First Financial Financial Strategies

Side Gig: The Essential Guide

Woman waving hands in the air. How to Supplement Your Income With A Side Gig.

How to Supplement Your Income With A Side Gig: The Essential Guide

In today’s side gig economy, many people are looking for ways to make extra money on the side or to replace the income they’ve lost due to being laid off or underemployed. After all, unemployment rates are at an all-time high. But the good news is that now more than ever, there are many ways to supplement your income or make some extra money. Here, First Financial shares some ideas to get you started:

Offer Freelance Services

If you have a skill or talent that others need, consider offering your services freelance. The gig economy in the U.S. is booming, so this is the best time to get started. There are many websites and platforms, such as Fiverr, Upwork, and Freelancer, where you can market your services and connect with potential clients. The best part about freelancing is that you’ll be able to use your pre-existing skills or experience to get started. For example, if you have a keen eye for detail, organization, and problem-solving, you could offer freelance interior design services. You can enhance your credentials (and earning power) by obtaining interior design certifications when listing your services. This certification, for example, will show potential clients that you have mastered specialized interior design skills.

Start Your Own Business

Starting your own business is an excellent option, as this will ensure you make money and the hours you need on your own schedule. When doing so, do your due diligence on the ins and outs of running your company. You should research selling and marketing strategies and deeply understand your niche and demographic. Another essential element is business structure. Forming an LLC for your business structure has several advantages, such as tax benefits, limited liability, and reduced paperwork. States have different regulations around LLC formation, so check out the rules in your state before moving ahead. And if you’d like to avoid the hefty lawyers’ fees and legwork, you can use a formation service to simplify the process.

Potential Side Gigs

In addition to the options mentioned above, there are so many more side gig opportunities out there! You could also utilize talents you may have that you didn’t know were marketable. Let’s see some ideas below:

  • Pet sitting services: If you’ve always been good with animals, you could start your own pet-sitting empire.

  • Social media marketing: Always been good at handling socials and have a prowess for organization? Social media marketing may be calling your name!

  • Create an online course: If you have specialist knowledge in specific topics such as traveling tips or healthy cooking, you may want to sell an online course or ebook.

Finding Work

There’s no one answer for how to find work you love. The important thing is to keep exploring and trying new things until you find a career that suits you. Talk to people in different fields, take on internships, and volunteer for organizations you’re interested in. Once you have a better idea of what you want to do, research different companies and look for job openings that match your skills and interests. Don’t be afraid to apply for jobs slightly out of your comfort zone – you never know what you might end up loving. The most important thing is to stay positive and keep exploring until you find your perfect career.

Ready to get started on making that moola with a side gig? Whether you’ve been laid off or just looking to supplement your income, remember that there are so many options out there! No matter your skill, experience, or preference, you’re sure to find the work you are looking for.

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Financial Strategies to Help Young Veterans

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Financial Strategies to Help Young Veterans Transition to Civilian Life in San Diego, CA

Financial strategies can help with adjusting to civilian life can be challenging for young veterans in San Diego, CA. Many of these challenges are related to finances, which may include managing basic needs, such as housing, and obtaining medical care once provided by the military. Fortunately, there are financial steps you can take to ease your transition.

Set a Reasonable Budget

While in the military, you may have qualified for incentives, subsidies, and tax exemptions. Once you transition to civilian life, most of these benefits may no longer be available for you, which means your income may be substantially less. Examine your expenses to determine which are a priority and which ones you can do without. For example, review your auto insurance plan and remove the coverage you don’t need.

Avoid Debt Pitfalls

If you have existing debt, focus on paying that before taking on additional debt. Factor it into your budget to make sure you don’t accumulate interest. If possible, avoid high-interest loans and credit cards to minimize the chances of getting into debt.

Find a Job or Start a Business

Ex-military members have talents and skills that are highly valued in most workplaces. Finding a job in San Diego can help you complement your income. Sometimes, it can be challenging to find a job, which can be financially constraining. In this case, you may consider starting your own business by using your savings, taking a loan, or partnering with someone else.

Pursue Education

Sometimes, you might have to go back to school to boost your earning power or get your dream job. Many degree programs in San Diego, CA, offer you the flexibility to keep a regular job and spend time with your family. For example, you can go online to earn your teacher certification and obtain a teaching license, letting you apply for more jobs. Some states may require you to submit transcripts, pass entrance exams and skills tests, and complete a background check before getting a teaching license.

Decide on Housing

Housing can be pretty expensive in San Diego. You can save up money to buy a home, eliminating the monthly housing expenses, and it’s a great retirement plan. There are also special VA home loan programs, which allow qualifying veterans to purchase a home or refinance the mortgage on their current homes. Take advantage of these loans, as they typically have no down payment, no private mortgage insurance, and their interest rates are generally low.

Take Advantage of Discounts and Benefits

There are many kinds of benefits and discounts available to former military members. For example, you can apply for GI Bill benefits if you decide to apply for graduate school or college. You can also take advantage of military discounts offered by various San Diego or online stores, helping you save a significant amount of money.

Take Command of Your Financial Life

You don’t have to face financial constraints as a new veteran transitioning to civilian life. Use the above tips, and if you decide to go back to school or start your small business, contact First Financial® in San Diego, CA, to get the funds you need.

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