501: MONEY AND MARRIAGE: PART 4 — SIDE HUSTLE

“I never dreamed about success. I worked for it.” —Estee Lauder

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How would your family benefit from an extra $200, $500 or even $2,000 a month?

It does not matter if you are looking for a little extra cash, planning for a big vacation or wanting to see your bank balance be just a little bigger, the topic of having a “side hustle” may come up for you as a couple. 

When you look to develop alternative forms of income (a.k.a. Your Side Hustle), you can not only build an emergency fund or nest egg, but you can enjoy the security of knowing that one change or “oh no” moment won’t wipe out your inflow of cash.

The fact is that you never know when you might need some extra cash, plus the “gig economy” is only growing and there are so many different ways couples can make extra cash for either today or a rainy day. These days a simple idea can strike it big and grow into a massive success. That’s exciting! Especially as a couple!

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One surprising benefit that we’ve found with our side pursuits is that we can actually enjoy some very high-quality time together as a couple and as a family. There are the planning and research process, the “launch” of when you get started and then, of course, that day when you see your first financial rewards. 

As you consider how to generate a side income, consider these three things:

  • Start With What You Know and Can Do Well (Where’s your Competency)
  • Go Low-Cost & Low-Time (Including Risks and Expenses)
  • Get Your Spouse & Family Involved and Decide Together

The possibilities of what you can do are literally endless. The world is full of “needs and problems” so what you need to do is find the right problems and then outline what you can do to solve these for people. One of the most lucrative side hustles a couple can start today is a service-based side hustle. 

Service-based side hustles can be through an established service like Uber or done by creating your own opportunities such as baking, coaching, social media management or babysitting just to name a few.

A side hustle does not have to take hours out of your day. Have the discussion on the amount of time that you have to give to this other venture. Some side hustles will be very labor intensive, others not as much. What works for you and your marriage? 

For many couples, their side-hustle isn’t just about money; it’s a passion or hobby that they have figured out how to monetize. No matter what you choose to do, make those choices as a couple!  This is your chance to build something amazing!

495: Money And Marriage: Part 1 — Bringing Finances Together

497: Money And Marriage: Part 2 — Those Money Conversations

499: Money And Marriage: Part 3 — Dealing with Debt

501: Money And Marriage: Part 4 — Side Hustle

503: Money And Marriage: Part 5 — Planning for the Future

505: Money And Marriage: Part 6 — Estate Planning

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Other Resources:

3 Simple No-Cost Side Income Ideas Used to Earn an Extra $54,448 in Less than 3 Years

99 Side Hustle Business Ideas You Can Start Today

10 Questions to Ask Before You Start a Side Hustle

Position of the Month Club

Strategic Coaching Session with Alisa

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