Things to Consider When Pursuing a Side Hustle
Choosing a side hustle can be a great way to make extra money. However, there might be a few things to consider before taking on a new gig, according to Kiplinger magazine.
What’s Your Goal?
Consider what you want to accomplish from the side hustle. It could be saving up money to buy a house or following a passion. Think about how your personal interests could affect your approach to making extra cash.
Finances and the Law
Make sure that you obtain proper licensing and seek legal advice, especially if you’re starting your own business. Being properly insured and setting up an emergency fund is also essential.
Plan for Taxes
Since you’re making supplemental income, you’ll also be taxed for it depending on how much you make. Make sure you set aside money to pay taxes, and perhaps hire a tax adviser.
Read more about what to consider when pursuing a side hustle in Kiplinger magazine.
15 Side Hustle ideas for 2023.
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