Dave Ramsey Show: How To Find the Side Hustle That’s Best for You
Written by
Ashley Donohoe
Edited by
Nicholas Morine
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Taking on a side hustle is an increasingly popular way to increase financial stability. While the extra cash could help you out of debt or boost your savings, the gig could also help build your skills or become a full-time income source later.
But since so many opportunities exist, choosing the right side hustle can be challenging. In a Youtube short, “Dave Ramsey Show” co-host Jade Warshaw listed three steps to help you make the decision.
1. Think About Time
Your time capacity will affect both your earnings and suitable side gig options, so consider your situation. If you’re already working a full-time job, you might prefer flexible gig options to do on the weekends. On the other hand, you might be able to regularly commit 10 to 20 hours throughout the week if you’re a student or part-time employee.
Once you determine your capacity, look at the financial benefits of your potential side hustle. Warshaw said, “Do some research and math to see what you’ll actually make per hour when you consider all of the time involved.” You can check online to see the typical pay range for various side gigs. Don’t forget to consider possible expenses too, such as gas for a food delivery job.
2. Assess Your Talents
Your side hustle should be something that interests you so that it doesn’t just seem like a chore. Otherwise, you might not feel motivated to work and earn the extra money. Start by looking at skills you’ve gained from various experiences, including jobs, hobbies and education. You can also consider side jobs that don’t require a specific background but seem enjoyable to you.
For example, if you’re a college student or teacher, you might want to offer tutoring services online or locally. Creative freelance work can be great if you’re good at writing, making art or shooting photos and videos. If you prefer physical tasks, you might offer housekeeping, lawn care or other home helper services.
3. Know Your Target
Warshaw explained, “Knowing your why can help you pick something that’s right for you.” You should look at the financial or career goal that is motivating you to take on a side hustle. This will help you determine what you need to earn and whether the job should help with your professional development.
If your goal is to have a full emergency fund, you might just need a temporary side gig. On the other hand, you might prefer an ongoing income source if you struggle with monthly bills. In these cases, focusing on earnings is important. But you might also want a new career eventually. This could call for a side hustle that both pays enough and helps build relevant skills and experience.
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