Jan 31, 2017 12:11 PM EST
Side hustling is all the rage especially for millennials. While busy studying for that double major in a university or getting extra-curricular activities done in the college, a lot of millennials have been side hustling and earning big bucks.
Are the days of building a business physically from the ground up, or taking a lot of hours off to earn some extra bucks gone? Not necessarily. Millennials have used the biggest resource available within reach to make them the new breed of entrepreneurs.
With the power of a smart phone and social media, they can do anything, as reported by ABC. Many may think they are anti-social and too engrossed on being glued to their phones. But they are actually building a business. This generation does not need to get a bank loan. They can start a business with little to no money at the beginning.
One example is Nathan Hunter. He is a 21 year old university student. While at the university, he launched Fluffe. Fluffe is flavoured fairy floss sweets business. It is something Hunter loves. And he used Snapchat, Facebook and Instagram to attract customers.
Using social media is like second nature to him. Social Media is the best and free marketing tool available and there is a market out there waiting to feed on the posts. Hunter's current Instagram account now has over a hundred thousand followers. Because of the promotion, he is working with businesses in Sydney and is confident that a lot of companies will hire him because of his social media work.
But millennials are being cautioned about their expenses. According to the Huffington Post, millennials often have a complex tax situation. Those who are working on side hustles should remember that there are extra considerations. Side hustling expenses can be written off and can reduce the taxable income. Something to remember especially for those working on student loans.
Want to know how to side hustle? Here is a clip from The Financial Diet on side hustling:
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