When it comes to personal finance, there’s plenty of advice out there to budget and control expenses. But I think it’s equally important to pursue multiple sources of income. Let’s face it, there’s a ton of benefits to having more than one income stream: security from a job loss, additional income to pay off debt or to save, opening the door for new opportunities, and so many more.
Frankly, I find that I just have difficulty saying “NO”. Combine that with the fact that I’m a complete busy body and a finance nerd and I can’t help but get my hands into a number of side hustles. Trust me, I’ve jumped into quite a few opportunities that haven’t panned out; but here are 4 side hustles that have paid off:
1. Construction Accountant/CFO
A friend of mine recently got out of the military and started a construction company in 2013. Initially, I was pretty apprehensive to take on the accounting and finance strategy for his budding business. Not only was it a fairly large commitment, I really had no experience in the construction industry.
I’m technically a contract CFO for the company and oversee all things financial. But the employment relationship is very informal. I get the payroll and tax filings done in a timely manner and handle the bookkeeping throughout the month on my time.
In the end, this has turned out to be a great opportunity. The income isn’t significant, there isn’t even a set pay schedule. I’m typically paid once jobs are completed depending on the profit margin. However the knowledge that I’ve gained is incredible. I had no idea all of the ins and outs of job costing, required filings, and accounting specifics for the construction industry.
Income: Ranges from $2,000 – $4,000 a year.
2. Adjunct Accounting Faculty
Back in 2012 I saw an opening for a part-time accounting faculty at the community college in my area. It was one of the few positions that didn’t require a Master’s degree as long as I had a CPA license.
With no prior teaching experience, I figured I didn’t have a great shot at landing the job. Luckily for me they recently had a resignation and really needed someone to step in on short notice. I was hired on a probationary period beginning fall quarter and I’ve never looked back. Since then, I’ve been teaching the Accounting 200 series (1 class each quarter).
Class is held twice a week for 2 hours, so it’s definitely not a passive income. But it’s an evening class which allows me to teach outside of my 9-5. The greatest benefit to me (besides the additional income) is that I’ve been able to improve my public speaking and coaching skills (which helps as a Manager). I’ve also discovered a big passion of mine and who knows? Maybe I’ll pursue teaching as a career.
Income: $3,100 per quarter x 3 quarters = $9,300 a year.
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