If you chose to invest that money, however, you could grow your savings much faster. After one year of investing $500 per month, you'd have $6,225 if you earned a 7% rate of return. After five years of contributing $500 per month, you'd have about $35,800, assuming the same average annual rate of return. It's possible you could end up with even more than this, depending on how much you earn from your side hustle, how much you invest, and how your investments perform each year. While investing can help you turn your side hustle income into a substantial nest egg, there are a few issues with this strategy.

Source: Daily Sun September 04, 2021 10:07 UTC