14 reasons why you need to start that side hustle, NOW

One of the lessons that many of us learn at some point in our career, is that we should not assume that our current situation will last forever. Some of our Money & Mimosas readers write in to us to share that they have recently been laid off and are trying to figure out how to financially maintain their lifestyle.

We truly believe in the importance of a side hustle. Even if your job is 99.99999% secure, having an additional income stream is empowering because you know that you have the skills to support yourself. And having a side hustle does not have to mean that you turn it into a full-time business. For example, you can love your job as a full-time marketing analyst and use those same skills to develop your blog on the side. Your blog may also help you sharpen your skills that will help you in your current position.

Here are fourteen reasons why you need a side-hustle.

1. Extra money for those shopping sprees and investing. It goes without saying that having a side hustle helps you make more money. This additional money can go towards your indulgences and/or your investing accounts so you can start living like a BOSS. The extra dolla bills you have can go towards building up a high-yield savings account. This is an account that has a higher interest rate than most savings account. We really dig Radius Bank’s high yield savings account that has a 1.86% APY.

2. It provides a cushion in case you suddenly lose your job. None of us like to think about the negative side, but there is a chance that your company could go through a series of layoffs. One our members worked as a staff accountant and the company went through a terrible downturn. She was asked to cut her pay by 20%. That is a huge pay cut! But, because she was teaching Zumba on the side, she was able to make up those lost wages.

3. Opportunity to write off expenses on your taxes. Most of the things you buy to support your side hustle, can be a tax deduction. Yay!

4. Creative outlet. We all need to express ourselves creatively, and sometimes our job doesn’t provide the opportunity to do that. Having a side hustle will allow you to let your creative juices flow while still holding down that 9 to 5 J-O-B.

5. New experiences. Wow, you never know what life has to offer until you put yourself out there. Having a side hustle forces you to get out of your comfort zone and can lead to opportunities that you never knew existed.

6. Learn additional skills that can translate to your career. Writing, photography, marketing, sales - these are just some of the skills that you will pick up from your side hustle. And all of these skills will be helpful to you regardless of the career you have.

7. Your success can be used to negotiate a higher salary. Did you grow your email list by 150%? Or snag a huge press mention? Or build a loyal following and host sold-out events? Depending on your role at work, you can mention these wins as a way to demonstrate your advanced skill-set and ask for higher pay.

8. Live life on your own terms. If you are out of PTO you can still generate income while taking time off. Have you already used all of your vacation time, but, want to take another 2-day trip? Well, your side hustle can make up for the missed pay. Go ‘head and live your life, girl.

9. Meet new friends outside of work. Sure, you love your colleagues. But sometimes it’s fun to connect with different kinds of folks. Having a side hustle will encourage you to attend events that are outside of your comfort and meet new people.

10. Free products. This is especially true if you blog and/or have a social media presence. Brands love to send their products for people to try. And who doesn’t like free gifts.

11. Discover new passions. Having a side hustle may introduce you to fun activities that you may have not discovered, otherwise. Like painting, underwater photography or snorkeling. You never know what life has to offer until you put yourself out there!

12. Reduce feelings of burnout at work. Feeling uninspired at work? Even if you love your job, we need a creative outlet. Having a side hustle can help reinvigorate the once burning passion you had for your job.

13. Create more structure in your life. When you pick up a creative gig, your time becomes even more precious to you. If you feel like you are all over the place and unsure of what you want to do with life, a side hustle may help give you the clarity you’ve been craving.

14. More opportunities to give back and be a part of the community. Looking for ways to be more involved? With your side hustle, you can collaborate with local non-profits and organizations that align with your values.

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This post was in partnership with Radius Bank.

*Annual Percentage Yield (APY) is accurate as of 05/30/18. Minimum amount to open account is $100.00. Rate tiers are as follows: 0.00% APY applies to balances of $0.01—$9.99, 0.05% APY applies to the entire balance on balances of $10.00—$2,499.99, and 1.50% APY applies to the entire balance on balances of $2,500- $24,999.99. 1.86% APY applies to entire balance on balances of $25,000 or more. Rates may change after account is opened. Fees may reduce earnings.

Ready to quit your job and do your blog full-time? Read this first.

We’ve all had days that we’d rather be outside than sitting in our cubicle. But, for some of us those days turn into a weeks, and a nagging feeling that you are not doing what you are meant to be doing.

If you are feeling uninspired and unchallenged in your current position, it may be a sign that you need to work for yourself. However, keep in mind that becoming a full-time blogger and entrepreneur is not for everyone. It is one of the most stressful, financially challenging, soul wrenching experiences you can put yourself through. But, for those of us that have a high tolerance for pain and truly believe that the vision of your life can only come to fruition through pursuing your passion as a full-time career, then taking the leap of faith on yourself will be the most rewarding experience. EVER.

If you are one of those people and you are ready to say deuces to your job, here are some tips that we hope serve as a guiding light. There is no right or wrong way to go about quitting your job to do your blog full-time. Some people quit with no back up plan and very little savings. Others slowly build up their financial cushion and courage before they take the leap of faith. And many people are somewhere in between, holding down a ton of side gigs while they build their thing on the side.

Only you can determine your risk tolerance and what makes the most sense for you during this season of your life. Here are five steps to consider while you preparing for the transition.

1. Create a gameplan for when you are ready to go full-time. Maybe it’s 12 months from now. Or 3 months. Whatever it is, set a deadline and a plan for yourself. As some famous person said, a goal without a deadline is just a wish

2. Determine your income sources. As a blogger and entrepreneur, you need to have an idea for how you are going to make money. In the beginning, it’s wise to try multiple sources as you figure out what works best for you.

3. Calculate how much money you need to make each month. You need to know the total of your monthly expenses for the basic necessities (such as rent or mortgage, food, utilities, etc) and a little extra for entertainment so you don’t go crazy. Also, don’t forget to factor in the cost of insurance, savings and investing for the future.

4. Build up a financial cushion. The amount of money you will need in your savings account will depend on how much your monthly expenses are and the level of security you feel you need. If you have responsibilities outside of your individual self, such as children, then your cushion will need to be higher. Definitely check out the Radius Bank high-yield savings account. It has one of the highest APY rates* for savings accounts, which means you will earn more money on the cash you stash.

5. Turn your employer into a client. Depending on your service offerings, your employer could be your first client. If your current job is similar to what you will be providing as a business owner, talk to your manager about becoming an independent contractor and billing the company as a client. They win because they won’t have to spend the time and money to train a new person. And you win because you are still bringing in an income and able to pursue your business.

Want more tips like this? Click here to join our Insider List.

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This post was in partnership with Radius Bank.

*Annual Percentage Yield (APY) is accurate as of 4/25/2018 Minimum amount to open account is $10.00. 1.50% APY applies to the entire balance on balances of $2,500 or more. Rates may change after account is opened. Fees may reduce earnings,

Tips on how to build a business that supports your lifestyle

This post was in partnership with Wells Fargo. Click here to read the full post. 

Looking for a life that offers more than daily routines or a rare overseas vacation, these business owners want to have more control over their lives, and their businesses. Rather than spend all their time trying to drive the business forward, they are content to run their businesses a certain way in order to generate enough income to live life the way they want to live it. Their goal, therefore, is for their business income to support their personal lifestyle goals. This type of business venture is increasingly being referred to as a lifestyle business.

Take Sylvia Esmundo. After a career in financial technology, she decided to follow her passion and turn her lifestyle blog into a full-time business. Sylvia shared her learnings from being a lifestyle entrepreneur.

1) What inspired you to launch your lifestyle site, Sylvie in the Sky?

A: I started blogging a long time ago, back in 2006, as a living journal of everything that inspired me — music, fashion, books, art, travel — and chronicles of my 20 something life. I paused for almost two years between getting married and having our son, Theo. And once I became a mother, I felt reinvigorated to start a new chapter of storytelling. There are a lot of mom bloggers and lifestyle bloggers out there, but not many that I truly related to, and very few Asian — let alone Filipino — ones. I wanted to be able to share my stories and hopefully be a source of inspiration and guidance for others like me.

2) How much time do you devote weekly to running your blog?

A: Not as much time as I’d like! I’ve been focusing on Instagram first, since it involves one photo and a small caption — my version of microblogging. I would say on average 5-10 hours a week. Daily posting takes no more than one hour to write, post, and to make sure I’m liking and commenting on other friends’ content to show support. On weekends I’ll plan my content for the next 1-2 weeks so my Instagram feed looks balanced from an aesthetic point of view, and I’m scheduling my brand campaigns according to their due date. The planning takes another hour. And finally, I’m always exploring the city and shooting new content, and I spend about 3-8 hours a week creating content.

I spend another 5-10 hours corresponding with brands for upcoming collaborations, attending events, etc.

3) For those that don’t believe that blogging is a “real job”, can you tell us about the skills it takes to be a successful digital influencer?

A: I view blogging as running my own digital publication, and I’m the editor-in-chief, head of marketing, head of sales, head of PR, financial analyst, and stylist/model/graphic designer/photographer, all in one. I need to understand who my audience is and what they’re looking for every week/month/season. I write stories and create visual imagery that will inform, guide, and inspire. I need to create and consistently evolve my site experience to be easy to navigate on any digital platform, especially mobile. I analyze my site performance to understand what content is performing best and worst to refine and maximize these areas of interest and opportunity. And finally I’m pitching myself to brands and negotiating campaign deals and contracts, while tracking my incoming revenue and expenses to make sure those are in line come tax-filing time. Now with all that said, who’s going to tell me that blogging isn’t a real job?

4) Could you tell us a little bit about how it generates income for you?

A: The smartest bloggers will create multiple revenue streams because it’s never wise to rely on one sole channel. For me, obtaining brand sponsorships from companies for native content campaigns on my blog and social channels are my biggest revenue channel. I also offer consulting services for content, digital marketing, and e-commerce strategy for influencers and brands of all sizes. Finally, affiliate marketing (marketing products from other affiliate businesses) is a growing area for me in which I recommend products that I love to my audience and they purchase them.

As you can see, it is possible to seamlessly integrate your business into your life. And by doing so, it allows you to enjoy more aspects of life while still earning an income. Before you embark on this journey, take some time to:

• Determine the goal that will drive your business decisions: Get clear on your values and what’s really important to you. Start with your tangible goal and ask “why?” as a follow-up several times to peel back the layers and ensure your real goal will surface. You have to be intentional with your business decisions to ensure that you are creating a company that supports that goal.

• Find the inspiration for your product or service: Are you inspired by other people’s visions and goals for themselves? Perhaps your business can focus on consulting. Or are you more motivated by impacting your community? Maybe your business will focus on philanthropy. Use motivation as a guide for choosing what product or services you can provide and which clients you want to serve.

• Stay grounded in reality: Every business is only as successful as its ability to solve a problem or address a yearning for its clients. Do your due diligence and talk to your potential customers. Ask them for feedback on your product and service, and be willing to adjust to meet their requests. Like any business, it takes time and effort to build a lifestyle-based company.

For more tips on how to build a business that supports your lifestyle, click here to join the Money & Mimosas weekly newsletter. 

Danetha Doe is passionate about helping entrepreneurs increase their net-worth and self-worth, and was named a next-generation accountant by Quickbooks. To learn more about her, visit www.danethadoe.com and download her free e-book, “The Money Guide for Women Who Love Luxury: How to Add $10K to Your Savings in 90 Days Without Going on a Budget.”