Well, a lot of people are taking on a side gig side hustle to bring home some extra cash
But we thought we would try to help you do it the right way lawyer CPA and author mark kohler joins us boy mark
that's a lot you've
CPA! Author! Lawyer! like talk about... Okay, so
About making extra money because tax day is upon us one in three Americans who are working have a side job
What are what are they typically doing? Well a variety of things. Yeah, and
driving uber may be selling something online a little service business doing some real estate and
People are starving first a little extra income to just make ends meet
It's really something that's just grown out of the desire to maybe build a retirement and have some extra income
Is it a good idea to do it?
Like if you're watching and you're like wait a minute, I don't I don't have a side gig
What are what are some things that people should be considering?
Well, first of all, why don't we wake up every day with a little more happiness over 50% of Americans hate their job
They just don't it's like Department of Labor surveys just show job satisfaction solo. We've got the American Dream at our fingertips
Let's do something. We love let's get passionate about something again
And I know you may not be able to binge watch as much Netflix people, but it's okay, you know
Let's let's get out and make some money and do something. We love what are some of the potential pitfalls?
Well, I think people need to realize that it's gonna take a little time and they've got to be cautious if they're going to be
Disorganized you know with with their bunch. Yeah, you're gonna say, oh, I'm gonna make some money on the side
But then they books out the window or if they are serving people face-to-face or kind of a customer service scenario
We've got a look at legal liability and we want to be cautious but really there's so much you can't even do online
It's just some small things that can make that act make that extra difference in our lives
I know a lot of people do MLMs the multilevel marketing. So what's your take on that?
I think that's great
If there's a product that speaks to you and you enjoy it and you don't mind
Maybe talking to your friends or neighbors or your network because that's really what it's about working your network, but that's okay
it's a great gateway drug to get you into business and
Doing things and I understand you even have a small business on the site voiceover. That's right. Yeah little bit of voiceover
I call it Casey LLC
Real creative with it. No, I love it big if you enjoy it and you can make some extra money on it
Why not? Right. Yeah, but it gets confused like for me. It's confusing. Like I'm not a numbers person
I'm a creative persons
And I know a lot of people are creative and it starts to become this gray area of what do I need to know?
What don't I know?
I'm when it comes to legal stuff and all that. Yeah. I'm so glad you brought it up because it's not just legal
It's a little bit of bookkeeping. It's just business management. We don't learn this in school
We don't learn it even in college and let's really focus on it, right?
So I really encourage people one of those risks is to jump into it without education start
Going yeah
And the type of education you could do is really simple just subscribe to entrepreneur magazine get on and get on their site
There's so many resources Ryan Shay. The the president does have a great job with this organization
And getting a little maybe training and some classrooms or online education if you want to dive into real estate, I love Renatus
It's a online course that can help you learn real estate. I just want to give all these resources
Real estate I can learn how to do real estate or whatever
It may be just start studying get some good news letters going listen to some good podcasts get your juices flowing
Is there a line between it being worth it and not being worth it when it comes to?
Devoting your time into something like is that when it comes to the risk reward of like oh gosh
I don't want to spend all of my weekends doing my side hustle if it's only to make a certain amount
Yeah, that that's a really good point because if you're not making money at it, is it a hobby?
Yeah, but if you're if you're not making money on it and you're not enjoying it stop
Okay, but really I think we can find some way to make revenue at what we love doing as long as it's legal
you know people
But if you love doing it
Let's get out there and start testing the product testing the service and if you enjoy it
And if you're passionate about the industry or the product or the service you're doing it's gonna be easy
And all sudden you're making some extra money to pay down debt get a debt snowball going and then start funding a Roth IRA
Use that money not to maybe
Increase your lifestyle did we as Americans are terrible that will make a little money and we'll spend more. Yeah, let's save it
Let's pay off debt and all sudden
We start to feel a little bit of breathing room that side business is a tool to make our life better
There's so much opportunity. That sounds like it's a tool to not feel stuck for people who are feeling stuck
Yeah, we have the glass ceiling right so many people have a job. I'm never gonna make so much more per hour
well
How did the rich get richer they do something on the side?
Whether it's real estate or a service business and if you've got some inside knowledge, maybe partner with someone that's a great idea
Someone that may have the money or the time look at your resource and say, you know what partnerships are not bad
Make sure you document it
Let's not write it on a napkin at Denny's, you know?
But partner with some of that could complement your skill set and also it could be lonely
And now you have a team member
I love that sign up over moons over my hammy as long as it's an actual piece of paper and not
Not the tenis now forget you have a book out
I want to make sure people can read up more the tax and legal playbook. Yeah, the tax and legal playbook
I've got a second edition coming out next month because of the
Tax cuts and Jobs Act which really makes small business better than ever really
Yeah with the tax cuts Act it helped big corporations with a tax cut helped individuals with some standard deduction
increases and all that but there was a huge section for small business if you want to save
Taxes have a small business on the side now
I can write off things that you may have not been able to cellphone Home Office some travel some auto
I mean you're doing your voice over man. You're on the road. Yeah, write that off. Yeah mark Koehler. Thank you so much
I think people are at home like relaxing over breakfast there like no, we're gonna get out and work. This is a year