3 Key questions to ask before choosing a side gig investinyou (In partnership with acorns.)
Taking a minute to think through these questions can have a massive impact on how much benefit you get from your side hustle, since these will clarify both your short- and long-term expectations for the extra income source. It'll also allow you to place your side-gig options into two buckets: One for those that simply help generate quick cash and allow you to stay focused on your day job, and another for side gigs that can help you build something bigger.
Being deliberate about why you need the side gig, and what exactly you hope to gain from it, can lead you to the best choice. Silvia Roldan-Kulp says that with her degrees in business and tourism management, she had a plan in mind when she started working as a nanny, and knew it wouldn't be a long-term effort.
"I knew I wanted to start Yaku Wear many years ago, but I didn't have the time or money then. I used my second income stream as a nanny to help me build up to a position where I could have the resources and free time I needed to launch my business." A side gig can simply generate extra income now, or it can become a successful financial bridge for your future. Like our primary careers, how and where you apply your time and talents is an equally important consideration when choosing a side job. If all you need is fast and easy cash, there are plenty of good reasons for renting out a spare bedroom or driving for a ride-sharing business as a side gig. But if you have longer-term goals in mind, consider how your side gig can complement them.
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