How To Retire From Side Hustle Income

In this video, I cover the most popular retirement accounts for the self-employed. If you’re starting your own side gig, freelancing, or running your own company already, this video will walk you through how to invest as a self-employed person.

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🕒 TIMESTAMPS 🕒
00:00 — Intro
00:27 – Solo 401k
04:05 – SEP IRA
07:56 – SIMPLE IRA
10:03 – Roth IRA
13:05 – Traditional IRA

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Disclosure
The information contained in this communication is provided for general informational purposes only, and should not be construed as investment or tax advice. All investing involves risk, including the possible loss of money you invest, and past performance does not guarantee future performance. Wealthfront Advisers and its affiliates do not provide tax advice and investors are encouraged to consult with their personal tax advisors to discuss tax-related matters specific to their situation. Investment advisory services are provided by Wealthfront Advisers LLC, an SEC-registered investment adviser, and brokerage products and services are provided by Wealthfront Brokerage LLC, Member FINRA/SIPC….(read more)

LEARN MORE ABOUT: IRA Accounts

CONVERTING IRA TO GOLD: Gold IRA Account

CONVERTING IRA TO SILVER: Silver IRA Account

REVEALED: Best Gold Backed IRA

Side hustles have become increasingly popular for those looking to earn some extra money in addition to their primary source of income. However, side hustles can also become a significant source of income for some individuals, potentially leading to the opportunity to retire from traditional full-time work. Here are some steps to consider when planning to retire from side hustle income.

1. Assess The Current Situation

The first step in retiring from side hustle income is understanding how much income is currently coming in from the side hustle. It is essential to get a clear understanding of how much money is needed to maintain a comfortable lifestyle after retiring. This information will help in determining how much money is required from the side hustle to achieve retirement goals.

2. Determine A Retirement Date

Once the current income, lifestyle expenses, and required retirement income are identified, the next step is to determine a retirement date. This is the date when one plans to retire fully from traditional work. It might also be a date when the side hustle will no longer be required to maintain the desired lifestyle.

3. Create A Plan

Developing a plan to retire from the side hustle income involves identifying new sources of income to replace the income lost from the side hustle. There are different options to consider when developing a plan, such as investing the side hustle income to generate passive income or transitioning to a new career path that would provide a steady income.

4. Build A Retirement Fund

While earning from the side hustle, it is essential to start building a retirement fund to create a sustainable income after retiring from the side hustle. One can start by investing some of the side hustle income in a retirement account such as a Roth IRA, 401(k), or other investment vehicles.

5. Cut Expenses

Reducing expenses is another critical factor in retiring from side hustle income. This step might involve cutting back on extras to save more money, paying off debts, and evaluating the overall budget to determine where there is room for improvement.

Retiring from side hustle income requires planning, discipline, and patience. It is vital to assess the current situation, determine a retirement date, create a plan, build a retirement fund, and cut expenses. With the right approach, it is possible to retire from side hustle income and enjoy a comfortable, sustainable lifestyle without the need for traditional full-time work.