🥊 Inflation Busters: Top Side Hustles to Boost Income

Read Time: 3 minutes 26 seconds

Welcome to this week’s Cashflow Chronicles subscribers edition!

I'm back with another rip-roarin' edition of our newsletter, where we explore the wonderful world of entrepreneurship in the Great White North.

This week, we're diving into side hustles, perfect for those looking to build wealth and beat inflation. New data shows 41 percent of Canadians plan to earn more money outside their day job to protect their earnings.

Get ready to learn about 9 side hustle ideas that will help you outrun inflation, balancing a 9-5 with a side gig, and the oh-so-important task of paying those pesky taxes on your side hustle earnings.

Let's get the show on the road!

Business & Finance

Inflate Your Income: 9 Side Hustles to Crush Rising Prices

Feeling the pinch of rising prices? You're not alone! Discover nine fantastic side hustles that cater to a variety of skills and interests.

In this guide, we'll explore side gigs tailored just for you, covering everything from virtual assistance to gardening. Let's dive in and see how you can turn your talents into extra cash!

Virtual assistance (Potential earnings: $15-30 p/hr) Help busy professionals manage their schedules and complete administrative tasks. Become an invaluable support system by ensuring their daily operations run smoother than maple syrup. Check out this free video training from Abbey Ashley.

Pet sitting or dog walking (Potential earnings: $15-30 p/walk). Offer your services to busy pet owners needing extra help. Provide loving care and companionship to furry friends while giving their owners peace of mind during their absence. To get started, try rover.com

Online Tutoring (Potential earnings: $20-50 p/hr). Share your smarts and passion through online tutoring platforms or private sessions. Help students overcome challenges and achieve academic success. WzyAnt and BookNook are popular platforms to use.

Sports Coaching (Potential earnings: $20-60 p/hr). Share your athletic expertise by coaching a local sports team or offering one-on-one training sessions. Help individuals improve their technique, achieve their fitness goals, and enjoy the benefits of an active lifestyle.

Social Media Management (Potential earning: $20-60 p/hr). Help businesses grow their online presence by managing their social media accounts. Develop engaging content, interact with followers, and create strategic campaigns that drive results. For this you’ll need to reach out to small and medium businesses who need this type of service.

Graphic design (Potential earning: $25-75 p/hr) Create eye-catching visuals for businesses, events, or personal projects. Produce designs that capture attention and convey the desired message. Win work on sites such as Crowdspring and DesignCrowd.

Cleaning Airbnb properties (Potential earning: $20-40 p/hr). This is perfect if you like to work on your own and enjoy listening to music or podcasts! I got this idea after someone posted in the r/PersonalFinanceCanada on Reddit which is an excellent resource for money hacks.

Home organization (Potential earning: $30-80 p/hr). Offer your organization skills to help clients declutter and optimize their living spaces. Transform chaotic rooms into functional, pleasing environments that enhance their daily lives. Some creative local marketing like leaflets could work wonders.

Gardening and landscaping service. Create and maintain beautiful outdoor spaces by cutting lawns, planting flowers, and trimming hedges. Potential earnings: $25 to $50 per hour, depending on location and scope of services. Again start local and build it up.

To wrap it up, we've explored nine side hustles that are perfect for boosting your income in these wallet-squeezing times. Check out this article if you want even more ideas and inspiration!

Whether you're a virtual superhero or a gardening guru, there's a gig for you to rake in some extra dough.

So, tap into your inner hustler, and who knows? You might even have a little fun along the way. Here's to turning your passions into profit and crushing those pesky rising prices.

Work-life balance tips

Double Duty: Mastering the Art of Juggling a Full-Time Job and a Side Hustle

Remember our side hustle superstar, Conrad, from last week's article?

He managed to grow his side gig to an incredible $200K per year without losing his cool!

So, how can you channel your inner Conrad and achieve side hustle success without feeling like you're juggling flaming torches? Here's the lowdown:

» Set clear goals and priorities for both your full-time job and side hustle. Determine what you want to achieve in both areas of your life and create a roadmap to reach those goals.

» Master the art of time management by carving out dedicated side hustle time in your schedule. Make sure to leave room for work, rest, and those oh-so-important self-care moments (hello, summer bbq’s and Netflix binge-watching!).

» Break tasks into delicious bite-sized pieces, and track your progress using productivity apps like Trello or Todoist. Think of these apps as your trusty sidekicks, always ready to help you stay on top of things.

» Learn the ancient wisdom of saying "no" to non-essential commitments. By doing this, you'll preserve your energy for what truly matters – like absolutely crushing those side hustle goals!

» Delegate or outsource tasks like a pro whenever possible. Sites like Fiverr and Upwork are perfect for this. Unleash your inner boss, and let others handle tasks that you don't necessarily need to do yourself. This will free up more time for you to focus on the big picture.

Follow these productivity tips, and before you know it, your side hustle might well turn into something bigger.

And who knows? Maybe one day, we'll be writing an article about your incredible journey.

Speaking of which if you would like to be featured in the newsletter, please reply and let us know. We’re always on the lookout for business success stories in Canada, no matter how big or small!

Building A Real Business

Taxing Matters: Don't Let Your Side Hustle Lead to a Tax Headache

There’s been a few articles in the news lately about Canadians not paying tax on their side hustles, like this one and this one. 

Earning extra cash from a side hustle is great, but don't forget to set aside money for taxes.

If you’re planning on building even a side business, then you need to treat it like a business.

Not paying taxes on your side hustle income can lead to trouble and stress down the line, which honestly is not worth it. To avoid this, follow these tips:

1. Research and understand the tax laws and requirements for side hustles in Canada.

2. Open a separate bank account to save a portion of your side hustle earnings for tax purposes.

3. Keep track of accurate records of your income and expenses for easy tax filing. An easy way to do this is to run everything through one account which can be easily synced with bookkeeping software.

That’s all folks! I hope you enjoyed this week's edition of Cashflow Chronicles, packed with side hustle insights and tips. Remember, side hustles can be a great way to build wealth and beat inflation.

Keep exploring new opportunities and persist in your efforts to achieve financial success. As you embark on your side hustle journey, remember that with dedication and hard work, the sky's the limit.

QUOTE OF THE DAY

This insightful quote highlights the profound connection between happiness and success.

It emphasizes that chasing success alone won't guarantee happiness. Instead, when you truly love what you're doing and find happiness in your pursuits, you're more likely to achieve success.

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