely has its pros and cons. On the pros side, you rake in some extra cash that you can toss toward paying off debt, add to your savings account, or whatever else you want. On the cons side, well, you're hustling on top of your day job.
Take Spencer Barbosa, for instance. Barbosa, who is 19, is financially independent and has five streams of income. Yup, that means she doesn't have to ask mom and dad for money and can fund her life and career on her own. Nor does she have to toil away at a day job.
So should you start with one venture and see how it pans out? Or try a bunch of different things at once? It's probably easiest and best to start off with one and see how things shake out.
But there are so many you can choose from. How do you decide? Gajaan Sugumar, an 18-year-old law student in the UK, and personal finance TikToker, recommends focusing on what can generate more income, but also what you'll enjoy. "If something makes money but it feels like a chore, it won’t get very far," says Sugumar.
For instance, Tan started off doing marketing as a freelancer, then kicked off an e-commerce store. Only later, she started creating content on social media platforms like TikTok, Instagram, and YouTube.
Another tactic to decide which income stream to stick with? Figure out your hourly rate. Put a number to how much money one hour of your time is worth," suggests Sugumar. Then figure out how many hours you spend on each stream of income. "If you’re making less than your hourly rate x the number of hours you spend, then you should probably focus on your other streams of income for now, as that would be more time-efficient and worth your time and energy."
Go With What You're Most Interested In
Do Something You're Good At, That You Like Doing, And That The World Needs
Look At Different Ways To Make Money Within An Income Stream
Work A Part-Time Job While You're Building Your Income Streams
Figure Out What Works Best For You
Be Mindful Of Burnout
Finally, Keep At It And Be Persistent
Do you earn multiple streams of income? Share what's worked (or hasn't worked) for you in the comments.