Side Hustles: Legit Ways to Make Extra Money at Home

The panel included Rod Griffin: Director of Consumer Education and Awareness at Experian; Forbes Advisor; Beverly Harzog: Credit Card Expert and Consumer Finance Analyst for U.S. News; Lynn Richardson: Celebrity Financial Expert & TV/Radio Personality; Gili Malinksy: Reporter at CNBC & Acorns’ Grow; Daniella Flores: Creator and Author at iliketodabble.com; Nisiar Smith: CEO, Founder of The People’s Innovation Movement; Hilary Hill: Online Business Coach; Molly Ford-Coates: Founder, Ford Financial Management; Jennifer Salter, Blogger & Creative Entrepreneur; Kia Commodore, Personal Finance Guru; Steve Ash: Content Writer and author of Going Freelance: Building Work Around Your Life; and Roger Ma: Financial Planner at LifeLaidOut and author of Work Your Money, Not Your Life.

Questions we discussed:

• Q1: Why should you consider a side hustle?
• Q2: What are some questions to ask yourself before you pursue a side hustle?
• Q3: What are some skills that can be turned into a side hustle?
• Q4: What are some side hustles that can boost your income during this quarantine?
• Q5: How do you stay motivated to work on your side hustle?
• Q6: How do you balance your side hustle with other commitments?
• Q7: What are some common challenges to starting a side hustle?
• Q8: What are some mistakes to avoid with a side hustle?
• Q9: What are some signs you should take your side hustle full-time?
• Q10: Any final tips on making extra money at home with a side hustle?

Retweet these insights from our community:

A1: Side hustles bring in extra money for savings that can get you through tight financial times. #creditchat

— Rod Griffin (@Rod_Griffin) May 20, 2020

A2. Before starting a side hustle, you should figure out how much time you have to dedicate to it. You should research the cost of the initial investment for your side hustle (start small so you can test the waters). #CreditChat

— Christina Roman (@Teena_LaRo) May 20, 2020

Q3. A2: Ask yourself this – What am I good at and would do EVEN IF I wasn’t getting paid? It’s easier to monetize and stay focused on something that you already love doing! #creditchat

— Busy Being Jennifer (@BusyBeingJenn) May 20, 2020

A4: Some side hustles that can boost your income during quarantine include selling services. For example, if you are good at a skill such as math, english, social media, or programming, you can teach and tutor someone else! #CreditChat

— Angel Trinh | 7 Continents (@pnywisetraveler) May 20, 2020

A5: Once the 💵💵💵 starts flowing, I think that’s the best motivation to keep your side hustle going. Many have lost their job during #COVID19 so a side job can become your main source of income. #CreditChat

— Paulina Likos (@Paulina_Likos) May 20, 2020

A6: Balancing a side hustle in your life comes with serious time management. It’s possible to have a 9-5 and one or two side gigs but in order to get enough out of them you should be mindful of how much effort and time you put in. #CreditChat

— Paulina Likos (@Paulina_Likos) May 20, 2020

A7: If you’re fully committed to your side hustle, it might mean passing on some fun nights out with friends or more. It’ll seem like a sacrifice in the heat of the moment, but it pays off in the end. Think of your side hustle as a marathon, not a sprint. #CreditChat

— Financial Beginnings USA (@finbeg) May 20, 2020

A8: Make sure to prioritize work/life balance so you don’t burn out. Also, don’t let your side hustle distract you from your full time job if your full time job is paying your bills! #creditchat

— Ashley Jacobs (@collegecents) May 20, 2020

A9: If your side-hustle earns nearly as much as your full-time job your side-hustle should become a profession. Put some safeguards in place i.e. savings, reduced debt, etc. and go for it!#CreditChat

— Roslyn Lash, AFC® (@RosLash) May 20, 2020

A10: If you are going to add a side gig to your financial plan, stay organized, familiarize yourself with gig economy tax laws, and, above all, don’t be afraid to ask questions or for help along the way. #CreditChats https://t.co/jxOurEzOPz

— Forbes Advisor (@ForbesAdvisor) May 20, 2020