(This article was originally published in NextIdea, our weekly newsletter on side hustles and pursuing financial independence. Sign up for it using the box below.)
We have 39 sleeps until Hanukkah, 46 sleeps until Christmas, six sleeps until our free student loan forgiveness webinar, and approximately zero sleeps before Americans start freaking out about their holiday cash crunch.
The discomfort is justified. Nearly two in five Americans say they can’t afford gifts this holiday season, according to a survey conducted by Qualtrics on behalf of Credit Karma. Between inflation pain and stock market volatility, many people are seeking out quick-win income sources to finish the year ahead.
Thankfully, there’s an entire gig economy subset that roars to life during the holiday season. From picking up shifts as an event staffer, to working night or weekend hours where there’s higher end-of-the-year demand, one of these side hustles might be the perfect way to make some extra cash before 2023 arrives.
Make $750 (or More) Before the Holidays: 10 Side Hustles in High Demand Now
If Doing Your Own Thing, Square Away the Paperwork
Launching your own idea as a side hustle? You probably want to register your LLC sooner rather than later, so you don’t end up in the same tax situation as Daniel Arnold. The hobbyist entrepreneur rode the wave of board game fever in 2020, increasing his year-over-year sales by nearly 400%, but was dinged with a big tax bill because he hadn’t formed an LLC before the deluge of sales rolled in.
Here’s his cautionary tale, and what to know about starting your own thing:
How Skipping One Step Led to a $7,000 Tax Bill for This Board Game Entrepreneur
Need a Change of Scenery? Go Nomadic
In other news, daylight saving time rolled in this week — cue the “hello darkness, my old friend” social media posts. It’s cold and dark outside, which might leave you longing to work in a warmer, more picturesque location.
NextAdvisor contributor Kimanzi Constable, who writes for us from Colombia, recently interviewed six digital nomads who work a US-based job from outside the country. If you’ve been curious about nomad life, his latest article has tips on what you’ll need to do before working remotely outside the country — be it three weeks, three years, or any range in between:
See the Lives of ‘Digital Nomads’ Who Do Their Jobs While Living Outside the US. How You Can, Too
Whether you’re saving up for a long trip, or just want some extra splurge money this holiday season, we’ve got you covered with the tips and experts you need to pursue financial independence.