Latest news with #sidehustle
Telegraph
5 hours ago
- Business
- Telegraph
‘I'm 20 and have three jobs. How can I make my side hustle pay more than investing?'
Receive free, personalised tips on how to improve your financial situation, for free. Here's how to apply Ella Coombs understood how to make and save money at a younger age than most. When she was 11, she was given a debit card and learnt to save her pocket money for bigger, important purchases. Four years later, she started working part-time after school and on the weekends. Now, at the age of 20, she holds down three jobs. Her main salary – £18,000 – comes from being a full-time manager at an RSPCA charity shop in her home town of Rugby. It's a job that she loves – so much so she spends another day each week working at a different charity shop, Air Ambulance. This earns her £350 a month. But what makes Ms Coombs stand out is the thousands she has earned from her side hustles. She has made nearly £10,000 pre-tax in the past 18 months selling clothes on Vinted, Depop and eBay. As she is working three jobs while living rent-free at her parents' house, Ms Coombs finds herself in a strong financial position. But unlike many 20-somethings, she is not saving to get on the property ladder, but to open her own business. Her side hustle started as an attempt to clear out unwanted clothes, but she soon realised that she had an eye for selling. Now, she buys from wholesales in bulk to sell on at a profit. It provides Ms Coombs with a level of disposable income that her generation is often missing out on, she explains. It means she can afford to go on holiday and to festivals, or get her hair and nails done without worry. To ensure her side hustle is profitable, Ms Coombs has set up a separate bank account to keep track of her income and outgoings. Apart from the odd treat for herself, she uses her earnings to buy more stock. She wants to start saving more of her money for setting up a shop, but she isn't sure whether a savings account or investing her income is the better option. Her boyfriend has started investing and has encouraged her to do the same, but Ms Coombs wants to keep her money accessible as she takes steps towards starting a business. When she can, she transfers £100 a month into a savings account, but admits this isn't as regular as she would like. A self-professed worrier, she doesn't want to gamble with her money. She wants to learn more about investing and growing her money, but between her three jobs, doesn't feel she has the time. Once she has reached the six-month mark in her current role at the RSPCA shop, she will be enrolled on to a workplace pension for the first time. With an immediate goal of saving to establish her own business, rather than the longer-term focus of a mortgage or pension, she is wondering what to do with her hard-earned side hustle cash. Laith Khalaf, head of investment analysis at AJ Bell The fundamental question Ms Coombs needs to tackle is whether to invest spare cash in her side hustle, or stash it in mainstream financial products. Certainly, it looks like her sales activity has been extremely profitable, to a greater degree than holding money in a savings account would have been. Reinvesting profits in more stock therefore makes some financial sense, but it would be a good idea to also syphon some of the money into an account for a rainy day fund, just in case. Probably the first port of call is a cash Isa or a savings account. A cash Isa will protect you from tax, but because Ms Coombs is a basic rate taxpayer, she wouldn't be liable on the first £1,000 of interest from a standard savings account either. As such, she should be driven by whatever gives her the best rate. If the rates available on cash Isas and savings accounts are the same, I'd go for the cash Isa, because tax protection is built into the account, whereas the continuation of the personal savings allowance relies on the Government not withdrawing or reducing it from £1,000. A lifetime Isa might be a consideration if Ms Coombs were saving for a house deposit, as this has an extra top up from the Government. However, it also has restrictions on when you can draw on it, and so isn't appropriate in her case, as she wants easy access to her savings. If that changes, a lifetime Isa might come into play. It's also definitely a good idea to contribute to a workplace pension when it becomes available. The extra money added in from the Government in tax relief and her employer in contributions is simply too valuable to turn down. I hear Ms Coombs' concerns about investing, and at the moment, her financial situation doesn't require it (apart from into a pension), but I think it is worth building up some knowledge in this area because it can seriously increase your wealth over time, especially if you start at a young age. The things you learn from investing also overlap with running a business, so there are skills and knowledge which can be used in both activities. Shaz Bishop, wealth manager at RBC Brewin Dolphin Ms Coombs should review her monthly income and spending and use the surplus money towards future goals, and there are plenty of budgeting apps available that could be used to help with this. She should look to build her emergency funds – it's generally considered wise to have around six months' worth of essential expenditure in an easy-access savings account. For savings, she could consider a cash Isa. Like everyone, Ms Coombs has an annual allowance of £20,000 for this tax year. She could consider an instant access cash Isa to prevent her money being locked away, and there are many available with no withdrawal penalties. These can be switched to an investment option at a later point if deemed suitable. To grow or hold some of her income, she could use an ordinary savings account. These are generally instant access savings accounts with no minimum or maximum limits, and no penalties on the withdrawals. These are good for the short term, and as Ms Coombs is a basic rate taxpayer, she can earn up to £1,000 in savings interest each year by utilising her personal savings allowance. When considering investing, we would need to establish when Ms Coombs would like to set up her own business. If this is within the next five years, she would require funds to be accessible and secure. Investments would potentially be considered appropriate once she has suitable emergency funds, sufficient capital to meet any planned expenditure over the next five years and importantly whether she can accept market fluctuations. If possible, Ms Coombs should aim to contribute at least the minimum amount required to receive her matching employer contribution in her workplace pension. This is essentially additional money from her employer, on which she would receive tax relief from the Government.
Yahoo
16 hours ago
- Business
- Yahoo
Single mum claws out of $25,000 debt with 'easy' side hustle anyone can do: 'Up to $1,000 a week'
A Sydney mum has shared how she worked 12-hour days to claw her way out of $25,000 in personal loan debt. More Australians are working multiple jobs to cope with the rising cost of living or try and get on top of their finances in the current economic climate. Aurely Duron works full-time as a distribution worker in Kingswood and has been working a second job as a DoorDash driver for the last three years. The 43-year-old mum of two told Yahoo Finance she decided to start the side hustle as a way to pay off her debt and help with her family's everyday expenses. 'During the week, I used to do four hours in the morning before I started my [eight-hour] shift and then on my weekends it was about six to seven hours,' she said. 'When you are a single mum, you have to do what you have to do for your kids.' RELATED Aussie mum breaks debt 'taboo' to reveal how she clawed out of $3,000 Afterpay spiral ANZ hikes home loan interest rates in 'surprise' move ahead of RBA cash rate meeting $65,000 property warning as Aussies set to flood market Duron said she had taken out a $25,000 personal loan after her marriage ended, which had a high 12 per cent interest rate. Keen to pay it off as quickly as possible, Duron said she spent a year working 12-hour days, plus taking on extra work on the weekend, and funnelled all the extra money she earned through DoorDash to paying off the loan. 'I pretty much did that the whole year to focus on becoming debt-free and to ensure that I didn't have anything anymore to pay off,' she said. Duron said she was earning between $500 and $1,000 a week doing DoorDash deliveries, and this meant she was able to pay off her loan in a year. 'It is very easy. It is flexible and you can choose the times that you want to work,' she said. 'For what you are doing, the pay is very good.' DoorDash drivers' average earnings will vary, with Indeed finding average earnings were about $26.02 per hour in Australia. Duron said it was a big relief to get rid of her debt and meant she was now able to pull back on her hours and had more time to spend with her kids, aged 23 and 8. More Aussies working multiple jobs Thousands of Aussies are now working multiple jobs. The latest Australian Bureau of Statistics data found there were 963,100 multiple job holders in March, or 6.5 per cent of employed people. This is higher than the 5 per cent seen before the pandemic. SEEK senior economist Blair Chapman said the rise in cost-of-living pressures from inflation meant more Aussies needed to take on extra work. 'We've really seen cost-of-living, especially for employee households, increase quite a lot over the last couple of years,' he said. 'If you've got a mortgage, those repayments have increased quite a bit over the last couple of years so I suspect people have sought a second job just to reach the higher cost of living recently.' Duron said she was seeing more people working multiple jobs, particularly in the current cost-of-living crisis. Her biggest expenses at the moment are rent and the cost of groceries, both of which have been increasing. 'Everything is going up,' she said. 'Especially when you live by yourself, you need to work at least two jobs for you to be able to support yourself.' Aussie now planning to buy first home Since paying off her debt, Duron said she is putting the extra money she makes from her side hustle into travelling with her family and saving up for her first home. She now spends about four hours on the weekends doing DoorDash, which she said netted her about $250 a week. The family travelled to Bordeaux for a holiday last year and will be going to Japan at the end of the month, where her gradmother is from. 'Now I'm looking for a house to buy and hopefully I get there shortly,' she in retrieving data Sign in to access your portfolio Error in retrieving data
Entrepreneur
2 days ago
- Business
- Entrepreneur
Walmart Employee's 'Magic' Side Hustle Surpasses $1 Million
This Side Hustle Spotlight Q&A features 35-year-old New York City-based entrepreneur Mehek Khera. Khera is the founder and CEO of Niramaya Foods, a snack brand "rooted in wellness and inspired by Indian heritage." At the age of 24, Khera left New Delhi, India and immigrated to the U.S., where she landed a job at Walmart. Then burnout and health issues motivated her to start a health-forward side hustle. Niramaya is hitting $1 million in revenue for the first time in 2025. Learn how Khera transformed Niramaya into the successful business behind Naan pretzels and dips, here. Responses have been edited for length and clarity. Image Credit: Niramaya Foods. Mehek Khera. Want to read more stories like this? Subscribe to Money Makers, our free newsletter packed with creative side hustle ideas and successful strategies. Sign up here. What was your day job or primary occupation when you started your side hustle? I was working in retail at Walmart ecommerce, managing the category and supply chain for beauty and apparel. It was fast-paced, high-pressure and fulfilling in many ways — but over time, the long hours, lack of real food and stress began to take a toll on my body and mind. Related: This 26-Year-Old's Side Hustle Turned Full-Time Business Led to $100,000 in 2.5 Months and Is On Track for $2.5 Million in 2025 When did you start your side hustle, and where did you find the inspiration for it? Niramaya began to form in 2020, during a season of burnout and health struggles. I was dealing with chronic, undiagnosed autoimmune conditions and couldn't find answers. I left my job and turned to nutrition school — and through that, rediscovered the healing power of the foods I grew up with: vibrant dals, functional spices, sabzis made from fresh vegetables. I realized those recipes, passed down through generations, were medicine in themselves, and yet, I couldn't find them on any shelf in a way that felt clean, convenient or modern. That gap between culture and convenience, tradition and today, became the foundation for Niramaya. What were some of the first steps you took to get your side hustle off the ground? How much money/investment did it take to launch? I started in my kitchen, playing with recipes, taking feedback seriously and testing early versions at local markets. I knew I couldn't do this casually, so I saved up about $50,000 over two years to afford the minimum order quantities for our first co-manufacturer. I researched tirelessly, made hundreds of phone calls and eventually found a partner that aligned with our mission. We developed early packaging, launched a small website and put real products into people's hands. That's when the magic started. Related: This 29-Year-Old's Side Hustle Brought People 'to the Dark Green Side.' It Made $10,000 Within 2 Days and Sees 6 Figures a Month. Image Credit: Courtesy of Niramaya Foods Are there any free or paid resources that were especially helpful? Founder networks like Startup CPG, Naturally Network and SKU Accelerator made a world of difference. Slack groups for CPG founders were fast, brutally honest and incredibly supportive. On the tools side: Notion for tracking everything, Canva for design, QuickBooks for finances. But the most valuable resource by far? Talking to consumers face-to-face during demos. No software can replace that. If you could go back and change one process or approach, what would it be? I wouldn't change the path — every challenge taught me something I needed. But I would better prepare for the sheer resource drain. Budget twice the money and give yourself twice the time. Everything takes longer and costs more than you think — and that's not a flaw: It's just the nature of the game. Related: They Started a Side Hustle Producing an 'Obvious' Food Item. It Hit $300,000 Monthly Revenue Fast — On Track for Over $20 Million in 2025. What's something about this side hustle turned business that surprised or challenged you the most? How capital-intensive retail really is. Getting onto shelves is just the start — then comes the real work of driving velocity, educating the shopper and staying top-of-mind. Another challenge was re-educating people about Indian food. So many assume it's just "heavy curry." But our cuisine is so much more: vibrant, clean, gut-friendly, plant-forward. Translating that truth through packaging, product and language has been both a challenge and a privilege. Can you recall a specific moment when something went wrong — how did you handle it? At one of our early retail partners, our dips were priced too high and placed on the very top shelf — almost invisible to the consumer. Rather than panic, I calmly reached out to the buyer with sales data and shelf psychology insights and offered to support with demos and social posts if they would consider revisiting price and placement. They agreed. That moment reminded me that being proactive, respectful and solutions-oriented goes a long way in retail. Image Credit: Courtesy of Niramaya Foods How long did it take to see consistent revenue? We started seeing steady traction around nine months in. We began with smaller independents, a few regional stores and a lot of in-person events. It was grassroots, but it taught me how to listen, adapt and scale responsibly. What does growth and revenue look like today? Today, Niramaya is available in over 1,200 retail doors across the country, including Sprouts, Albertsons and a strong base of New York City independents. This will be our first year in seven figures. We're launching new SKUs and doubling down on retailers who believe in what we're building. What do you enjoy most about running this business? The deep creative satisfaction of building something that feels true and seeing it touch people. When someone says, "I've never tasted anything so clean and bold at once," I know we're doing something meaningful. We're not just selling food: We're shifting the perception of Indian flavors and bringing more people into the fold. Related: Tired of 'Culturally Obtuse' Products, This 27-Year-Old Took His Side Hustle From $1,000 a Month to 7-Figure Revenue: 'Pick the Right Opportunity to Pursue' What's your best piece of specific, actionable business advice? Start before you feel "ready." But don't build in a bubble. Get feedback constantly, especially from your customers. Stay lean. Build trust with your partners. Don't be afraid to ask dumb questions. And remember — relationships will carry you farther than any marketing campaign. Be generous, be honest and follow through. Ready to break through your revenue ceiling? Join us at Level Up, a conference for ambitious business leaders to unlock new growth opportunities.
Forbes
2 days ago
- Business
- Forbes
5 Passive Income Streams You Can Start Today With Little To No Money
Passive income is one of the best and smartest ways to build wealth, especially if you are trying to break free from trading time for money. And the best part is that you do not need a big budget to get started. Whether you are growing a side hustle, planning your exit from corporate life, or simply looking for a way to make your money work harder for you, there are accessible ways to start earning money passively. Let's explore the income streams that you can launch with little to no money upfront. These are not 'get rich quick' schemes; they are real, sustainable paths to building long-term income and financial independence. Here are five passive income streams to consider: Affiliate marketing is one of the easiest passive income streams to start, especially if you already have an audience. You simply promote products or services you genuinely like and earn a commission every time someone purchases that product through your unique link. Whether you share recommendations on social media, through an email newsletter, or through a blog, affiliate marketing lets you monetize your influence without creating a product of your own. These are a low-risk way to turn your creativity into passive income. You can design T-shirts, mugs, journals, tote bags – whatever fits into your niche. You then upload those designs into platforms like Printful and whenever someone places an order, the product is then printed and shipped automatically, without you ever having to deal with inventory or shipping. It's a great option if you want to start a product-based business without upfront costs. To create and sell digital products to make passive income is a great way to sell products around the clock without having to hold physical inventory. Think ebooks, downloadable templates, checklists, planners, or basically anything that helps solve someone's problem or saves them time. Platforms like Etsy make it easy to list and sell your products with no overhead. Once created, your digital product can keep making money for you on repeat. Selling these types of courses and workshops allows you to turn what you know into a passive income stream. Whether you teach business skills, marketing, design, or even parenting hacks, there's someone out there who needs to learn what you know and will pay for it. With free or low-cost platforms like Teachable, you can record your course once and sell it repeatedly. To start making money without creating anything new, you can look around your house and find items to rent, whether it's a spare room, space in a shed, camera gear, tools, and so much more. You can turn underused assets into money makers. This strategy is ideal if you're not ready to build a business but want to make money using what is already available to you. These are all great ideas but remember, you need to find people to sell your products to so that you can make money. Making money through passive income in these ways isn't easy, but it's doable. And a bonus tip for you is once you get started one of these ideas, you get it working and are selling and making money, then stack another one of these ideas on. Over time, having multiple sources of passive income will create more financial stability and greater earnings potential. Diversification is an important aspect of building wealth. The bottom line is that passive income is one of the most empowering ways to build wealth. These ideas are great ways to start, especially if you have little to no money to invest in getting started. The ideas is to create a steady flow of income that supports you and your long-term goals. Start small, stay consistent, and remember that the key is progress, not perfection.
The Sun
2 days ago
- Business
- The Sun
I started side hustling to pay for a family holiday but it went so well I've quit my job & now earn £6.3k a month
A MUM who began side hustling to pay for a family holiday, has revealed that she's now quit her regular job and is cashing in £6.3k a month. Amy Baldwin, 38, who calls herself @thehustlemumma revealed that she began side hustling around 14 months ago to save up for a family trip. 2 2 "It very quickly became clear to me that I could make this my full time job", she revealed in a video posted to her TikTok channel. "So that's what I did." The mum-of-three, from Hastings, quit her job as nurse, and now spends her time hustling from home. Not only was the busy mum able to pay for a fab holiday, she also used her side hustle income to pay for a garage conversion and is now working towards paying for a studio in the garden. She made a whopping £6300 in July, from 11 separate income streams, and has shared exactly where her cash has come from. Rover Amy made a humble £31.88 from pet sitting site Rover, which she received for having one pet stay over for the night. "You do need to look at licensing laws in your area", she advised anyone thinking of using the site to make cash. Top Cashback If you sign up to a cashback site, brands will pay the site when you shop with them, which will then get paid back to you as cashback. You can also make money from referrals, and Amy made £35 last month from one referral. Cashback Amy made £65.65 from another site called Cashback, which pays people for doing things like surveys, trials and games. I earn cash by selling 'actual rubbish' on eBay - I flogged a freebie I found on the floor by a bin for £10, it's crazy "You can make videos on TikTok and I think you get like £200 for that", she said. TikTok creator fund Last month, Amy made £97 from making videos on her TikTok channel. "It's my lowest ever month, but its still the best part of £100, so I am not sniffing at it", she said. eBay The busy mum made £211.59 from flogging bits and bobs on eBay in July. Do I need to pay tax on my side hustle income? MANY people feeling strapped for cash are boosting their bank balance with a side hustle. The good news is, there are plenty of simple ways to earn some additional income - but you need to know the rules. When you're employed the company you work for takes the tax from your earnings and pays HMRC so you don't have to. But anyone earning extra cash, for example from selling things online or dog walking, may have to do it themselves. Stephen Moor, head of employment at law firm Ashfords, said: "Caution should be taken if you're earning an additional income, as this is likely to be taxable. "The side hustle could be treated as taxable trading income, which can include providing services or selling products." You can make a gross income of up to £1,000 a year tax-free via the trading allowance, but over this and you'll usually need to pay tax. Stephen added: "You need to register for a self-assessment at HMRC to ensure you are paying the correct amount of tax. "The applicable tax bands and the amount of tax you need to pay will depend on your income." If you fail to file a tax return you could end up with a surprise bill from HMRC later on asking you to pay the tax you owe - plus extra fees on top. Etsy Amy has her own jewellery shop on Etsy, and made £241 from sales last month. Hosting international students The savvy saver and her family host international students and currently have two boys from Germany staying with them Monday to Friday. "We have had two sets of students this month, and it has brought us in £280", she said. Vinted Amy said that she hasn't used Vinted much lately, but was still able to cash in £285 from selling old clothes. Custard The final cashback site that Amy makes money from is called Custard, and also pays you for doing games and surveys. She revealed that you also get £5 everytime somebody you have referred to the site cashes out £10. The side hustling whizz was able to make a whopping £315 from Custard last month. Digital products Amy's second biggest earner is from selling digital products, which refers to anything that you can buy in digital form, such as an online course or guide. She makes money from selling a financial guide, and will soon be selling The Hustle Mumma Blueprint. "It's literally the blueprint to every side hustle that I do", she said. Digital products brought in £451.65 for Amy last month. Live selling By far Amy's biggest earner, live selling made her £4316. Tilt is a live auction selling app where customers bid on items in real-time, kind of like an in person auction. Amy sells clothes using the app, and also gets money from referrals. "Tilt has literally changed my life", she said.
