Is Your Side Hustle Actually Making You Money?

Is the extra income going toward luxuries or savings?

learn more about Phil Town

By Phil Town

Opinions expressed by Entrepreneur contributors are their own.

Many people are involved in side hustles today. This can include driving for Uber, running a shop on Etsy, or completing graphic deisgn projects and other forms of reliable sources of revenue.

In this video, Entrepreneur Network partner Phil Town notes that side hustle income is often treated like luxury income. The money is often used by people to buy luxury items, rather than being put toward savings. Whether you're making an extra $50 or $500, you must have a plan before the money is in your hand.

Some smart moves to make with your side hustle earnings include putting more money into your retirement and more into your investment portfolio. You can even invest further into your side hustle, so that one day it will blossom into a full-time, discernibly lucrative job.

Click the video to hear more.

Related: How You Spend Your Money Sends a Message to the World

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Phil Town
Phil Town is an Investment Advisor, Hedge Fund Manager, 2x New York Times Best-Selling Author of Rule #1 & Payback Time, and Ex-Grand Canyon River Rafting Guide. Rule #1 Investing is Warren Buffett style investing, teaching you how to buy businesses on sale, with little risk and 15 percent returns. In fact, Rule #1 investing is practically immune to the ups and downs of the stock market.

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