Side Hustle Options/Suggestions.

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
User avatar
fortfun
Posts: 1069
Joined: Tue Apr 19, 2016 7:31 pm

Re: Side Hustle Options/Suggestions.

Post by fortfun » Tue Sep 11, 2018 9:53 pm

Before you do anything with Uber/Lyft, etc. Read Mr. Money Mustaches post: (hint: it is not profitable).
https://www.mrmoneymustache.com/2017/11 ... er-driver/

I'd look into doing a long term rental of some space in your house. You can be super picky about who you select, since it is a shared space. We rent our basement for over 1k a month. We've had a great tenant for almost 2 years now. The extra money goes towards vacations and 529s. My wife was opposed at first but now loves the extra money (and it is easy money).

User avatar
pondering
Posts: 1010
Joined: Fri Jan 30, 2015 11:04 pm
Location: 412-977-3526, originally 718-273-2422

Re: Side Hustle Options/Suggestions.

Post by pondering » Thu Sep 13, 2018 5:58 am

Thegame14 wrote:
Tue Sep 11, 2018 11:45 am
pondering wrote:
Tue Sep 11, 2018 11:42 am
Would you give up 50% of the revenue for a partner who would handle the business end?
I don't know, I haven't thought about a partner. My main concerns are time to get it started and properly insuring myself. Then client demands when I already have a full time job. Id want to do bookkeeping only, not taxes at all and I don't want them paying for bookkeeping and calling me asking for advise all the time and to basically be at their beckon call.
If you don't want to handle those calls you aren't ready for a business.
--Robert Sterbal | 412-977-3526 call/text

User avatar
jharkin
Posts: 1866
Joined: Mon Mar 28, 2016 7:14 am
Location: Boston suburbs

Re: Side Hustle Options/Suggestions.

Post by jharkin » Thu Sep 13, 2018 6:55 am

Thegame14 wrote:
Tue Sep 11, 2018 9:46 pm
jharkin wrote:
Tue Sep 11, 2018 7:36 pm
You have infants at home and your going to spend your precious sleep time working minimum wage jobs.???

If you really need the money, spend the time on night classes, get a graduate degree and earn a promotion in your day job. You have a degree and a skilled profession, Don’t give up precious irreplaceable family time on low ROI unskilled labor.
I already have an MBA, and my CPA license, there is no other degree that increases my skills or will lead to a promotion, I am the #2 finance person at my company so until CFO retires, only way to get promoted is a new job. Also with the economy years ago I got laid off from MEGA retail corp and had to bounce around at startups which also two of them failed and I was laid off, so my resume reads as a job hopper even though the hops were not by choice, so I really need to stay at current job for at least another 18 months, then I will have 3 years in and then my resume would look a lot better to change jobs.
If you are the #2 finance guy at your company behind the CFO you are probably making FAR more than the minimum wage (or worse) you would get driving an uber. You also probably know better than me how to calculate the ROI of that time vs. focusing on your career.

Involuntary job hopping can be explained at interviews. I have hired people with a bunch of hops who where working contracts to bridge time between layoffs. I did not hold that against the candidate as long as the other skills where good and it was well explained.

Good luck.

Thegame14
Posts: 349
Joined: Mon May 07, 2018 11:53 am

Re: Side Hustle Options/Suggestions.

Post by Thegame14 » Thu Sep 13, 2018 8:44 am

jharkin wrote:
Thu Sep 13, 2018 6:55 am
Thegame14 wrote:
Tue Sep 11, 2018 9:46 pm
jharkin wrote:
Tue Sep 11, 2018 7:36 pm
You have infants at home and your going to spend your precious sleep time working minimum wage jobs.???

If you really need the money, spend the time on night classes, get a graduate degree and earn a promotion in your day job. You have a degree and a skilled profession, Don’t give up precious irreplaceable family time on low ROI unskilled labor.
I already have an MBA, and my CPA license, there is no other degree that increases my skills or will lead to a promotion, I am the #2 finance person at my company so until CFO retires, only way to get promoted is a new job. Also with the economy years ago I got laid off from MEGA retail corp and had to bounce around at startups which also two of them failed and I was laid off, so my resume reads as a job hopper even though the hops were not by choice, so I really need to stay at current job for at least another 18 months, then I will have 3 years in and then my resume would look a lot better to change jobs.
If you are the #2 finance guy at your company behind the CFO you are probably making FAR more than the minimum wage (or worse) you would get driving an uber. You also probably know better than me how to calculate the ROI of that time vs. focusing on your career.

Involuntary job hopping can be explained at interviews. I have hired people with a bunch of hops who where working contracts to bridge time between layoffs. I did not hold that against the candidate as long as the other skills where good and it was well explained.

Good luck.
I make 100K, which is low for a controller, but I work at a non profit. Also only move upward currently would be to CFO, current CFO has been here 25 years and isn't leaving for another 10 years when he retires and he has said he wont create a new title for me, I just have to wait to be groomed to take over..... So no likely increases other than yearly 2% raise. 100K sounds like a lot but when house taxes and insurance are $2,700, my property taxes are $12K a year, and soon to have two young children in daycare for another $2,500 a month, that is the desire to earn a little extra now before baby # 2 is born, and not wanting to wait 6 months to start a business, get clients, etc... by then baby #2 will be born and there wont be time for that for a while.

TroyMcClure
Posts: 76
Joined: Sun Aug 31, 2014 6:13 am
Location: Germany

Re: Side Hustle Options/Suggestions.

Post by TroyMcClure » Thu Sep 13, 2018 9:39 am

pondering wrote:
Thu Sep 13, 2018 5:58 am
If you don't want to handle those calls you aren't ready for a business.
I was thinking the same. I apologize if this sounds harsh, but from the couple of pages of this thread and the responses given to suggestions put forward, I'm not getting the impression that OP wants a side hustle.
OP is interested in the profits of a side hustle, but doesn't seem interested in the side hustle itself or the work that goes with setting it up.
In fact it should work the other way around: you should really look forward to the work involved in doing it, and kind of take the money that comes with it as a nice reward on top.

Uber, Lyft, GrubHub, etc. are not side hustles. They are low wage part time jobs, which is not at all the same. You're not working for yourself, you're pretty much still an employee and you're entirely dependent on a platform and rules set by a company. In a side hustle you should be building an asset for yourself.

Thegame14
Posts: 349
Joined: Mon May 07, 2018 11:53 am

Re: Side Hustle Options/Suggestions.

Post by Thegame14 » Thu Sep 13, 2018 3:39 pm

pondering wrote:
Thu Sep 13, 2018 5:58 am
Thegame14 wrote:
Tue Sep 11, 2018 11:45 am
pondering wrote:
Tue Sep 11, 2018 11:42 am
Would you give up 50% of the revenue for a partner who would handle the business end?
I don't know, I haven't thought about a partner. My main concerns are time to get it started and properly insuring myself. Then client demands when I already have a full time job. Id want to do bookkeeping only, not taxes at all and I don't want them paying for bookkeeping and calling me asking for advise all the time and to basically be at their beckon call.
If you don't want to handle those calls you aren't ready for a business.
It isn't "handling" those calls, it is not wanting to risk my full time job for a side gig, if any customer called me at work and my boss heard my talking to them, he would fire me on the spot.

Nissanzx1
Posts: 296
Joined: Wed Jul 18, 2018 11:13 pm

Re: Side Hustle Options/Suggestions.

Post by Nissanzx1 » Thu Sep 13, 2018 3:51 pm

I buy items at yard sales and thrift stores and resell them online. It does require book keeping but it's enough money that it's changed our lives completely.

tesuzuki2002
Posts: 529
Joined: Fri Dec 11, 2015 12:40 pm

Re: Side Hustle Options/Suggestions.

Post by tesuzuki2002 » Thu Sep 13, 2018 4:38 pm

Nissanzx1 wrote:
Thu Sep 13, 2018 3:51 pm
I buy items at yard sales and thrift stores and resell them online. It does require book keeping but it's enough money that it's changed our lives completely.
How is that these days?? Still going strong? This was great money back in early 2000s. I stopped doing after a graduated college and started working... I became too busy to keep doing it.

cmb16
Posts: 8
Joined: Tue Feb 06, 2018 1:23 pm

Re: Side Hustle Options/Suggestions.

Post by cmb16 » Thu Sep 13, 2018 6:21 pm

Honestly, if you are not looking to run a side business long term, and you are looking for a good payday in the next six months which you can immediately stop when baby 2 comes, I'm not sure there is a good answer for you other than unprofitable gig-economy nonsense or a weekend part-time job in retail. Both sound like they are not worth the time, IMO.

You have a good skill set, either use it in developing a business, switch jobs for more money (really doubt the importance of the job timing on your resume) or spend your free time enjoying your family. Don't waste their time and yours by driving around for $10/hr, taxed at 40%.

User avatar
Lucky Lemon
Posts: 70
Joined: Mon Jul 29, 2013 1:44 pm

Re: Side Hustle Options/Suggestions.

Post by Lucky Lemon » Thu Sep 13, 2018 6:37 pm

Thegame14 wrote:
Thu Sep 13, 2018 3:39 pm
pondering wrote:
Thu Sep 13, 2018 5:58 am
Thegame14 wrote:
Tue Sep 11, 2018 11:45 am
pondering wrote:
Tue Sep 11, 2018 11:42 am
Would you give up 50% of the revenue for a partner who would handle the business end?
I don't know, I haven't thought about a partner. My main concerns are time to get it started and properly insuring myself. Then client demands when I already have a full time job. Id want to do bookkeeping only, not taxes at all and I don't want them paying for bookkeeping and calling me asking for advise all the time and to basically be at their beckon call.
If you don't want to handle those calls you aren't ready for a business.
It isn't "handling" those calls, it is not wanting to risk my full time job for a side gig, if any customer called me at work and my boss heard my talking to them, he would fire me on the spot.
You don’t “handle” those calls during your full time job. You “handle” them when you are working your side gig. I think your clients would understand that the bookkeeping is your side gig. Heck, many of your clients might be working their own side gig and be happy that you are available on evenings and weekends. Sounds like a good niche market to be in.
If the women don't find you handsome, they should at least find you handy. - Red Green

timmy
Posts: 725
Joined: Thu Jun 14, 2012 2:57 pm

Re: Side Hustle Options/Suggestions.

Post by timmy » Thu Sep 13, 2018 8:21 pm

aristotelian wrote:
Mon Sep 10, 2018 2:21 pm
I do online transcription after the kids go to bed. The pay is pretty terrible but I figure I am monetizing spare time that I would otherwise be wasting on TV or Netflix.

My wife teaches yoga. If that's not your thing, you could probably do classes for any random skill that you have.

Also, dog walking would be a nice way to monetize being outside and getting some exercise.

If you are worried about taxes, you can do a Solo 401k to reduce the hit, but you are a CPA so I don't need to tell you that.
What is "online transcription"?

timmy
Posts: 725
Joined: Thu Jun 14, 2012 2:57 pm

Re: Side Hustle Options/Suggestions.

Post by timmy » Thu Sep 13, 2018 8:23 pm

mary1969 wrote:
Tue Sep 11, 2018 5:07 pm
sports referee. basketball, volleyball, and lacrosse are good. get exercise etc...

the money is made on the weekends though. b-ball on the weekends in the winter is o.k. here in chicago though. gets you off the couch on cold winter days.

a lot of people don't claim this income as long as you don't get a 1099. of course, you have to deal with the coaches and fans....
+1

Once my youngest get into High School, I'm going this route. A bit of extra cash and some exercise.

aristotelian
Posts: 4762
Joined: Wed Jan 11, 2017 8:05 pm

Re: Side Hustle Options/Suggestions.

Post by aristotelian » Thu Sep 13, 2018 9:35 pm

timmy wrote:
Thu Sep 13, 2018 8:21 pm
What is "online transcription"?
You transcribe audio files that customers have uploaded to a transcription website. Just knocked one out a few minutes ago.

PugetSoundguy
Posts: 203
Joined: Mon Jul 30, 2012 3:46 pm
Location: Seattle

Re: Side Hustle Options/Suggestions.

Post by PugetSoundguy » Thu Sep 13, 2018 10:40 pm

mary1969 wrote:
Tue Sep 11, 2018 5:07 pm
sports referee. basketball, volleyball, and lacrosse are good. get exercise etc...

the money is made on the weekends though. b-ball on the weekends in the winter is o.k. here in chicago though. gets you off the couch on cold winter days.

a lot of people don't claim this income as long as you don't get a 1099. of course, you have to deal with the coaches and fans....
Not to be a killjoy, but that's called tax evasion. Same as not reporting cash earned as a babysitter as described in an earlier post by the OP (a CPA! :shock: ). C'mon people, just be honest and pay the taxes you owe!

Nissanzx1
Posts: 296
Joined: Wed Jul 18, 2018 11:13 pm

Re: Side Hustle Options/Suggestions.

Post by Nissanzx1 » Thu Sep 13, 2018 11:11 pm

tesuzuki2002 wrote:
Thu Sep 13, 2018 4:38 pm
Nissanzx1 wrote:
Thu Sep 13, 2018 3:51 pm
I buy items at yard sales and thrift stores and resell them online. It does require book keeping but it's enough money that it's changed our lives completely.
How is that these days?? Still going strong? This was great money back in early 2000s. I stopped doing after a graduated college and started working... I became too busy to keep doing it.
It's easy to me. I stay with what I know and I only buy safe bets. I work 50 hours a week at my regular job and as soon as I get off work, I work on the side hustle all night until about 11. I work all day Saturday at estate sales and yard sales and thrift shops sourcing. Half the day Sunday listing. It's thrilling to me to turn a $5 item into a $150 item (this just happened tonight as a matter of fact).

Most people can't handle that workload but I love it. My goal is to do it full time someday. Health insurance is the only wild card or I'd already be my own boss full time.

rj49
Posts: 444
Joined: Wed Feb 23, 2011 12:22 am

Re: Side Hustle Options/Suggestions.

Post by rj49 » Thu Sep 13, 2018 11:22 pm

Uber Eats is an option, since your car would qualify and you could even take your kid along, which I've seen some delivery people do. I drive for Uber and Lyft and make much more money than I did trying Uber Eats, and found a zero-down lease for a Corolla for $183 a month, which I pay for easily. I also often just sit at home and wait for ride requests, and then return home after they're finished, but you can look on the rider apps and see how saturated your city and neighborhood is with drivers

HornedToad
Posts: 890
Joined: Wed May 21, 2008 12:36 am

Re: Side Hustle Options/Suggestions.

Post by HornedToad » Thu Sep 13, 2018 11:55 pm

If you are a working professional with a valuable skillset then you shouldn't have a side hustle IMO.

You should either

1. Work harder on your main job to try to advance up the ladder, get bigger bonuses, improve your technical skills for the next position you want, etc
2. Or develop a side business. This isn't Uber, deliver services, or directly billable services, but something that can be more of a business. Fixed contract bookkeeping, online advertising, tax consultations, developing apps, starting a blog, etc. Something that has the potential to equal or beat your hourly wage in the long run and takes advantage of the skillset you've developed in your day job.

fareastwarriors
Posts: 913
Joined: Tue Feb 14, 2012 12:31 pm

Re: Side Hustle Options/Suggestions.

Post by fareastwarriors » Fri Sep 14, 2018 12:48 am

Ron Ronnerson wrote:
Mon Sep 10, 2018 6:38 pm
Jags4186 wrote:
Mon Sep 10, 2018 6:12 pm
Thegame14 wrote:
Mon Sep 10, 2018 3:24 pm
Jags4186 wrote:
Mon Sep 10, 2018 3:20 pm
For guaranteed no cost income I would focus on churning bank account bonuses, brokerage account bonuses, and credit cards.

For someone who hasn’t done anything yet you should be able to make $10k-$20k over 2 years if you take it seriously.
Please teach me.... Only issue is my company is small, no Hr department or person, so changing direct deposits maybe not be as easy as others, but shouldn't be impossible.
There’s a thread around called the definitive broker transfer bonus thread and you can find out anything and everything about banks and credit cards at doctorofcredit.com. Just start at the “best current bonuses page”.
You may not need to make changes to direct deposits from your employer to earn these bonuses. Sometimes ACH transfers will count to earn bonuses. Jags is correct that $10k-$20k is possible in a couple of years. Between brokerage, credit card, and bank bonuses, I've been earning around $10k/year for the past few years. It is a much higher rate than Uber, walking dogs, or baby-sitting. I'll second the recommendation to read Doctor of Credit.

Here's a direct link about what counts as direct deposit at various banks: https://www.doctorofcredit.com/knowledg ... -deposits/

This one's for info on brokerage bonuses: http://www.hustlermoneyblog.com/best-brokerage-bonuses/

For credit card offers, I would suggest starting with Chase Bank. They have excellent cards with excellent bonuses and benefits.

Make sure to read the fine print carefully.
Last edited by fareastwarriors on Fri Sep 14, 2018 2:49 pm, edited 1 time in total.

BlackcatCA
Posts: 93
Joined: Sat Jan 20, 2018 2:55 pm

Re: Side Hustle Options/Suggestions.

Post by BlackcatCA » Fri Sep 14, 2018 1:24 pm

I would say churning bank/brokerage bonus is a hobby (for fun), not a side hustle (work).

OPis a CPA so have credentials with finance. What about financial planning? Its probably easier for you than others to get CFA credentials. I read somewhere that it’s a growing field.

tesuzuki2002
Posts: 529
Joined: Fri Dec 11, 2015 12:40 pm

Re: Side Hustle Options/Suggestions.

Post by tesuzuki2002 » Fri Sep 14, 2018 4:28 pm

Nissanzx1 wrote:
Thu Sep 13, 2018 11:11 pm
tesuzuki2002 wrote:
Thu Sep 13, 2018 4:38 pm
Nissanzx1 wrote:
Thu Sep 13, 2018 3:51 pm
I buy items at yard sales and thrift stores and resell them online. It does require book keeping but it's enough money that it's changed our lives completely.
How is that these days?? Still going strong? This was great money back in early 2000s. I stopped doing after a graduated college and started working... I became too busy to keep doing it.
It's easy to me. I stay with what I know and I only buy safe bets. I work 50 hours a week at my regular job and as soon as I get off work, I work on the side hustle all night until about 11. I work all day Saturday at estate sales and yard sales and thrift shops sourcing. Half the day Sunday listing. It's thrilling to me to turn a $5 item into a $150 item (this just happened tonight as a matter of fact).

Most people can't handle that workload but I love it. My goal is to do it full time someday. Health insurance is the only wild card or I'd already be my own boss full time.

I like your style!! We're in the same boat.. My side hustle can handle my annual living expenses ... *except for health care... But I'm saving enough now in a couple years.. Health care will be covered too. Keep Hustling!!

User avatar
gunn_show
Posts: 1461
Joined: Wed Jun 06, 2007 3:02 pm

Re: Side Hustle Options/Suggestions.

Post by gunn_show » Sat Sep 15, 2018 12:24 am

what city do you live in?

do they have Bird (or Lime) scooters?

I recently signed up to be a "charger" and joined a massive FB group for Bird Chargers...there are dozens and dozens of posts daily with incredible data... this is done after 9pm and they have to be dropped back out (after charging to 100%) by 7am. There are people making serious money, like $100-500 PER NIGHT doing this. They go out and find 20, 40, 80 scooters and apparently stay up all night charging the damn things, 3 at a time, 10 at a time, etc. Guys post screen caps of their daily pay and it is nuts. Folks are buying more cord chargers by the dozen from Alibaba and eBay so they can turn their entire garage into a charging station and so forth. Following these posts, it has become hunting season out there and people are now hoarding just to drive up the bounty per bird and make even more money (the longer a scooter sits out on the streets and does not get used or charged, the charging bounty fee goes up, starting from $5 to $20 per scooter.. so in volume you can make serious dough).

Could be worth it for you if you live in a major city for Bird and it's not over saturated in your hood.. look into it
"The best life hack of all is to just put the work in and never give up." Bas Rutten

slalom
Posts: 47
Joined: Mon Dec 25, 2017 4:59 am

Re: Side Hustle Options/Suggestions.

Post by slalom » Sat Sep 15, 2018 3:43 am

renue74 wrote:
Mon Sep 10, 2018 3:19 pm
BTW...an earlier poster who said dog walking....I just had lunch with my old business partner. He told me he knows a guy making $50K/year as a full time dog walker. #wth
I know one as well, makes even more from boarding them. He could even afford to hire some additonal people.

Tons of upper middle class millennials in places like Austin, Atlanta, Portland, Seattle, etc have dogs and don’t mind splurging on them. You’d be amazed what you can charge to walk/feed people’s dogs when they have busy professional lives.

goodlifer
Posts: 435
Joined: Sun Aug 16, 2015 9:50 pm

Re: Side Hustle Options/Suggestions.

Post by goodlifer » Sat Sep 15, 2018 8:02 am

I live in a HCOLA, and no one makes $20 an hour babysitting. You would be competing against teenagers that make between $5 and $10 an hour. You might get paid more to babysit during the day, but then you would be watching sick kids and bringing germs home. Surprisingly, poop scoopers make a decent amount of money around here because no one wants to clean up dog poop. I think the going rate is $40 per yard from the ads I have seen. Dog walkers make about $10 a day around here. Keep in mind that if you don't need a nice car or have to put some work into making a side job work, chances are you will be competing with teens.

stan1
Posts: 5988
Joined: Mon Oct 08, 2007 4:35 pm

Re: Side Hustle Options/Suggestions.

Post by stan1 » Sat Sep 15, 2018 8:51 am

Thegame14 wrote:
Tue Sep 11, 2018 8:18 am
I do not do taxes at all, except my own personal taxes, but I wouldn't want to do anyone else taxes or a company's taxes.

I work in corporate accounting so mainly month end close, quarter close, year end close, budgeting, forecasting, cash flow analysis, account rec type work.

I wouldn't mind doing this type of work, but don't know too many companies that will be fine with me working at my own pace and only nights and weekend. I wont be taking on additional stress of new clients with their deadlines, with an already stressful job, a sick pregnant wife and a toddler at home, that is why uber has a lot of appeal to me even though it really isn't an option with my car too old, it is low stress, make your own schedule and quick to start and stop.
Small businesses would be OK with someone working in the evenings (of course with compensation set accordingly). They may not be OK with you declining to do taxes.

tibbitts
Posts: 8045
Joined: Tue Feb 27, 2007 6:50 pm

Re: Side Hustle Options/Suggestions.

Post by tibbitts » Sat Sep 15, 2018 8:57 am

Thegame14 wrote:
Tue Sep 11, 2018 9:46 pm
jharkin wrote:
Tue Sep 11, 2018 7:36 pm
You have infants at home and your going to spend your precious sleep time working minimum wage jobs.???

If you really need the money, spend the time on night classes, get a graduate degree and earn a promotion in your day job. You have a degree and a skilled profession, Don’t give up precious irreplaceable family time on low ROI unskilled labor.
I already have an MBA, and my CPA license, there is no other degree that increases my skills or will lead to a promotion, I am the #2 finance person at my company so until CFO retires, only way to get promoted is a new job. Also with the economy years ago I got laid off from MEGA retail corp and had to bounce around at startups which also two of them failed and I was laid off, so my resume reads as a job hopper even though the hops were not by choice, so I really need to stay at current job for at least another 18 months, then I will have 3 years in and then my resume would look a lot better to change jobs.
You've done a great job preparing for you career and earn an excellent salary. Especially with a kid you're crazy to be looking for any kind of work like you're talking about. The extra money won't matter. Anything you do outside of work that earns money should only be something you do because you have a passion for it, not for extra money.

z3r0c00l
Posts: 1195
Joined: Fri Jul 06, 2012 11:43 am
Location: NYC
Contact:

Re: Side Hustle Options/Suggestions.

Post by z3r0c00l » Sat Sep 15, 2018 9:14 am

Nissanzx1 wrote:
Thu Sep 13, 2018 11:11 pm
tesuzuki2002 wrote:
Thu Sep 13, 2018 4:38 pm
Nissanzx1 wrote:
Thu Sep 13, 2018 3:51 pm
I buy items at yard sales and thrift stores and resell them online. It does require book keeping but it's enough money that it's changed our lives completely.
How is that these days?? Still going strong? This was great money back in early 2000s. I stopped doing after a graduated college and started working... I became too busy to keep doing it.
It's easy to me. I stay with what I know and I only buy safe bets. I work 50 hours a week at my regular job and as soon as I get off work, I work on the side hustle all night until about 11. I work all day Saturday at estate sales and yard sales and thrift shops sourcing. Half the day Sunday listing. It's thrilling to me to turn a $5 item into a $150 item (this just happened tonight as a matter of fact).

Most people can't handle that workload but I love it. My goal is to do it full time someday. Health insurance is the only wild card or I'd already be my own boss full time.
This is sort of my 3rd level side hustle, the one that earns me very little each year but is still worth it for the excitement of finding a good deal. Like 50 cents for a $600 set of telescope eyepieces... It is much easier now with smartphones because you can quickly google even the most obscure item to see its value on Ebay.

However no alternatives, blogging, selling on ebay, metal detecting, seem to move much past the hobby stage. The only side work that does is that directly linked to my 9:00 - 5:00 job, and that side work accounts for more than 10% of my annual income. (Used to be 20% but the 9:00 - 5:00 pays much more now.) I have earned more than $150,000 over the years working these side projects through my company and others and that has been an invaluable part of total income. So this is another vote for side work as a CPA in your field. Nothing else will be as easy to establish or as profitable. Look for a non-profit that needs some part time help, for example. They might let you just do the work from home and maybe come in for a meeting every few weeks. Maybe a local private school needs help, or a small business. Or tax prep for the neighbors.

Uber is not even worth considering.

By the way, 100K for a CPA seems darned good. Nicely done!

mary1969
Posts: 24
Joined: Sun Jul 01, 2018 3:34 pm
Location: IL

Re: Side Hustle Options/Suggestions.

Post by mary1969 » Sun Sep 16, 2018 9:53 am

PugetSoundguy wrote:
Thu Sep 13, 2018 10:40 pm
mary1969 wrote:
Tue Sep 11, 2018 5:07 pm
sports referee. basketball, volleyball, and lacrosse are good. get exercise etc...

the money is made on the weekends though. b-ball on the weekends in the winter is o.k. here in chicago though. gets you off the couch on cold winter days.

a lot of people don't claim this income as long as you don't get a 1099. of course, you have to deal with the coaches and fans....
Not to be a killjoy, but that's called tax evasion. Same as not reporting cash earned as a babysitter as described in an earlier post by the OP (a CPA! :shock: ). C'mon people, just be honest and pay the taxes you owe!
lighten up johnny law. a lot of people play a lot of games with their taxes. don't worry we pay our fair share. i reffed 4 high school hoop games yesterday. $120 in cash and a lot of exercise.

also, we just paid a sizable amount of taxes to the federal and state gov for 3rd qtr taxes. hopefully, making a small dent in the federal govt $900 bln deficit for 2018.

tibbitts
Posts: 8045
Joined: Tue Feb 27, 2007 6:50 pm

Re: Side Hustle Options/Suggestions.

Post by tibbitts » Sun Sep 16, 2018 10:23 am

mary1969 wrote:
Sun Sep 16, 2018 9:53 am
PugetSoundguy wrote:
Thu Sep 13, 2018 10:40 pm
mary1969 wrote:
Tue Sep 11, 2018 5:07 pm
sports referee. basketball, volleyball, and lacrosse are good. get exercise etc...

the money is made on the weekends though. b-ball on the weekends in the winter is o.k. here in chicago though. gets you off the couch on cold winter days.

a lot of people don't claim this income as long as you don't get a 1099. of course, you have to deal with the coaches and fans....
Not to be a killjoy, but that's called tax evasion. Same as not reporting cash earned as a babysitter as described in an earlier post by the OP (a CPA! :shock: ). C'mon people, just be honest and pay the taxes you owe!
lighten up johnny law. a lot of people play a lot of games with their taxes. don't worry we pay our fair share. i reffed 4 high school hoop games yesterday. $120 in cash and a lot of exercise.

also, we just paid a sizable amount of taxes to the federal and state gov for 3rd qtr taxes. hopefully, making a small dent in the federal govt $900 bln deficit for 2018.
It's very odd that a high school ref would be paid in cash. Maybe the OP will give you a cut if you refer whoever is paying you in cash to him. Sounds like somebody is in desperate need of a CPA.

User avatar
rhinopylon
Posts: 56
Joined: Mon Apr 02, 2018 10:51 am

Re: Side Hustle Options/Suggestions.

Post by rhinopylon » Sun Sep 16, 2018 4:24 pm

mary1969 wrote:
Sun Sep 16, 2018 9:53 am
lighten up johnny law. a lot of people play a lot of games with their taxes. don't worry we pay our fair share. i reffed 4 high school hoop games yesterday. $120 in cash and a lot of exercise.

also, we just paid a sizable amount of taxes to the federal and state gov for 3rd qtr taxes. hopefully, making a small dent in the federal govt $900 bln deficit for 2018.
You're not paying your fair share if you're hiding income. Just because "a lot of people play a lot of games with their taxes" doesn't mean it's legal or right.

m@ver1ck
Posts: 63
Joined: Fri Sep 14, 2018 2:18 pm

Re: Side Hustle Options/Suggestions.

Post by m@ver1ck » Sun Sep 16, 2018 4:40 pm

You mentioned $2500 day care costs. Maybe your best bet would be to have one of the parents become stay at home dad/mom.

Kids would love that.

TropikThunder
Posts: 1055
Joined: Sun Apr 03, 2016 5:41 pm

Re: Side Hustle Options/Suggestions.

Post by TropikThunder » Sun Sep 16, 2018 5:56 pm

rhinopylon wrote:
Sun Sep 16, 2018 4:24 pm
mary1969 wrote:
Sun Sep 16, 2018 9:53 am
lighten up johnny law. a lot of people play a lot of games with their taxes. don't worry we pay our fair share. i reffed 4 high school hoop games yesterday. $120 in cash and a lot of exercise.

also, we just paid a sizable amount of taxes to the federal and state gov for 3rd qtr taxes. hopefully, making a small dent in the federal govt $900 bln deficit for 2018.
You're not paying your fair share if you're hiding income. Just because "a lot of people play a lot of games with their taxes" doesn't mean it's legal or right.
+1. Tax planing is a legitimate strategy (and topic for discussion here). But fair share or not, discussion of tax avoidance (I.e., willfully failing to disclose income) is against board policy here.

User avatar
StealthWealth
Posts: 100
Joined: Tue Apr 26, 2011 11:48 am

Re: Side Hustle Options/Suggestions.

Post by StealthWealth » Sun Sep 16, 2018 9:42 pm

I have a couple of small business entities that would benefit from 3rd party book keeping. What would the rate be for an entity with 100 monthly transactions, weekly highlights emailed to the partners,with more detailed monthly/quarterly reports? Work can be done on your schedule.

seychellois_lib
Posts: 138
Joined: Tue Mar 25, 2014 12:05 am

Re: Side Hustle Options/Suggestions.

Post by seychellois_lib » Sun Sep 16, 2018 11:32 pm

A couple if weeks ago I noticed my amazon packages started being delivered by civilians and not fedex/ups people. I have talked to a few of these deliverers - great people by the way - and they are working Amazon flex. They seem to be really happy with it. A four hour gig gets you about $60 to $80. One would have to deduct the car expenses of course. But the delivery routes are fairly efficient so mileage does not seem to be too bad. Better than Uber in that respect I would imagine. You would certainly get some exercise. Some of the packages are pretty heavy.

The warehouse near us just opened so there are plenty of gigs available. This could vary depending on location. One guy told me he had all the work he wanted out here in the boonies but that it was really competitive in Oakland/SF Bay.

User avatar
Earl Lemongrab
Posts: 5629
Joined: Tue Jun 10, 2014 1:14 am

Re: Side Hustle Options/Suggestions.

Post by Earl Lemongrab » Mon Sep 17, 2018 2:08 pm

seychellois_lib wrote:
Sun Sep 16, 2018 11:32 pm
A couple if weeks ago I noticed my amazon packages started being delivered by civilians and not fedex/ups people. I have talked to a few of these deliverers - great people by the way - and they are working Amazon flex. They seem to be really happy with it. A four hour gig gets you about $60 to $80.
They had a guy on a lo-cal news story about the gig economy. He does all of those, Lyft, Uber, Amazon.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

dkb140
Posts: 61
Joined: Mon May 21, 2018 3:30 pm

Re: Side Hustle Options/Suggestions.

Post by dkb140 » Mon Sep 17, 2018 3:59 pm

I had a CPA teach one of my undergrad finance classes.

Are there any universities near you? Maybe watch for an evening adjunct professor position teaching 1 night class/semester.

gclancer
Posts: 533
Joined: Sat Apr 27, 2013 10:34 am

Re: Side Hustle Options/Suggestions.

Post by gclancer » Mon Sep 17, 2018 4:18 pm

Jags4186 wrote:
Mon Sep 10, 2018 3:20 pm
For guaranteed no cost income I would focus on churning bank account bonuses, brokerage account bonuses, and credit cards.

For someone who hasn’t done anything yet you should be able to make $10k-$20k over 2 years if you take it seriously.
+1 this should be side hustle #2 in addition to whatever else you decide to do.

tesuzuki2002
Posts: 529
Joined: Fri Dec 11, 2015 12:40 pm

Re: Side Hustle Options/Suggestions.

Post by tesuzuki2002 » Mon Sep 17, 2018 4:33 pm

gunn_show wrote:
Sat Sep 15, 2018 12:24 am
what city do you live in?

do they have Bird (or Lime) scooters?

I recently signed up to be a "charger" and joined a massive FB group for Bird Chargers...there are dozens and dozens of posts daily with incredible data... this is done after 9pm and they have to be dropped back out (after charging to 100%) by 7am. There are people making serious money, like $100-500 PER NIGHT doing this. They go out and find 20, 40, 80 scooters and apparently stay up all night charging the damn things, 3 at a time, 10 at a time, etc. Guys post screen caps of their daily pay and it is nuts. Folks are buying more cord chargers by the dozen from Alibaba and eBay so they can turn their entire garage into a charging station and so forth. Following these posts, it has become hunting season out there and people are now hoarding just to drive up the bounty per bird and make even more money (the longer a scooter sits out on the streets and does not get used or charged, the charging bounty fee goes up, starting from $5 to $20 per scooter.. so in volume you can make serious dough).

Could be worth it for you if you live in a major city for Bird and it's not over saturated in your hood.. look into it
I saw a guy last week deploying BIRD scooters in Santa Monica after charging them.. he had over 300 scooters on his trailer... Dude is making bank!! I wish I lived local to there...

dekecarver
Posts: 297
Joined: Mon Feb 22, 2010 10:24 am

Re: Side Hustle Options/Suggestions.

Post by dekecarver » Mon Sep 17, 2018 6:55 pm

Nissanzx1 wrote:
Thu Sep 13, 2018 3:51 pm
I buy items at yard sales and thrift stores and resell them online. It does require book keeping but it's enough money that it's changed our lives completely.
Would you mind sharing which sites you find most effective for selling on?

Nissanzx1
Posts: 296
Joined: Wed Jul 18, 2018 11:13 pm

Re: Side Hustle Options/Suggestions.

Post by Nissanzx1 » Mon Sep 17, 2018 7:54 pm

dekecarver wrote:
Mon Sep 17, 2018 6:55 pm
Nissanzx1 wrote:
Thu Sep 13, 2018 3:51 pm
I buy items at yard sales and thrift stores and resell them online. It does require book keeping but it's enough money that it's changed our lives completely.
Would you mind sharing which sites you find most effective for selling on?
I mostly sell on eBay. There is no other site that will get you as much exposure to the "market" for your items. It's expensive and they will report all your income, but if you buy cheap- you should do fine. Start small and test the water.

I also sell larger items on Craigslist locally although not nearly as often. I know some people that have great success with amazon but I haven't ever found a reason to try it myself. Most of my items are used anyway...

User avatar
leeks
Posts: 224
Joined: Thu Apr 07, 2011 4:33 pm
Location: new york

Re: Side Hustle Options/Suggestions.

Post by leeks » Mon Sep 17, 2018 8:46 pm

Do not do Uber. Taking on some freelance bookkeeping work for small businesses or self-employed professionals in your area sounds realistic. Even better, do the freelance bookkeeping on your laptop one or two nights a week while you are babysitting someone else's (sleeping) kids. But please make sure to also spend a good amount of time with your spouse while your own kid is sleeping. It gets even harder to find time alone as a couple once the second kid arrives. I'd invest in quality relationship time over extra cash if it were a choice between the two.

User avatar
leeks
Posts: 224
Joined: Thu Apr 07, 2011 4:33 pm
Location: new york

Re: Side Hustle Options/Suggestions.

Post by leeks » Mon Sep 17, 2018 8:58 pm

goodlifer wrote:
Sat Sep 15, 2018 8:02 am
I live in a HCOLA, and no one makes $20 an hour babysitting. You would be competing against teenagers that make between $5 and $10 an hour. You might get paid more to babysit during the day, but then you would be watching sick kids and bringing germs home. Surprisingly, poop scoopers make a decent amount of money around here because no one wants to clean up dog poop. I think the going rate is $40 per yard from the ads I have seen. Dog walkers make about $10 a day around here. Keep in mind that if you don't need a nice car or have to put some work into making a side job work, chances are you will be competing with teens.
We pay our date-night sitter $20/hour. It's the going rate in our neighborhood for watching two kids. One kid is $15/hour.

beagle1
Posts: 99
Joined: Sat Oct 02, 2010 3:09 pm

Re: Side Hustle Options/Suggestions.

Post by beagle1 » Tue Sep 18, 2018 2:20 pm

I'll echo what others have said: you could teach. A lot of university extensions are going to online classes, and accounting seems like a good fit for an online class. I teach a course, and my lectures are pre-recorded, so most of my time is spent interacting with students, grading assignments and monitoring/contributing to their discussions on the message board. If you can come up with a concept and pitch it to a local (or any) university extension, you might find a taker.

mrmass
Posts: 86
Joined: Thu Jul 26, 2018 6:35 pm

Re: Side Hustle Options/Suggestions.

Post by mrmass » Tue Sep 18, 2018 2:29 pm

Make soap and sell it at events.

sschullo
Posts: 2429
Joined: Sun Apr 01, 2007 8:25 am
Location: Rancho Mirage, CA
Contact:

Re: Side Hustle Options/Suggestions.

Post by sschullo » Wed Sep 19, 2018 1:50 pm

jharkin wrote:
Tue Sep 11, 2018 7:36 pm
You have infants at home and your going to spend your precious sleep time working minimum wage jobs.???

If you really need the money, spend the time on night classes, get a graduate degree and earn a promotion in your day job. You have a degree and a skilled profession, Don’t give up precious irreplaceable family time on low ROI unskilled labor.
Yeah! who would have "thunk-it," invest in education, increasing skills and experience! Got my Ph.D. in my 40s and an administration certificate in my 50s while I worked. Loved every minute, and the certificate helped me with a better paying position with my employer.
Public School K-12 Educators: "Ask NOT what your annuity sales person can do for you, ask what you can do to be a Do-It-Yourselfer (DIY)."

User avatar
JupiterJones
Posts: 2695
Joined: Tue Aug 24, 2010 3:25 pm
Location: Nashville, TN

Re: Side Hustle Options/Suggestions.

Post by JupiterJones » Thu Sep 20, 2018 11:11 am

sschullo wrote:
Wed Sep 19, 2018 1:50 pm
jharkin wrote:
Tue Sep 11, 2018 7:36 pm
You have infants at home and your going to spend your precious sleep time working minimum wage jobs.???

If you really need the money, spend the time on night classes, get a graduate degree and earn a promotion in your day job. You have a degree and a skilled profession, Don’t give up precious irreplaceable family time on low ROI unskilled labor.
Yeah! who would have "thunk-it," invest in education, increasing skills and experience! Got my Ph.D. in my 40s and an administration certificate in my 50s while I worked. Loved every minute, and the certificate helped me with a better paying position with my employer.
Certainly something to think about. But keep in mind that education, while typically a good investment, is not a risk-free investment. It should be leveraged with extreme caution. There are lots of people out there in deep doo-doo because they borrowed a pile of money to get a degree that (they thought) would lead to a better position/pay, but it didn't (or they didn't finish, or the pay bump wasn't enough to cover the expense, etc.)

Would a graduate degree earn the OP a promotion? Maybe. Maybe not. Always ask yourself "yeah, but what it doesn't?". Always have a plan B.
Stay on target...

sschullo
Posts: 2429
Joined: Sun Apr 01, 2007 8:25 am
Location: Rancho Mirage, CA
Contact:

Re: Side Hustle Options/Suggestions.

Post by sschullo » Thu Sep 20, 2018 12:07 pm

JupiterJones wrote:
Thu Sep 20, 2018 11:11 am
sschullo wrote:
Wed Sep 19, 2018 1:50 pm
jharkin wrote:
Tue Sep 11, 2018 7:36 pm
You have infants at home and your going to spend your precious sleep time working minimum wage jobs.???

If you really need the money, spend the time on night classes, get a graduate degree and earn a promotion in your day job. You have a degree and a skilled profession, Don’t give up precious irreplaceable family time on low ROI unskilled labor.
Yeah! who would have "thunk-it," invest in education, increasing skills and experience! Got my Ph.D. in my 40s and an administration certificate in my 50s while I worked. Loved every minute, and the certificate helped me with a better paying position with my employer.
Certainly something to think about. But keep in mind that education, while typically a good investment, is not a risk-free investment. It should be leveraged with extreme caution. There are lots of people out there in deep doo-doo because they borrowed a pile of money to get a degree that (they thought) would lead to a better position/pay, but it didn't (or they didn't finish, or the pay bump wasn't enough to cover the expense, etc.)

Would a graduate degree earn the OP a promotion? Maybe. Maybe not. Always ask yourself "yeah, but what it doesn't?". Always have a plan B.
Oh my goodness, I got too excited about education. Seriously, I still think what B. Franklin said 2.5 centuries ago that "Investment in Education pays the highest interest" is absolutely worth the risk. My administrative certificate was a document I specifically needed to leverage myself with my employer. It was still a risk because I still had to apply through a competitive process, but I also learned a lot about my profession as a teacher. Of course, money can be lost, jobs not found and all of the other risks associated with living. Here was my "Plan B:" Education is a more than promotions and status I like to think education made me a better human being whether I got the promotion or not. In my case, I did get the promotion, so I got the best of both worlds. That's why I am still excited.

The hideous college tuition costs are another discussion and those costs are out of control.
Public School K-12 Educators: "Ask NOT what your annuity sales person can do for you, ask what you can do to be a Do-It-Yourselfer (DIY)."

Thegame14
Posts: 349
Joined: Mon May 07, 2018 11:53 am

Re: Side Hustle Options/Suggestions.

Post by Thegame14 » Mon Sep 24, 2018 10:01 am

OP Here- I already have an MBA in finance. I could take one more class and make it a dual MBA in finance and management. I could also take one more law class and get a certification to try to become a public school finance director, I cant think of the official name of it off the top of my head, which is a really good job but only one per school district and takes some politics to get these positions, which locally I have some connections.

texasdiver
Posts: 2718
Joined: Thu Jun 25, 2009 12:50 am
Location: Vancouver WA

Re: Side Hustle Options/Suggestions.

Post by texasdiver » Mon Sep 24, 2018 10:16 pm

Thegame14 wrote:
Mon Sep 24, 2018 10:01 am
OP Here- I already have an MBA in finance. I could take one more class and make it a dual MBA in finance and management. I could also take one more law class and get a certification to try to become a public school finance director, I cant think of the official name of it off the top of my head, which is a really good job but only one per school district and takes some politics to get these positions, which locally I have some connections.
What about online tutoring for students in accounting/finance classes? I've never tried it but I have heard of people doing it. There are a variety of operations that do it. One that was suggested to me was Chegg but there are others: https://www.chegg.com/tutors/become-a-tutor/

basspond
Posts: 1083
Joined: Wed Nov 27, 2013 4:01 am

Re: Side Hustle Options/Suggestions.

Post by basspond » Tue Sep 25, 2018 4:42 am

Your best opportunity is to focus on your job and go beyond normal to advance your pay.

Thegame14
Posts: 349
Joined: Mon May 07, 2018 11:53 am

Re: Side Hustle Options/Suggestions.

Post by Thegame14 » Tue Sep 25, 2018 8:24 am

basspond wrote:
Tue Sep 25, 2018 4:42 am
Your best opportunity is to focus on your job and go beyond normal to advance your pay.
Not likely, there is only 1 person above me, the CFO, and he said he is not leaving for another 8-10 years, and there is no position between us and he specifically said he will not create a new position or title, it is what it is until he retires. I can get raises along the way, but there is no spot above me.

Post Reply