5 smart & simple ways to maximize your supplemental income

Supplemental income could include income earned through a side hustle, or it could include money from a regular job that is extra: bonuses, overtime pay, tips, commissions, and so forth.

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The worker is responsible for paying federal taxes, FICA, Medicare tax, and any state and local taxes on net income.

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Paying Off “Bad” Debt

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Establishing an Emergency Savings Account

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You could save or invest your extra money! This can include saving for personal goals, from a down payment on a house to a vacation fund, and or for retirement.

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Finding a financial advisor doesn’t have to be hard. SmartAsset’s free quiz matches you with fiduciary financial advisors in your area or who serve your area. If you are ready to be matched with financial advisors that can help you achieve your financial goals, take the quiz now.

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5 smart & simple ways to maximize your supplemental income

Supplemental income could include income earned through a side hustle, or it could include money from a regular job that is extra: bonuses, overtime pay, tips, commissions, and so forth.

The worker is responsible for paying federal taxes, FICA, Medicare tax, and any state and local taxes on net income.

First, Manage Your Income Taxes

Paying Off “Bad” Debt

Bad debt can also refer to loan or lines of credit with higher interest rates, and which are harder to pay off as a result.

Establishing an Emergency Savings Account

Another smart idea is to put supplemental income into an emergency savings account.

You could save or invest your extra money! This can include saving for personal goals, from a down payment on a house to a vacation fund, and or for retirement.

Saving and Investing

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Finding a financial advisor doesn’t have to be hard. SmartAsset’s free quiz matches you with fiduciary financial advisors in your area or who serve your area. If you are ready to be matched with financial advisors that can help you achieve your financial goals, take the quiz now.

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