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Whats your side hustle

Discussion in 'General' started by sanee, Jan 28, 2023.

  1. Cooter!

    Cooter! Sarcasm level: Maximum

    I buy used motorcycles, spend a ton of time and money to get them 100% ,and sell them for less than I bought them for. It's a work in progress.
     
    418, RichMangus, BigBird and 10 others like this.
  2. auminer

    auminer Renaissance Redneck

    NTTIAWWT
     
    Dan Dubeau likes this.
  3. Venom51

    Venom51 John Deere Equipment Expert - Not really

    $20 is $20.
     
  4. SPL170db

    SPL170db Trackday winner

  5. DrA5

    DrA5 The OTHER Great Dane

    My main gig is doing medicolegal reports on various aspects, so its 25-40 page reports that have to pass the scrutiny of attorneys on two sides of a case. So, I wanted to use that skill in doing some technical writing. I would love to just sit at my desk all day at home and crank out writing projects. I did look at Upwork and Fiverr based on recommendations from the Kim Kommando radio show but got nothing. Ever. Is there any tip or trick to getting noticed on there that anyone has found?

    Secondly, my athletic training facility does to team training camps in the off-season for scholastic athletes. It's kind of a side gig now, but I would like to expand on that more. Team training is much better for $/hour than individual training sessions. We market it as a way for the team to get better and grow without cutting into coach contact days which are very limited in my state.
     
  6. motodog650

    motodog650 pissed-off bloody wanker

    What place or platform do you have the most success with in this area? Any good sources for determining values?

    My wife's stupid ex spent a bunch of her money on nascar collectables (amongst other crap), but she (we) ended up with most of them. All are 15+ years old. Diecast & Matchbox.
     
  7. auminer

    auminer Renaissance Redneck

    I ebayed mine for pennies on the dollar which was probably not the ideal solution, but it got rid of them. I didn't have that many anyway.

    With ebay and PayPal being out of the question for me for reasons best not discussed here, I'd probably just donate them to a 501c3. With the tax write-off I might have been better off doing to start with.
     
    motodog650 likes this.
  8. Stock dividends.
     
    Trainwreck likes this.
  9. code3ryder

    code3ryder Well-Known Member

    Photo'ing at the local motocross/kart track.
     
    BigBird and KneeDragger_c69 like this.
  10. tiggen

    tiggen Things are lookin' up.

    This thread got me thinking: for those of you who are w2 (wage earning) employees and also have a side hustle, how do you leverage your side hustle to reduce your tax liability?
     
  11. Cooter!

    Cooter! Sarcasm level: Maximum

    I'm not that honest.

    The .gov sure ain't neither. So we play this little game where we both pretend we are.
     
    BigBird, nowayout, CBRRRRR999 and 6 others like this.
  12. fastfreddie

    fastfreddie Midnight Oil Garage

    Make less in the side hustle than what is taxable if it were your only income?
    I have no idea.
     
    noles19 likes this.
  13. YamahaRick

    YamahaRick Yamaha Two Stroke Czar

    Take advantage of your 401K at work to reduce taxable income, contribute to an IRA (and if a certain age, accelerate contributions), etc.

    Side hustle is an LLC and income generating, but expenses out things you cannot deduct - trips to "investigate" opportunities, tools, supplies, etc. BUT ... the LLC always turns a profit. $1 is a profit. Just always be ready to be audited.
     
    BigBird and cortezmachine like this.
  14. cortezmachine

    cortezmachine Banned

    My side hustles are too…. They require too much of a mindset I’m no longer interested in maintaining. How’s that.

    Alhough I do get to keep headlights for vehicles that are slightly damaged. The insurance companies replace them with the slightest damage. So I can get headlights that go for 500-1500 USED and just polish out the scratch or fix tiny damage nicley. If I took the time to post them online and had the patience to wait I could make pretty decent money. But there are a handful of guys I can just call and they’ll pick up any decent headlights I have for cold hard cash. They come to me. And they’ll give me 3-400 bucks for an led headlight. Sometimes I’ll get one in a month sometimes I’ll get three or four. Nice little bumps with almost no effort. Whereas the guys who buy them from me are constantly scouring for lights anywhere they can generate a lead. They come by all the shops.
     
    Last edited: Apr 11, 2023
    CBRRRRR999 and Trainwreck like this.
  15. motion

    motion Nihilistic Member

    Make that side hustle bleed cash. Run as many of your expenses as you can through it. Show a huge loss for 3 years, then dial it back or start a different gig. I've been audited for my software biz, and there was not much the auditor could say about all my expenses.
     
  16. Trainwreck

    Trainwreck I could give a heck

    Before I was married most of my LLC profits went to buy more equipment, R&D (building race car) and advertising (racing the car) Wife has always been a CPA, but she hates taxes.. So she's no help. After we got married most of the LLC profits were just put into the bank or brokerage account.. I don't really have any room for more equipment, and the race car is gone.. Most motorcycle people aren't buying custom parts for racing, and I don't really feel like doing much for others anymore.. I just build stuff for my own bike. I just pay the taxes. (very little when you might make $4-5K/year on the side LLC)

    I've thought about trying to set up more of a "professional race team" to try and funnel some money into that and maybe get another bike for someone else to ride too. Seems fun, but a TON of extra work.

    Day trading... I just eat the capital gains on.. I don't let trading run my life though and its ALWAYS 2nd-3rd income that I don't rely on at all. I put trades in at 9:30-10Am and just check back at the end of the day to see how I did. Sometimes I lose a few hundo, sometimes a make a few hundo.. Sometimes I hold stuff for a few days/weeks.

    Biggest problem is that my wife and I together are shoved into the shitty tax bracket.. We both max out our 401k and are currently looking into more ways to lower our tax burden. We are very fortunate, and my frugality (believe it or not) has allowed us to live a pretty financially comfortable lifestyle.. However, we ALWAYS owe the IRS a decent amount of scratch.. even if I take the cap gains taxes out.

    We got a little one on the way, so that will allow us to put more away in college/education funds.

    I wish you could start a "Start a bussiness" fund instead of a college fund for your kid. I'd rather them do that if they wanted. I didn't go to college, I've always known what i wanted to do since I was 13-14 years old. That was build shit. If someone would have loaned me $40-50K right out of high school to start my own shop instead of going to college, I'd have been a millionaire by 30. Instead, i just made other people rich while i had to save up and pay cash for equipment. lol
     
    MachineR1 likes this.
  17. USracer900

    USracer900 Well-Known Member

    Teach piano. Good side gig but keeping the attention of 6 year old kids OD'ing on easter candy can be challenging.
     
  18. Razr

    Razr Well-Known Member

    Rewarding too I'll bet, watching someone get better.
     
    USracer900 and KneeDragger_c69 like this.
  19. Patman623

    Patman623 Active Member

    I build hangers for motorcycle leathers.
    See my post in Race gear and accessories for sale.
     
  20. Inquizid

    Inquizid Member Well-Known

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