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Make Extra Cash With The Perfect Side Hustle · A Little Bit Richer

• 0:01
  Kia Commodore: A side hustle can be a great way to get
• 0:03
  Kia Commodore: a little bit richer. More and more people are taking
• 0:06
  Kia Commodore: on extra work, whether it's selling old clothes online, renting
• 0:09
  Kia Commodore: out a spare room, or even starting a new business.
• 0:12
  Kia Commodore: But it's not something that you can just start doing
• 0:15
  Kia Commodore: without being aware of stuff like tax implications and other
• 0:18
  Kia Commodore: expenses you might have to pay. Also, you do still
• 0:21
  Kia Commodore: need a personal life. You can't spend all your time working.
• 0:24
  Kia Commodore: So today I'm chatting to Tolu Frimpong, a financial coach whose
• 0:28
  Kia Commodore: work includes helping women break the payday to payday cycle,
• 0:31
  Kia Commodore: beat debt, start investing, and crucially earn more via side hustles.
• 0:37
  Kia Commodore: So let's do it. So Tolu, there's a lot of ways
• 0:41
  Kia Commodore: that we can earn extra money so can you give
• 0:42
  Kia Commodore: us some examples of short- term side hustles and then some
• 0:46
  Kia Commodore: longer term regular revenue streams?
• 0:48
  Tolu Frimpong: Oh, absolutely. There are so many different short- term and long-
• 0:51
  Tolu Frimpong: term side hustles that people can try. I think the first one
• 0:54
  Tolu Frimpong: I always like to mention is reselling because that's something
• 0:57
  Tolu Frimpong: all of us can do. We all have clutter in
• 0:59
  Tolu Frimpong: our homes that we can turn into cash. So what
• 1:01
  Tolu Frimpong: I would say is sell some of that used stuff
• 1:04
  Tolu Frimpong: online, make some money from those furnitures, from the clothes,
• 1:07
  Tolu Frimpong: the shoes, the trainers, all these bits and bobs that
• 1:10
  Tolu Frimpong: you have at home that no longer are serving you
• 1:12
  Tolu Frimpong: and it's just taking up space in your house. Sell
• 1:14
  Tolu Frimpong: those things online and make that extra money. It'll be
• 1:17
  Tolu Frimpong: extra income for you to do what you need to
• 1:19
  Tolu Frimpong: do. In addition to that, I would say things like
• 1:21
  Tolu Frimpong: survey sites, market research is also another great side hustle
• 1:25
  Tolu Frimpong: that you can try. Focus groups are also fantastic. User
• 1:29
  Tolu Frimpong: testing is also great. Companies will pay you to test
• 1:32
  Tolu Frimpong: their apps or test their websites and you can make
• 1:34
  Tolu Frimpong: extra money for those things. And then those are short-
• 1:37
  Tolu Frimpong: term side hustles which anybody can start at any time
• 1:40
  Tolu Frimpong: with little to no experience. But then if you start
• 1:42
  Tolu Frimpong: talking about the more long- term side hustles, things that
• 1:44
  Tolu Frimpong: you can do may require a little bit more skills,
• 1:47
  Tolu Frimpong: a little bit more learning, but you can eventually monetize
• 1:49
  Tolu Frimpong: it. So those long- term side hustles that I like to mention
• 1:53
  Tolu Frimpong: are things like creating an online course. So what is something that you're great at that
• 1:55
  Tolu Frimpong: you're an expert in that you can monetize, you can
• 1:58
  Tolu Frimpong: create a course about, help other people to learn how
• 2:01
  Tolu Frimpong: to do it and sell it online. E- commerce is
• 2:03
  Tolu Frimpong: also a great additional side hustle to start. Again, it will
• 2:07
  Tolu Frimpong: take a little bit of learning what products to sell,
• 2:09
  Tolu Frimpong: et cetera, but once you get up and running, you
• 2:11
  Tolu Frimpong: can be able to monetize that side hustle. And then
• 2:14
  Tolu Frimpong: also things like renting out parking spaces at your house,
• 2:17
  Tolu Frimpong: renting out a spare room, that's something you could do.
• 2:19
  Tolu Frimpong: Even renting out your garage or your garden for events.
• 2:22
  Tolu Frimpong: There's just so many different things you can do to
• 2:25
  Tolu Frimpong: make that additional long- term income on the side.
• 2:27
  Kia Commodore: I think it's so great to hear that there's things
• 2:29
  Kia Commodore: that we can do in the short term that I
• 2:31
  Kia Commodore: know I've got a whole bunch of clothes at home
• 2:33
  Kia Commodore: sitting there that I can just sell online and make
• 2:36
  Kia Commodore: some extra cash from. And in the longer term, things
• 2:38
  Kia Commodore: that you wouldn't consider. You mentioned renting a parking space
• 2:40
  Kia Commodore: out. My dad does that. It's some extra money that
• 2:43
  Kia Commodore: you can bring in. We've all got things that we
• 2:45
  Kia Commodore: can look around and probably say, actually, I can make some extra money here.
• 2:48
  Kia Commodore: And I think the great thing about side hustles is that
• 2:50
  Kia Commodore: there's always scope for it to become the main hustle.
• 2:53
  Kia Commodore: And we've heard from Georgina earlier on in the season who
• 2:56
  Kia Commodore: turned her side hustle into a main stream of income.
• 2:59
  Kia Commodore: So I think it's great to explore what you can
• 3:01
  Kia Commodore: do, how you can make extra money, and yeah, just add
• 3:04
  Kia Commodore: to your revenue streams. I love it. It just depends
• 3:06
  Kia Commodore: on how much you want to make, how time you want
• 3:07
  Kia Commodore: to put in, if you have to learn a new skill
• 3:09
  Kia Commodore: and how quickly and how convenient you want it to
• 3:12
  Kia Commodore: be in your day- to- day life. So what would
• 3:15
  Kia Commodore: be your advice for anyone who's looking to do that
• 3:18
  Kia Commodore: and what should they be focusing on when they're deciding
• 3:21
  Kia Commodore: what work they should be doing?
• 3:23
  Tolu Frimpong: Anyone wanting to build out additional income streams. So first
• 3:25
  Tolu Frimpong: of all, look at what skills they currently have. What
• 3:27
  Tolu Frimpong: skills do you currently have in your hand that you
• 3:30
  Tolu Frimpong: can monetize, and what additional skills do you want to
• 3:32
  Tolu Frimpong: learn to be able to monetize at a later date?
• 3:35
  Tolu Frimpong: And then I'd say learners are earners. Yes, you want
• 3:38
  Tolu Frimpong: to have that skill, but how are you going to develop
• 3:40
  Tolu Frimpong: that skill? You want to commit to learning. So doing
• 3:42
  Tolu Frimpong: your research online, but not just researching and learning about
• 3:45
  Tolu Frimpong: that skill, but also practicing and learning to develop that
• 3:48
  Tolu Frimpong: skill for yourself. I think that's going to really help
• 3:50
  Tolu Frimpong: you to be able to generate that additional income on the
• 3:52
  Tolu Frimpong: side. I'd also say time is important as well. How
• 3:55
  Tolu Frimpong: you allocate and use your time in the evening and
• 3:58
  Tolu Frimpong: the weekend is going to really be the difference between
• 4:00
  Tolu Frimpong: you starting that side hustle and being successful at it.
• 4:03
  Tolu Frimpong: Because that time that we have in the evening after
• 4:06
  Tolu Frimpong: work, that time how we currently utilizing it, how you
• 4:09
  Tolu Frimpong: utilize it is going to have an impact on your
• 4:11
  Tolu Frimpong: earning potential when it comes to that side hustle because
• 4:14
  Tolu Frimpong: the amount of time you give to it is the
• 4:16
  Tolu Frimpong: amount of time you're going to be able to monetize
• 4:18
  Tolu Frimpong: it eventually.
• 4:19
  Kia Commodore: I think that's great. I think like you said, the time is
• 4:23
  Kia Commodore: a key one. When I think back to my days
• 4:25
  Kia Commodore: of learning how to illustrate, so I was like you, you
• 4:26
  Kia Commodore: know when you said you uploaded your first YouTube video,
• 4:29
  Kia Commodore: had no idea how to edit. I decided to download
• 4:32
  Kia Commodore: Illustrator. I had no idea how to illustrate anything, but
• 4:35
  Kia Commodore: I dedicated my evenings after work at least two, three
• 4:38
  Kia Commodore: hours to learning that skill, which again, eventually gave me
• 4:41
  Kia Commodore: that earning potential. But it is just investing that time in.
• 4:44
  Kia Commodore: This is something that you want to do. So I
• 4:46
  Kia Commodore: love that point that you made.
• 4:47
  Tolu Frimpong: Yeah. Oh, I was going to also say to learn
• 4:49
  Tolu Frimpong: a skill in something that you're passionate about because what
• 4:52
  Tolu Frimpong: tends to happen is you start something and then you
• 4:54
  Tolu Frimpong: lose interest or it becomes too difficult and you quit
• 4:57
  Tolu Frimpong: before you actually see the fruits of your labor. So
• 4:59
  Tolu Frimpong: I think when it comes to a side hustle, you want
• 5:01
  Tolu Frimpong: to make sure it's something that you're really interested in
• 5:03
  Tolu Frimpong: doing, something that you're passionate about and something that you're going to
• 5:05
  Tolu Frimpong: put in the work for because yeah, if you don't
• 5:08
  Tolu Frimpong: do it that way and you do something that someone
• 5:10
  Tolu Frimpong: else is doing or you just think, I'm going to
• 5:11
  Tolu Frimpong: jump on that wave because it seems like other people
• 5:14
  Tolu Frimpong: are making money doing it, you're going to burn out
• 5:16
  Tolu Frimpong: and you're going to quit before you actually see success.
• 5:19
  Kia Commodore: I absolutely agree with you. So now you've given us
• 5:22
  Kia Commodore: some ways of actually adding in that extra stream of
• 5:25
  Kia Commodore: income. What can some of the benefits be? So obviously
• 5:28
  Kia Commodore: money is the main driver for most people, but is
• 5:32
  Kia Commodore: there other benefits that people can consider like maybe just
• 5:35
  Kia Commodore: they're trying something different. What else can come from picking
• 5:37
  Kia Commodore: up a side hustle?
• 5:39
  Tolu Frimpong: Absolutely. I think a great benefit of a side hustle,
• 5:41
  Tolu Frimpong: obviously beyond the monetary aspect is the personal development aspect
• 5:45
  Tolu Frimpong: of it as well, because you're stretching yourself beyond your
• 5:48
  Tolu Frimpong: current comfort zone and comfort levels because if I put
• 5:51
  Tolu Frimpong: myself in that example once upon a time, I used
• 5:54
  Tolu Frimpong: to hate public speaking. When it was someone's birthday, for
• 5:56
  Tolu Frimpong: example, and I had to give a speech, I will
• 5:58
  Tolu Frimpong: be so scared I'd run away and hide or I
• 6:00
  Tolu Frimpong: would say two words and then that would be it.
• 6:02
  Tolu Frimpong: But doing this personal finance content creation, I've had to
• 6:06
  Tolu Frimpong: now speak in front of audiences of hundreds of people,
• 6:10
  Tolu Frimpong: something that I never thought I'd be able to do,
• 6:12
  Tolu Frimpong: but I've had to stretch myself. And it's so funny because
• 6:15
  Tolu Frimpong: when you stretch yourself you realize, wow, I'm capable of
• 6:18
  Tolu Frimpong: so much more than I thought I was capable of.
• 6:20
  Tolu Frimpong: So I think that's one of the great things about
• 6:22
  Tolu Frimpong: starting a side hustle is that you don't realize where it
• 6:24
  Tolu Frimpong: will take you and how far it'll take you and
• 6:26
  Tolu Frimpong: opportunities that can present themselves from you starting that side
• 6:30
  Tolu Frimpong: hustle because you might just think, this is a little
• 6:32
  Tolu Frimpong: passion project that I've started today, but a year from
• 6:35
  Tolu Frimpong: now, if you continue to keep at it it will
• 6:37
  Tolu Frimpong: take you places that you never even imagined. And also
• 6:40
  Tolu Frimpong: I think a great benefit of it is your network
• 6:42
  Tolu Frimpong: as well that it expands because I know since I've
• 6:44
  Tolu Frimpong: started doing the personal finance content, I've met so many
• 6:47
  Tolu Frimpong: incredible people like yourself, for example.
• 6:49
  Kia Commodore: There we go, we have met (inaudible) .
• 6:50
  Tolu Frimpong: Exactly. Exactly, and I would've never met you had it
• 6:53
  Tolu Frimpong: not been for me starting this side hustle. So I
• 6:55
  Tolu Frimpong: think it's just amazing the opportunities that can come from
• 6:58
  Tolu Frimpong: you stepping out of your comfort zone, backing yourself, and yeah, it
• 7:01
  Tolu Frimpong: just expands you and stretches you and adds so much
• 7:03
  Tolu Frimpong: value to you as well. That's another great thing is
• 7:06
  Tolu Frimpong: your skillset. It develops it beyond what you think you're
• 7:09
  Tolu Frimpong: currently capable of or what you are currently capable of.
• 7:11
  Tolu Frimpong: You develop new skills, you learn new skills, which is
• 7:14
  Tolu Frimpong: basically adding to your skill stack, which in addition to helping
• 7:17
  Tolu Frimpong: you generate income on the side, if you do want
• 7:19
  Tolu Frimpong: to continue your 09:00 to 5: 00 as well, that's going to help
• 7:22
  Tolu Frimpong: you with your employability when it comes to applying for
• 7:24
  Tolu Frimpong: promotions because you've got all the additional skillset that you've
• 7:27
  Tolu Frimpong: developed while building that side hustle.
• 7:29
  Kia Commodore: Absolutely. I agree. I've listed on many a side hustle,
• 7:32
  Kia Commodore: many a skill I picked up on that CV. It
• 7:34
  Kia Commodore: is hefty.
• 7:35
  Tolu Frimpong: Yes.
• 7:36
  Kia Commodore: I've committed time and I said, this is going on because
• 7:38
  Kia Commodore: I've put my time into this. And I think another
• 7:40
  Kia Commodore: one that I'd love to add on the back of what you said as well
• 7:43
  Kia Commodore: is it helps you to problem solve because you do
• 7:46
  Kia Commodore: reach barriers and hurdles. You're going to think, how do I do this? And even
• 7:49
  Kia Commodore: back again what you said of editing, when I first
• 7:51
  Kia Commodore: started learning how to edit. There were so many things I was like, how do I do
• 7:53
  Kia Commodore: that transition that you do there? How do I get
• 7:56
  Kia Commodore: that up? But you come across that problem and you
• 7:59
  Kia Commodore: figure out how to get over it. So let's talk
• 8:01
  Kia Commodore: about the cost associated. What are the rules when it comes
• 8:04
  Kia Commodore: to paying taxes on the extra money that you've earned
• 8:08
  Kia Commodore: because we know when you're working a 09:00 to 5:00, you pay
• 8:10
  Kia Commodore: PAYE, you pay income tax. But if you're earning side
• 8:13
  Kia Commodore: hustle income are there taxes that we should be aware
• 8:16
  Kia Commodore: of and any other expenses that we should be aware
• 8:19
  Kia Commodore: of if you're trying to build that extra stream of income?
• 8:21
  Tolu Frimpong: So that's a great question, Kia, actually, when it comes
• 8:23
  Tolu Frimpong: to side hustle, I think there are so many tax
• 8:25
  Tolu Frimpong: implications that we need to be aware of so that
• 8:27
  Tolu Frimpong: we don't get ourselves into trouble when it comes to
• 8:30
  Tolu Frimpong: that extra money. So the extra money that you're making,
• 8:32
  Tolu Frimpong: first of all what I would say is when it
• 8:34
  Tolu Frimpong: comes to the first part of your question in terms
• 8:35
  Tolu Frimpong: of the costs associated with it, I think it's great to
• 8:38
  Tolu Frimpong: know that a lot of side hustles can be started with
• 8:41
  Tolu Frimpong: little to no money at all. So you don't need to think,
• 8:44
  Tolu Frimpong: oh my gosh, I need 10, 000 pounds to start a
• 8:45
  Tolu Frimpong: side hustle. Actually, all you need is your phone and
• 8:48
  Tolu Frimpong: the internet and you can get started there and build
• 8:51
  Tolu Frimpong: it. But then when you do start making that money,
• 8:53
  Tolu Frimpong: HMRC are going to want their money too. So you
• 8:55
  Tolu Frimpong: are going to need to make sure you set money
• 8:57
  Tolu Frimpong: aside for taxes. So the first 1000 pounds that you
• 9:00
  Tolu Frimpong: earn, actually you don't have to pay tax on or
• 9:02
  Tolu Frimpong: declare, but beyond that, you are going to need to
• 9:04
  Tolu Frimpong: start paying income tax. So what you want to do
• 9:06
  Tolu Frimpong: is have separate account for your business expenses from your
• 9:10
  Tolu Frimpong: personal income because the danger there is that you just
• 9:13
  Tolu Frimpong: start spending that business money and mixing it with your
• 9:16
  Tolu Frimpong: personal money and then when it comes to that tax
• 9:18
  Tolu Frimpong: time of the year, you're in trouble because you don't
• 9:21
  Tolu Frimpong: have the tax money set aside. So I would say
• 9:23
  Tolu Frimpong: have a separate savings account or separate bank account for
• 9:26
  Tolu Frimpong: the business income and expenses because you are going to
• 9:28
  Tolu Frimpong: need to pay tax. When it comes to taxes there's
• 9:31
  Tolu Frimpong: income tax that you'll need to pay, national insurance contribution
• 9:34
  Tolu Frimpong: if you are paying yourself as an employee within that
• 9:36
  Tolu Frimpong: business. Also, you want to consider the structure for that
• 9:39
  Tolu Frimpong: side hustle as well actually. Do you want to register as
• 9:41
  Tolu Frimpong: a sole trader or do you want to set up
• 9:43
  Tolu Frimpong: a limited company because that would determine how you need
• 9:46
  Tolu Frimpong: to pay your taxes for that business so when you
• 9:49
  Tolu Frimpong: are paying yourself as a sole trader, you want to
• 9:51
  Tolu Frimpong: make sure you're setting that money aside for your self-
• 9:54
  Tolu Frimpong: assessment that you're going to need to pay. And if
• 9:56
  Tolu Frimpong: you are a limited company, you're going to need to
• 9:58
  Tolu Frimpong: register as well on company's house and set the business
• 10:00
  Tolu Frimpong: up that way. So there is quite a lot that
• 10:02
  Tolu Frimpong: you want to make sure you look into and research
• 10:05
  Tolu Frimpong: when it comes to the side hustle to make sure
• 10:07
  Tolu Frimpong: you don't get yourself into financial trouble later on.
• 10:09
  Kia Commodore: Yeah, I agree with you. I think earning extra money is
• 10:12
  Kia Commodore: great, but like you said, it is just figuring out
• 10:14
  Kia Commodore: how am I going to register? How much money am
• 10:16
  Kia Commodore: I making and do I need to declare a certain
• 10:19
  Kia Commodore: amount? And especially it's good to also note that if
• 10:22
  Kia Commodore: you are a limited company, things like the VAT, depending on how
• 10:25
  Kia Commodore: much money, how successful your side hustle may be, we
• 10:28
  Kia Commodore: hope that you get to the point that you will
• 10:30
  Kia Commodore: have to be VAT registered, you earn over like 85,
• 10:32
  Kia Commodore: 000 pounds per tax year, then you are going to
• 10:35
  Kia Commodore: have to declare that. But again, that is another thing that
• 10:37
  Kia Commodore: you'd have to research because we want you to earn your
• 10:40
  Kia Commodore: extra money, get your money up. This is a great
• 10:42
  Kia Commodore: time. But also, like you said, make sure you're researching
• 10:44
  Kia Commodore: and understanding what that looks like. But overall, I think
• 10:48
  Kia Commodore: we've said that side hustles are great, so there's a lot
• 10:51
  Kia Commodore: of ways that people can increase their income. But I
• 10:54
  Kia Commodore: want to end the episode as I do with asking
• 10:57
  Kia Commodore: every guest the same question. So I'm going to ask
• 10:59
  Kia Commodore: you, Tolu, what are your three top tips to help
• 11:02
  Kia Commodore: our listeners get a little bit richer?
• 11:04
  Tolu Frimpong: The first top tip I would say is to learn
• 11:06
  Tolu Frimpong: a new skill. So learn that skill which you can
• 11:09
  Tolu Frimpong: eventually monetize. So commit to reading about it, listening to
• 11:13
  Tolu Frimpong: audiobooks, listening to podcasts. Learn as much as you can
• 11:16
  Tolu Frimpong: about that subject area so that you can become very
• 11:19
  Tolu Frimpong: knowledgeable about it. But don't just stop there. The second
• 11:22
  Tolu Frimpong: tip I would say is to practice that skill. So
• 11:24
  Tolu Frimpong: it's one thing learning, it's another thing actually applying what
• 11:27
  Tolu Frimpong: you've learned. So commit to becoming an expert in that
• 11:30
  Tolu Frimpong: area, or at least very competent. So I don't know
• 11:33
  Tolu Frimpong: if you know about the 20 hour rule. If you
• 11:35
  Tolu Frimpong: spend 20 hours learning a particular skill, you can become
• 11:38
  Tolu Frimpong: very competent in it. So if you say I'm going
• 11:40
  Tolu Frimpong: to commit 20 hours to learning this skill, I will
• 11:43
  Tolu Frimpong: eventually become competent at it and I can then monetize
• 11:46
  Tolu Frimpong: it. And I guess the third thing I would say to
• 11:48
  Tolu Frimpong: become a little bit richer is to believe in yourself
• 11:50
  Tolu Frimpong: and trust in your ability to monetize that side hustle.
• 11:53
  Kia Commodore: Amazing. I love that Tolu, and especially ending it on that
• 11:56
  Kia Commodore: believe in yourself. Yeah, I love that. That's a good
• 11:59
  Kia Commodore: way to end. It makes you believe in yourself everyone
• 12:01
  Kia Commodore: listening. Thank you so much, Tolu. You've shared some impeccable
• 12:03
  Kia Commodore: gems and some very useful ways that people can increase
• 12:06
  Kia Commodore: their income. That has been very helpful. Thank you so
• 12:10
  Kia Commodore: much to Tolu for another great episode. So you know
• 12:12
  Kia Commodore: the drill by now, hit follow, leave a review and
• 12:15
  Kia Commodore: tell a mate. Also, if there's anything you'd like me
• 12:17
  Kia Commodore: to discuss on future episodes, get in touch via Legal &
• 12:20
  Kia Commodore: General's Instagram and TikTok channels. Thank you for listening.