New to the Live Richer Challenge: Net Worth Edition? Learn more about it HERE.
Missed some of the Challenge tasks? Catch-up then come back…
Day 8: HERE: Ways to Increase Net Worth
Day 9: HERE: The Art of Negotiation
Day 10: HERE: Entrepreneurship
Day 11: HERE: Investing
Week 2: Increasing Your Net Worth
Today’s Easy Financial Task: Choose a side hustle and take a step towards making income from it.
How to rock this task:
- Learn the great impact side hustles can have on your net worth
Welcome to Day 12 of the LRC: Net Worth Edition, Dream Catchers!
We’re just about halfway through the Challenge. *high five*
On Day 10 of the Challenge, we talked about the benefits of entrepreneurship.
Becoming an entrepreneur has changed my life and is a career path that many find as rewarding as I do.
But if you enjoy your present career and want to bring in extra money, getting a simple side hustle can take your net worth into the stratosphere. Side hustles are anything you do on the side to bring in an extra source of income.
The Amazing Potential in Side Hustles
My friend, Sandy Smith, is the perfect example of someone who’s excelled at side hustling while still being a boss lady in the corporate world.
Sandy started an Amazon t-shirt business with an initial investment of $500 and earned $25,000 from selling on Amazon that same year!
The lesson here is, don’t feel stuck with your current income level. You have options!
Side Note: Did you know I have a school with a course on how to start your own side hustle? Sandy teaches an entire course on starting a home-based business in the Live Richer Academy! Yup, you read that right! Learn more about the Academy HERE!
Extra, extra bonus: If you’re interested in learning how Sandy set up her Amazon store specifically, she has a course for that too on her website. In the course, Sandy can teach you how to:
- Start an Amazon store
- Source products to sell
- Find drop shippers
- Maximize profits
- And much more!
Learn more about her courses HERE.
Now back to this task!
The Hundreds Add Up to Thousands
It may take some time to build up your side hustle income, but it’s worth the effort!
Take something as small as an extra $200 a week (over 52 weeks) from a side hustle; like taking photo headshots for professionals and real estate agents.
That’s an extra $10,400 per year.
Sit back, close your eyes and think about it. What can you do with an extra $10,000+?!
- Can you repay debt?
- Can you invest that money in stock using the information you learned in yesterday’s task?
- Can you put money into an emergency savings fund?
- Can you put a portion of the money into your child’s college fund?
The possibilities here are endless!
Choosing a Side Hustle
Like entrepreneurship, the best way to choose a side hustle is sticking to what you know. However, there are a few tried and true hustles you can start if you’re not sure what to choose such as:
- Buying and flipping items
- Coaching or consulting
- Dog walking
- House cleaning
- Personal training
- Ridesharing and delivery services like AmazonFlex, Lyft, and Uber
In Sandy’s Live Richer Academy Home-Based Business course, she shares a post with us on 137 Ways to Earn Your First Side Hustle Dollar. There are plenty of side hustles in this post to consider.
Today’s task is for you to review different side hustle options.
We’ve put a big fat check mark ✔ next to that item on our “to do” list.
One more job for you.
Instead of just sharing what side hustle you want to do, I want you to also write down one step that you’re going to take TODAY to get started with your side hustle.
- Thinking of dog walking? Come up with 3 to 4 clients that you can prospect.
- Want to do ridesharing? Sign up for Lyft or Uber to get started.
- Considering housesitting? Think about how you’re going to price your services.
It may be a baby step, but it’s a step in the right direction!
Be sure to share what step you’re taking today in the comments below and with your accountability partners!
Don’t forget to tell a friend, sister, family member, boss, or co-worker about the Challenge before it’s over!
Share what you’ve learned today with your tweeps:
You can reach out to me here:
Facebook: The Budgetnista
Private Forum: Dream Catchers : LIVE RICHER
P.S. Don’t forget to get your free Live Richer Challenge: Net Worth Edition Starter Kit. GET IT HERE.
P.P.S. Here’s a copy of the Challenge Calendar. It’s a fun way to keep track of your progress.
Want to work through the Live Richer Challenge: Net Worth Edition in a workbook? It's part of a bestselling series!
Click the link below and get your copy.
My Lisa Rule: I have 4 sisters and Lisa is the baby (well she’s not a baby anymore). Of all of my sisters, I’m the most protective over her. Before I share any product or service with you, it must pass my Lisa Rule.
What’s the Lisa Rule? If I would not advise Lisa to use a product or service, I won’t advise you to. YOU are my Lisas. I feel protective over you and your financial journey.
Sandy's course passes my Lisa Rule. Yes, I am an affiliate of Sandy, and I earn a commission from referrals, but I would not recommend a product or service that I didn’t believe was helpful and useful.