Make $245,415.60 from your side gig or hustle

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What if I could guarantee you $245,415.60 from your side gig or hustle with minimal effort? Well, I can. Read on to find out how easy this is with just a little hard work and a bit of long term saving.

If you’re doing a side gig or hustle, you’re likely doing it because you need/want some extra money. Whether that’s to pay bills, have fun, pa off debt or save for retirement.

This trick only works for long term savings for buying large items or retiring, but is an example of what can be achieved with just a little money per week.

The key to these gains is compounding interest. Compounding interest is where you have already earned some interest and then interest is calculated on that interest and your interest returns start to snowball. It’s a very, very powerful tool in financial security.

So, you have a side gig or hustle. Let’s just say it’s selling things on eBay that you find at garage or car boot sales. You’re comfortably average $50 per week in profit, which is readily attainable. Or may you’ve picked up one evening a week at a local coffee shop and are making $10/hour. The key here is that both of these things are EASY to achieve.

You take that $50/week and put it into divided paying stocks. You choose the stocks carefully (more on that in a future article) and they are averaging a 5% return over time. This is also achievable and way above the rate of return you’ll get from a savings account. You can also look into a dedicated retirement account. My retirement account has averaged 7.91% over the past 10-years (including the 2008 financial crisis) and a stellar 9.39% over the past year using a mix of asset allocation, fixed income and equities.

The other key to this is time. You have to be prepared to keep investing, not withdrawing and waiting. In this example I’ve assumed that you’re 30, you’re saving for retirement at 65 and you’ll save for 35-years. What I haven’t done is increase the contribution over that 35-years. No linking it to inflation — you’d actually likely get even more money than this, but that overly complicates the equation.

So what does your saving from your side gig look like? See below.

YearRateInterestScheduled DepositsBalance
15.00%$64.41$2,600.00$2,664.41
25.00%$200.15$2,600.00$5,464.55
35.00%$342.80$2,600.00$8,407.35
45.00%$492.72$2,600.00$11,500.08
55.00%$650.28$2,600.00$14,750.36
65.00%$815.87$2,600.00$18,166.23
75.00%$989.89$2,600.00$21,756.12
85.00%$1,172.78$2,600.00$25,528.90
95.00%$1,364.99$2,600.00$29,493.88
105.00%$1,566.98$2,600.00$33,660.87
115.00%$1,779.27$2,600.00$38,040.14
125.00%$2,002.37$2,600.00$42,642.51
135.00%$2,236.84$2,600.00$47,479.36
145.00%$2,483.26$2,600.00$52,562.62
155.00%$2,742.23$2,600.00$57,904.84
165.00%$3,014.39$2,600.00$63,519.23
175.00%$3,300.42$2,600.00$69,419.65
185.00%$3,601.01$2,600.00$75,620.66
195.00%$3,916.93$2,600.00$82,137.59
205.00%$4,248.93$2,600.00$88,986.52
215.00%$4,597.86$2,600.00$96,184.38
225.00%$4,964.55$2,600.00$103,748.93
235.00%$5,349.93$2,600.00$111,698.86
245.00%$5,754.94$2,600.00$120,053.81
255.00%$6,180.59$2,600.00$128,834.40
265.00%$6,627.92$2,600.00$138,062.31
275.00%$7,098.04$2,600.00$147,760.35
285.00%$7,592.11$2,600.00$157,952.46
295.00%$8,111.35$2,600.00$168,663.81
305.00%$8,657.04$2,600.00$179,920.85
315.00%$9,230.54$2,600.00$191,751.39
325.00%$9,833.25$2,600.00$204,184.63
335.00%$10,466.66$2,600.00$217,251.29
345.00%$11,132.35$2,600.00$230,983.64
355.00%$11,831.95$2,600.00$245,415.59

So, you can see the power of regular saving and compounding interest. In year 35 you’re earning a whopping $11,831.95 for doing nothing. Overall you’re getting a whopping $154,415.60 in interest and walk-away with $245k at the end of it!

Obviously you don’t have to save for 35-years if your goals are different. And many will manage more than $50/week in side gig and hustle money. But this is a good illustration of how you can improve your life with relatively little effort — you just have to keep at it.

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