Podcast Summary
Managing finances effectively with Sharesight's investment dashboard: Sharesight's investment dashboard helps manage finances effectively by offering a comprehensive view of financial performance, including analyzed reports, dividend gains, and currency fluctuations for over 500,000 stocks, ETFs, and funds, and integrating with over 200 platforms.
Sharesight's investment dashboard is a game-changer for investors looking to manage their portfolio effectively. With support for over 500,000 stocks, ETFs, and funds, and integration with more than 200 platforms, Sharesight offers a comprehensive view of financial performance, including analyzed reports, dividend gains, and currency fluctuations. Plus, Sharesight's annual premium plan now comes with a special deal of four months free. For those looking to start a side hustle, understanding the reasons behind it is crucial. Many millennials turn to side hustles to accelerate savings, meet financial goals, and even pay off debt. Side hustles also align with the cultural expectation of working hard and hustling outside of traditional work hours. During today's episode of Girls That Invest, Saman Sonja and her guests discussed the reasons behind starting a side hustle and the importance of managing finances effectively. Whether you're just starting out or have been running a side hustle for a while, tools like Sharesight can help you stay on top of your financial performance and make informed decisions.
Redefining Success through Side Hustles: Identify personal strengths and turn them into profitable ventures for personal growth and financial gain.
Our generation is facing a growing pressure to work excessively hard, leading to an unhealthy obsession with constant productivity. This mindset, while necessary for meeting financial goals and paying off debts, can come at the cost of neglecting personal hobbies, relaxation, and family time. The concept of success is being redefined, and starting a side hustle at a young age can offer more flexibility, less responsibilities, and greater energy to take risks. When considering starting a side hustle, the first step is to identify personal strengths and leverage them to make a profit. For instance, a friend of mine, Naomi, turned her passion for making jewelry into a successful business while still maintaining her full-time job. Encouraging friends to explore their talents and turn them into profitable ventures can lead to personal growth and financial gain.
Showcase unique talents and turn them into profitable side businesses on social media: Identify niches, engage directly with potential customers, and build a loyal following on social media to monetize unique talents and grow personally and financially.
Social media platforms provide a valuable opportunity for individuals to showcase their unique talents and turn them into profitable side businesses. By identifying gaps in specific niches and addressing those needs, artists and creators can differentiate themselves and build a loyal following. The beauty of social media is that it allows for direct engagement with potential customers, fostering personal connections and credibility. So, whether you're into painting, ballet, or any other passion, consider sharing it on social media and discovering the potential it holds for both personal growth and financial prosperity. Remember, everyone has something unique to offer, and by embracing your niche, you can make a difference in the world and create a platform for yourself.
Exploring viable side hustle ideas: Believe in your ideas, gather feedback, identify gaps, and consider improving upon existing products or services. Not every hobby needs to be monetized.
Identifying a viable side hustle idea involves a combination of self-belief, market research, and identifying gaps in existing products or services. While it's important to believe in your own ideas, it's also beneficial to gather feedback from friends, family, and online reviews to gauge potential demand. Not every side hustle idea needs to be revolutionary; improving upon existing products or services can also be a successful approach. Lastly, it's important to remember that not every hobby or passion needs to be monetized. The goal is to find a balance between pursuing financial goals and maintaining the value of hobbies and interests for their own sake.
Choosing the Right Side Hustle for Balance: Balance personal hobbies and side hustles to avoid burnout. Opt for side hustles that can scale and generate income even when not actively engaged, such as social media brands or e-commerce businesses. Use tools like tap to pay on iPhone to streamline operations and enable contactless payments.
It's essential to have hobbies and side hustles for personal enjoyment, but it's important to choose ones that don't consume all your time and energy. The speaker shares her experience of neglecting digital art due to focusing too much on a side hustle. She suggests creating a brand on social media, e-commerce, or part-time jobs as potential side hustles. However, she advises against choosing side hustles that require equal time for the income earned. Instead, opt for those that can scale and generate income even when not actively engaged. The speaker also introduces tap to pay on iPhone powered by Stripe as a game-changer for businesses, enabling seamless contactless payments and quick setup. Overall, the discussion emphasizes the importance of balancing personal interests and work commitments while exploring opportunities for additional income.
Online transcribing as a profitable side hustle: Excellent typists can earn substantial income through transcribing audio or video content for clients using platforms like Rev, despite it not being passive income.
Online transcribing, specifically through the company Rev, can be a profitable side hustle for those with excellent typing skills and the willingness to put in a significant amount of time. This method involves transcribing audio or video content into text for various clients, with longer projects yielding higher earnings. Although it's not passive income, it can generate substantial revenue, particularly for those looking to save money or earn extra income. Rev is a popular and reputable platform for this work, although there may be other companies offering similar opportunities. The process involves taking tests to become certified and applying for projects or having them assigned to you. While it can be time-consuming, the potential rewards make it worthwhile for those who excel in this skill. However, the availability of work can vary, with some periods offering an abundance of projects and others experiencing a scarcity. Overall, online transcribing is a viable side hustle for those seeking a flexible income stream and possessing strong typing abilities.
From hobby to significant platform: The Indian Feminist: Identify skills and passions to find success in starting a side hustle. Demonstrate previous work or experience for virtual assistant jobs.
Starting a side hustle can begin as a fun hobby and then evolve into something more serious. The speaker shared her experiences of starting an online platform for South Asian men and women called The Indian Feminist, which started as a hobby and grew into a significant platform. Another side hustle she mentioned was being a virtual assistant, which requires organization skills and can be a good fit for those who enjoy it. However, formal qualifications may be necessary for some clients. The speaker emphasized that demonstrating previous work or experience is crucial for securing virtual assistant jobs. She also mentioned that some online courses can be beneficial if they are taught by credible sources, but learning as you go can also be an effective approach. Overall, the key takeaway is that starting a side hustle can be a rewarding experience, and it's essential to identify your skills and passions to find success.
Starting a brand from your bedroom: Create a business plan, decide business structure, protect intellectual property for a successful bedroom brand
Starting a brand or business from your bedroom with a laptop and a stylus can lead to amazing outcomes. The speaker's personal experience of creating an Indian feminist community on social media and turning it into a successful brand, with 250,000 followers and merchandise sales, is a testament to this. However, the legal side of things can be daunting for many, putting them off from getting started. To help, the speaker advises creating a business plan, which will help clarify the purpose and direction of your brand. You also need to decide whether you will be a sole trader or employ people. In New Zealand, it's best to start off as a sole trader, as you don't need to register a company or get a NZBN number right away. Lastly, protecting your intellectual property is important to consider, especially if your brand name is unique and important to you. Overall, with passion, hard work, and the right planning, turning a small idea into a successful brand is possible.
Understanding Taxes in New Zealand for Your Business: Declare income through IR3 form, write off expenses, consider income tax and GST, add 15% tax for GST registration, consult a tax specialist for personalized advice.
Identifying your niche, understanding your competitors, and knowing what problem you're trying to solve are crucial elements for the success of your business or side hustle. Regarding taxes, it's essential to be aware of the tax requirements in your country. In New Zealand, for instance, you need to fill out an IR3 form to declare your income and write off eligible expenses at the end of the financial year. There are two types of taxes to consider: income tax and Goods and Services Tax (GST). Income tax is declared through the IR3 form, and it's important to be honest. GST applies if you plan to make over $60,000 in profit in a year, and you need to add 15% tax to your products or services or pay it from your profit. By understanding these basics, you can ensure you're complying with tax laws and potentially minimizing your tax liability. However, it's essential to note that this information is not exhaustive, and it's always a good idea to consult a tax specialist or agent for personalized advice.
Understanding the Legal Aspects of Starting a Side Hustle: Research and seek professional advice to ensure legal compliance when starting a side hustle.
Starting a side hustle can be a rewarding experience, but it's important to do your research and seek professional advice when needed. The government provides helpful resources for getting started, and it's crucial to understand the legal aspects of your business. Side hustles can be driven by passions and skills, but it's essential to balance enjoyment with practicality. Girls That Invest encourages exploration and learning, but we do not provide personalized investment advice. Always do your research and use your due diligence before making any financial decisions. Overall, starting a side hustle requires dedication, research, and a solid understanding of the legal landscape. Seek advice when necessary, and remember that the journey can be as enjoyable as the destination.
