Chasing the Fionist Dream

We talk a lot about cutting costs in this blog. Seriously a lot. But sometimes frugality alone can’t make ends meet – or help you meet your personal goals, especially in a world where prices are constantly rising. In those instances, you need to find ways to increase your income.

But before you respond to the first social media post you see advertising a great new way to make extra money, make sure to read this post first. You may find that you don’t actually need a side hustle at all. Or if you do, you’ll learn how and under what circumstances you should get one. We’ll also help you brainstorm what kind of side hustle could work best for you.

How can I raise my income without a side hustle?

• Ask for a raise. While it might not be as easy as it sounds, a raise at your 9-5 can be a quick way to raise your income. Find salary tables (טבלאות שכר) online to see what others in your field earn. If you do get a raise, you will not only see it on the bottom line of your tlush, it will also be added to your pension and it will benefit you more in the long run.

• Ask the government. No joke here. There are plenty of government programs to benefit regular Israeli citizens and families. Check if you are entitled to any discounts or money back.

• Dividends or interest. As you know, we are hardcore investors and believe in the magic of having our money work for us. If we were to turn off our FI machine today and stop automatically reinvesting dividends and interest, we would see an extra 1,000 shekels net income in our bank account each month – without selling anything from our stock market portfolio.

What if none of those ideas work for me? I’ve decided I need a side hustle. How should I go about it?

Before taking on any short- or long-term side gigs, we ask ourselves the following questions:

1. Why do I need or want extra income? The answer to this question will help you decide if you should get a side hustle and how much you should aim to earn from it.
   
   
2. How much of my own precious little free time am I willing to give up and at what price? Our evenings are sacred to us. After working a full day, housework, parenting and errands, we truly value those few hours we have each day to decompress and do things we enjoy (including writing this blog 😉) If we were to take on a project for extra income during those hours, it would have to be short term and pay well. Otherwise, we have decided that it’s not worth our time.
   
   
3. Can I make money doing something I enjoy? What unique skills do I have? Do you have a hobby or skill you can monetize? Our go-tos are translation and photography, but you might have others. Are you musical? Good at baking? Try to find a way to sell your skill to people who need or want it and charge what you are worth.
   
   
4. Could this possibly be an avenue I can develop further in the future for even more income? Many successful businesses started as side hustles. If you’ve always dreamt of starting your own business, it’s wise to try it out on the side first before it becomes your main gig.
   
   
5. Does the job ad I see look like a scam? Have you ever seen an ad that promises you huge earnings for very little work? If it looks too good to be true, it probably is.
   
   
6. What kind of bureaucracy do I need to do to work a second job legally? If this will be something you do regularly and earn a real income from, you will need to become recognized as a business (usually osek patur or osek murshe) or get hired on the books. You will need to do a te’um mas to avoid being double taxed on your two jobs.
   
   
7. Does my current full-time job allow me to take on extra work? Check your contract. It might not. If that’s the case, you may have to get permission from your day job.

So tell me, what kinds of side hustle opportunities pay a decent salary?

Here are some ideas for side hustles that can pay well above minimum wage.

• Walk dogs or pet-sit. You get to snuggle with a furry friend and get some exercise in as well. In our neck of the woods, dog walkers tend to charge 30 shekels per half hour walk per dog or 100 shekels per day per dog for dog sitting. If you generally work from home and like animals, hosting someone’s pet for a few days can work out well.
  
  
• Babysit. Do you like kids? Adult babysitters can charge more than teens – upwards of 50 shekels per hour in some places. Not bad, especially if the kids are sleeping 😉
  
  
• Clean other people’s homes or stairwells. If you enjoy cleaning and making things shiny, this may be the side hustle for you. It can pay pretty well too.
  
  
• Facebook Marketplace (or the equivalent). Do you have plenty of perfectly good unused stuff cluttering up your home? Organize it, price it and advertise it for sale. Not only will you get to declutter your home, someone else gets something perfectly good that they wanted at a great price. One person’s trash is another person’s treasure.
  
  
• Pick up freelance clients. Are you a teacher? Consider private tutoring on the side. Bookkeeper? Graphic designer? Website builder? Or have any other marketable skill you do at your day job? Having a few private clients of your own could be a very lucrative side hustle.
  
  
• Monetize your hobby. But not enough that it stops being fun. Fiona got really into yeast doughs during COVID (who didn’t?) and went through a babka phase. For a short while she was making over a dozen babkas at a time and selling them. What do you enjoy doing?
  
  
• Rent out something. This is harder to do in Israel where things are more regulated, but in places like the US, platforms exist to help you to rent out just about anything: a room in your home, your pool, your car, baby equipment, and more.
  
  
• Surveys. This isn’t really a side hustle, but it will earn you some fun money to pamper yourself with. Here are the ones we do.
  
  
• Become a social media influencer. This is more of a hobby than an income, but it can lead to good things. Start a blog, vlog, TikTok, or whatever you’d like to make your voice heard. This one isn’t easy and likely won’t earn you much of anything for the first few years if at all. But it can be fun and you can learn a lot. If you’re lucky, it becomes profitable in time and can potentially earn you income from ad revenue, affiliate links, or partnerships and give you the platform to create a course, write a book, or create other paid materials. Though we’ve got to say, speaking from experience, you’ve got to really love making content and be passionate about the subject. If you’re not, you’ll burn out quickly – before you see your first shekel.
  

Do you have a side hustle or earn any income aside from your day job?

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