Side Hustle

The Solo 401k: The Side Hustler’s Bonus Retirement Account

Last Updated on January 22, 2018December 23, 2016 51 Comments
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One of the great benefits with starting up a side hustle is the ability to get paid as an independent contractor. When you consider all of the sweet benefits you get from side hustling, you have to assume that the government must want us to side hustle.

Take tax deductions, for example. The government lets you deduct expenses related to your side hustle for things you might already be doing anyway. With a little planning, someone driving for Uber in their spare time could easily offset the costs of driving that they’re already doing anyway.

Perhaps the most amazing thing that the government lets you do as a side hustler is to save money into extra retirement accounts that other people don’t have access to. Start up a side hustle and you can save some- or in some cases, almost all of your side income – into a Solo 401(k), a SEP-IRA, or a Simple IRA. Depending on how much you make and what type of retirement accounts you already have, you could potentially save thousands more per year in tax-advantaged savings.

Making Over $1000 Selling Trash Finds Found In One Dumpster

Last Updated on January 22, 2018August 26, 2016 38 Comments
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This is a story about our unorthodox adventures in side hustling by selling trash finds. It all started when Ms. Panther and I moved into a luxury apartment building in early 2015. We’d received a deal from a guy who wanted us to take over his lease, and as a result, we were able to move into a luxury building paying less rent compared to what we had previously been paying in our “normal” apartment. It was a deal too good for us to pass up.

After getting our keys from the leasing office, we walked out of the building through the garage. And there I saw it – a perfectly good coffee table sitting right by the dumpster. On a whim, I grabbed it and listed it up for sale on Craigslist. It sold just a day later to young couple for $25. In my mind, it felt as if I had just found $25 in the trash.

Using Airbnb To Create Your Home Maintenance Fund

Last Updated on January 22, 2018October 20, 2017 17 Comments
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Last November, our furnace went out. It wasn’t a good time for that to happen. The weather had just started to get cold and my sister-in-law was staying at our house for the month with her newborn baby and a 3-year-old child. Needless to say, not having heat for even a day wasn’t very convenient […]

Making Money With Airbnb: Why I Rent Out Our Guest Room

Last Updated on March 27, 2019December 7, 2016 33 Comments
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It never really occurred to me how much space in a typical house goes unused until Ms. FP and I moved back into her four bedroom house. As a renter, we never lived in an apartment bigger than 800 square feet or so. Our smallest apartment (where we found all of that sweet, sweet trash) was about 600 square feet. At the beginning of this year the two of us moved back into a 4 bedroom house that was double or triple the size of any apartment we’d ever lived in.

It seemed like a waste to have so much space for just two people. But we didn’t want to get roommates either. That’s when we decided to try out our hand at Airbnb…

Earn Tax-Free Airbnb Income With The Masters Rule

Last Updated on June 12, 2017March 20, 2017 14 Comments
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Most people that I talk to about Airbnb agree that it’s a cool concept. Now that Airbnb has become pretty mainstream, my guess is that most of you have used it before or at least know someone who has. At this point, I think it’s probably more surprising to find someone who doesn’t know what Airbnb is.

Even though there are a ton of people using Airbnb on the guest side, the majority of people I talk to are understandably hesitant about actually hosting guests on Airbnb. I definitely understand the concerns – they’re ones I still think about as an Airbnb host. My biggest fears are having someone steal from me or otherwise mess up my house. Luckily, nothing like that has happened to me yet.

Even though I know that most people won’t sign up to be an Airbnb host, I still always try to convince people to at least give Airbnb hosting a shot. My rationale is that you don’t need to do it all that time. Instead, you can just try it out a few times and see what it’s like. If it’s too weird for you, you can just deactivate your listing. At most, you lose a bit of your time. But I think even people who are weirded out by having a stranger in their house can handle hosting someone in their home for just a few days per year. Why not challenge yourself and see?

The Best Apps And Websites For Selling Your Stuff

Last Updated on September 5, 2017August 26, 2017 12 Comments
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It’s moving season in my neighborhood and, as a result, the streets are getting filled with trash as the college kids in my neighborhood move out. For someone like me, it’s like Christmas. There’s more trash out there than I can even realistically grab. If you’re a new reader, you’re probably wondering what the heck […]