By Tommy Wyher
The only option for those wanting extra income was to pick up a part-time job or ask for extra shifts at their current place of employment. Both of these require long hours as well as commutes but these are no longer the only options. Online side gigs are readily available to help a person earn regardless of their skill level. Obviously, those with more valuable skills like that of web design or copywriting will earn more per hour or project. Data entry and virtual assistants can be great for those that are proficient at typing or organization. Below will be a few tips to help find freelance work as well as how to grow your side gig.
Upwork And Other Freelancer Platforms
Upwork and other freelancer platforms are full of businesses that need projects done and hourly jobs filled. A reliable freelancer is sure to find consistent work especially if they value their skills appropriately. These platforms also protect the freelancer as some companies are notorious for not paying freelancers in a timely manner or at all. These will take a fee but these fees drop the longer that you work with a specific client.
Create A Distraction-Free Working Environment
A home office with a full body massage chair offers comfort after a long day in the office. This can allow you to work in comfort while you are completing projects or tasks for your clients. A home office is essential as you want to work efficiently as possible to avoid burnout from excessively long hours. For those that think they can work in the kitchen with a large family could not be more wrong. Kids as well as pets and significant others can hamper your productivity for the day. You only earn as much as you work when you are freelancing so putting in hours is more important than at a salaried job where you are paid the same regardless of production.
Put Money Aside For Taxes
The last thing that you want is to spend all of the extra money that is earned as you will have to pay taxes on it. This can lead you to owe thousands when you file your taxes and the last entity you want to owe money to is the IRS. After a few months you will know how much to put aside especially if you stabilize your supplementary income. Saving around 20 to 25 percent of the income made will allow you to safely pay off your taxes in most cases.
Pay Off Current Debts Immediately
Paying off current debts can relieve you of a lot of stress. Paying off the most outstanding or highest interest percentage loans should be the plan of action. If you have nothing besides a mortgage putting a few hundred dollars extra towards this per month will knock years off of the loan’s duration. Put together a debt payment strategy so you can see how long your side gig will take to knock out each. Using this as motivation can be a great tactic as it can be easy to log off of your computer instead of finish that last hour or two of work.
Understanding that you can completely change your financial health with a side gig can motivate you to maximize your income. Retiring early due to investing this money or paying off debts can be the ultimate benefit.
Tommy Wyher is an author and business consultant from Tampa Florida. He specializes in productivity as well as marketing.
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