Side Hustles - Specifically for Finance Professionals
I am a recent college grad who has been working in asset management for the last 3 months. Unlike a lot of finance professionals on WSO, I do not have to work crazy hours except during earnings season (typically ~50hrs a week). I am happy that I typically get 6-7 hours of sleep a night; however, I always get anxious because I feel that I am not working enough / feel that I am not making enough money even though I live comfortably and can afford to go out with friends if I wanted to.
Side hustles have been a big buzz topic for a while, but a lot of them do not interest me (ie: ubering, e-commerce, garage sale flipping). I feel that I could use my current skills to use something related to finance.
So open to any side hustle ideas around this topic that would help me make a few extra bucks a month + feel that I am always feeling productive.
Trading -- specifically premium selling strategies. Find blue chip stocks that you like for the long term and wheel them.
ThetaGang
We have trading restrictions how can we even do this?
Research the trading restrictions. Each firm is slightly different. Most firms allow trading within ETFs. There are more volatile ETFs such as ARKK which can be compelling for premium selling strategies.
Also, you can have a RIA control your account and that way you don't need a compliance review for your trades.
I don't think it has to be trading specifically. I was just hoping to generate a few hustle ideas that had to do with maybe analytical work rather than labor/flipping (ie: Excel, bookkeeping services). I feel that a lot of people on this platform have these type of skills that can be leveraged for potential side income to assist maybe small businesses in the area. I would be motivated to pursue a side hustle if it is something I actually bring value to + enjoy
Do you mind elaborating on this a bit? Any resources you recommend to learn, how much time daily you can spend on it, amount of profit to target (obviously dependent on account/trade size), etc.
Interested as well — I’m in a similar situation. I’ve thought about getting a valuation certification (ABV/CVA/CEIV) and doing valuation work on the side, but I think that would be more of a second job than a “side hustle”
What are your interests? You’re better off finding a side-hustle that you find interesting. If you like memes, make a meme page. If you enjoy accounting, help people with that. There’s also helping people with resumes, exam prep, consulting, etc.
My side hustle is non-finance because I do enough finance during the day. I wouldn’t write off the garage sale flipping/e-commerce/Amazon business just because it’s “unproductive,” non finance, and not sexy. I’m on pace to make 50k this year for something I do on the weekends and when I have free time. I put in 10-20 hours depending on how busy I am. If I could figure out how to scale it I would quit banking. You would not believe how much someone will pay for a Metallica shirt that I buy for $1.
Agreed. But sidehustles shouldn't require extensive upfront capital... better to engage in services rather than building inventory for an ecom biz.
I work on my client’s private businesses and manage their files for them and track logs. I am good with my stuff and developed a system to do like those private Swiss company management services does (learnt from my family friend who does bookkeeping in Geneva, Pictet look them up pretty cool stuff they do). Do it well and with integrity and passion and some client will make you partial owner :)
House flipping?
write resumes for WSO
This is actually not a bad suggestion. Not just WSO, but writing resumes in general. When I was doing it on a very part time basis I charged $100 per resume and spent about 30 minutes on each. Easy way to make fast cash. If you have the interest, join a career consultancy and do mock interviews/resumes/coaching. EASY money and desperate high schoolers/undergrads eat it up. I used to run a college app business and the amount of money I got from type-A helicopter parents...... ;)
If you know how to code, use your finance knowledge to build a finance/investing website can be a good option. I worked on sell-side before so I am familiar with building valuation models and stuff. So I built my website which provides automated valuation and a screener for users to find good stocks. I'm sure there is something about your work or the industry in general that can be improved. Figure out that problem and see whether you can build a solution for it.
Obviously requires you to be at least somewhat attractive but my friend's older sister models on the side (as in legit modeling, represented by one of the top agencies) in addition to her gig at an EB.
Yeah plenty of dimes work in finance I think. Maybe that's how they got the internships because there are too many twisted MDs who just divorced their hot wife and is looking for the next potential "big bang" only to be told by human resources that if he lays one finger on that crazy hot female intern he would turn into a meme forever in an Instagram account.
I was joking..probably a bad joke.
It's good for your friend to be doing this.
Bruh what an incel take.
I mean she also graduated with a 3.9 from a top STEM school and had a BB internship sophomore summer...
Uber Eats if you have a car.
I've heard you basically don't make squat when you account for gas and wear and tear. Have you tried this?
My brother-in-law does it and nets about $600 a week, but he's closer to full-time as he's looking for another job. Some people tip pretty well in his area.
Small businesses often need help with creating financial models on Excel to oversee operations.
I’ve worked with a small business to put four brick and mortars and their operations on a consolidated Excel model to prepare for an acquisition, but part of the challenge is finding all the information and also there were some numbers the owner didn’t want to give me, which made my model slightly out of balance which was crap.
I think a major difference in managing financials in corporate finance is that big companies generally have their shit together versus small businesses and dealing with the sales aspect of how much you’re going to cost in addition to having to hunt down the financials make it a bit of a pain in the ass.
But, overall many small businesses need help and many do not manage their financials well, so there is opportunity there, but you have to actively go out and find the opportunities.
Know who also needs help creating financial models. MBA students. I actually did MBA students homework and would charge like $400 an assignment (usually a project that was a little larger). $100 for a one pager on something. Final Projects I could earn as much as $1750 based on the scope of each project.
Some of those MBA kids just don't give a F.
Anyone ever do freelance gigs for business analysis / financial analysis / financial modeling?
There's a few large freelancer platforms (Fiverr, Upwork) that seem to have interesting paid projects. One of my buddies has made some decent coin consulting on ad-hoc projects on Fiverr over the past few months (although he is an engineer - he's not working on finance / business projects).
Would be curious to know if any of you with finance backgrounds have provided services on these platforms and if so, how was your experience.
I have glanced through upwork before and most of the work is accounting for small business.
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