What Should You Do With Side Hustle Money?

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Investing, Education, Business

4.7 • 3.1K Ratings

🗓️ 24 April 2023

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

How does your side hustle income impact your savings rate and spending habits? We'll walk you through that question and more in today's Q&A episode! Jump start your journey with our FREE financial resources Reach your goals faster with our products Take the relationship to the next level: become a client Subscribe on YouTube for early access and go beyond the podcast Connect with us on social media for more content Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Next up, we've got a question from Kyle.
0:10.4	He says, should I count my side gig income and my 25% gross income savings, or is this
0:18.2	like a bucket that I could put aside to save for like a house, a car, a down payment, etc?
0:25.2	How should you go about thinking about side income?
0:28.0	Well, here's what I like that you said, Kyle.
0:30.8	Should I consider side gig income as part of my gross to save on, or should I save my
0:38.8	side income for some goal that I have, right?
0:42.8	This is what you didn't say, Kyle.
0:43.8	You didn't say, hey, can my side income just be below money?
0:47.0	Can I just spend a few days?
0:48.4	Can I just be my fund money?
0:51.2	And while it can be, don't miss here me.
0:53.3	It can be.
0:54.3	Here's what I'll worry about.
0:55.6	Let's say that you work in a job, I'm going to use really round numbers.
0:58.4	If this is detached from reality, I'm sorry.
1:00.6	I don't do public math.
1:01.6	I'm going to use round numbers.
1:03.3	Say that you make $100,000 salary at your day job.
1:07.0	Well, you have a side gig that makes you $50,000.
1:10.6	And say that you're saving off of $100,000 income, so you're saving 25%.
1:15.2	Because your goal is, is at some point, I want to be able to replace some proportion of
	...

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