Is remote work the fast track to Side Hustle success?

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(This article originally appeared in NextIdea, our weekly newsletter about hustling and finding financial independence. Register using the box below.)

Retirement pessimism is a major driver of the financial independence movement — and it’s one of the reasons the energy of sideways unrest is everywhere these days.

Negative vibes are backed by data. Half of American households will not be able to maintain their standard of living in retirement, according to a white paper from the Boston College Center for Retirement Research. And more than 50% of Americans say the COVID-19 pandemic has heightened concerns about their ability to achieve financial security in retirement, according to research from the National Institute on Retirement Security. Add to that a student debt crisis, sky-high housing costs, and persistent inflation, and you have many Americans looking for creative ways to make ends meet.

About 40% of Americans now have secondary agitation, up from 34% in December 2020, according to year-over-year surveys by Zapier, a marketing automation company. Most of these revenue streams fall into one of three categories:

  • The information economy: exchange knowledge for dollars.
  • The gig economy: exchange time for dollars.
  • The economics of subletting: lend assets for dollars.

Each approach has its own advantages, disadvantages and barriers to entry. But chances are there’s a side hustle or income stream that would be a perfect fit for your particular situation.

Many side hustle ideas require time and space

That’s why Side Hustle expert and NextAdvisor featured contributor Daniella Flores believes that finding a remote job is one of the best decisions you can make if a portfolio career is in your future.

Daniella Flores thinks remote work is the secret weapon to get a successful side business off the ground.

“You and Beyoncé don’t have the same 24 hours to work,” Flores explains. “His time and yours are different. Your life and his life are different. According to Flores, working remotely can jump-start your FI journey because it gives you the mental space you need to explore other sources of income and see what works.

Read Flores’ tips on finding the best remote opportunities in the latest episode of their “From Side Hustle to Second Salary” series here:

Remote work can energize a secondary activity. Here’s how I find the best jobs and gigs online

Everyone’s journey to financial independence is unique. Dust off your calculator, run some numbers on what you need to achieve your goals, and start taking action today to prepare for a better tomorrow.

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