Side Hustle
BudgetingGlossary term
Definition
A job or income-generating activity performed in addition to a primary job. Common side hustles include freelancing, rideshare driving, tutoring, and selling goods online. Extra income can accelerate debt payoff or savings goals.
Related terms
- Passive IncomeEarnings that require minimal ongoing effort to maintain, such as rental income, dividend payments, interest, royalties, or income from automated online businesses. Building passive income streams is a common strategy for achieving financial independence.
- Gross Income (Budgeting)The total amount of money earned before any taxes or deductions are taken out. Understanding your gross income is the starting point for budgeting, but net income is what you actually have available to spend and save.
- Savings RateThe percentage of income that is saved or invested rather than spent. Calculated by dividing total savings by total income. A higher savings rate accelerates progress toward financial goals and financial independence.
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