In today’s economic climate, many Australians are feeling the pinch of high inflation and stagnant wage growth. As a result, more people are turning to side hustles to supplement their income and make ends meet. According to a survey by NAB, 44% of Australians were experiencing financial hardship at the end of 2023, the highest level since before the Covid-19 pandemic. This has led to a record number of Australians holding multiple jobs, with 955,600 people working multiple jobs in the September quarter of 2023, according to the Australian Bureau of Statistics.
Side hustles have become a popular way for individuals to generate extra income outside of their main source of employment. These part-time ventures can include freelance work, selling goods or services online, tutoring, dog walking, or sub-leasing a room. Side hustles are typically undertaken after hours or on weekends and are a way for individuals to be self-employed and pursue their passions.
One of the key factors in starting a successful side hustle is finding the right opportunity that aligns with your skills and interests. Whether it’s freelancing, pet minding, offering up your spare space, selling art online, or teaching English online, there are numerous options to explore. The goal is to find a side hustle that not only brings in extra income but also provides personal satisfaction and fulfillment.
When it comes to profitability, the most successful side hustles are often those that leverage a person’s skills and passions. With the right approach and dedication, it is possible to earn an extra $20,000 to $30,000 per year from a side hustle. The rise of the gig economy and digital tools have made it easier than ever to start and grow a side hustle.
However, it’s important to consider the pros and cons of having a side hustle. While the extra income can help achieve financial goals, it’s essential to balance the time and effort required with other aspects of life, such as spending time with family and friends and pursuing hobbies.
When it comes to taxes, it’s crucial to understand the implications of having multiple income streams. Each income source is usually tracked separately, but the total income earned will determine the tax liability. It’s important to declare all extra income and seek advice from an accountant to ensure compliance with tax regulations.
In conclusion, side hustles have become a popular way for Australians to make extra money and navigate the challenges of the current economic landscape. By finding the right opportunity, leveraging skills and passions, and understanding the tax implications, individuals can successfully start and grow a side hustle to supplement their income and achieve their financial goals.
