A SAVVY mother has shared how she went from being a broke teaching assistant to earning almost £50,000 in less than a year.
Shannon Wadey, a mum-of-two from the UK, explained that with her side hustle, she doesn’t need to leave the house.
Now, Shannon can earn four figures a week doing a side hustle that almost anyone can do.
So if your 9 to 5 paycheck isn’t cutting the mustard and you’re constantly running out of cash, then you’ve come to the right place and will need to listen up.
Eager to inform others about how she transformed her life, Shannon explained: “Here’s how I went from being a broke teaching assistant to making over £46,000 from my phone.
“I used to be an SEN teaching assistant in a secondary school and my pay was £840 a month.
“Now as a mum, that didn’t stretch very far and it also didn’t justify missing out on my daughter five days a week to be at work.
“So, I jumped online and I started searching for ways that I could make money – side hustles, extra income, anything. I was willing to try anything.
“And I did. I tried quite a few of them and nothing worked.”
Shannon explained that she tried filling out surveys, selling stuff on Vinted, but with no success.
However, she then found a side hustle – creating and selling digital products – that worked for her, as she acknowledged: “That said side hustle has now made me over £46,000 from my phone in less than a year.
“I’m now a stay-at-home mum full time and I do this side hustle completely from my phone around my two children.
“I’m my own boss. I don’t answer to anyone, I don’t have to ask for time off and I make four figures a week from my phone.
“This is a side hustle pretty much anyone can do. If you have a phone, you have a bit of free time each day, you have some determination and you wanna make a bit of extra income each month, then it’s for you.
Do I need to pay tax on my side hustle income?
MANY people feeling strapped for cash are boosting their bank balance with a side hustle.
The good news is, there are plenty of simple ways to earn some additional income – but you need to know the rules.
When you’re employed the company you work for takes the tax from your earnings and pays HMRC so you don’t have to.
But anyone earning extra cash, for example from selling things online or dog walking, may have to do it themselves.
Stephen Moor, head of employment at law firm Ashfords, said: “Caution should be taken if you’re earning an additional income, as this is likely to be taxable.
“The side hustle could be treated as taxable trading income, which can include providing services or selling products.”
You can make a gross income of up to £1,000 a year tax-free via the trading allowance, but over this and you’ll usually need to pay tax.
Stephen added: “You need to register for a self-assessment at HMRC to ensure you are paying the correct amount of tax.
“The applicable tax bands and the amount of tax you need to pay will depend on your income.”
If you fail to file a tax return you could end up with a surprise bill from HMRC later on asking you to pay the tax you owe – plus extra fees on top.
“I sell digital products online and I use my social media platforms to promote them.
“You can literally open up Canva and create your own digital product, stick it on a Stan Store, promote it online and make an extra income a month.”
A digital product is any product that is created, distributed, and consumed in an electronic format.
Digital products refer to digital files that buyers can purchase and download instantly, such as printable art, digital planners, e-books, stock photos, and more.
I’ve made almost £50,000 in less than a year from my phone
Shannon Wadey
Selling digital products involves offering goods that exist in a digital format, which are typically delivered to customers via download or email.
Unlike physical products, digital products don’t require physical inventory and can be sold repeatedly without needing to replenish stock.
Selling digital products offers several advantages, including low overhead costs as a result of no inventory or shipping fees, high profit margins, and the potential for passive income since they can be created once and sold numerous times.
Types of digital products
- Online courses
- Ebooks
- Licensed digital content
- Premium content libraries
- Digital templates and tools
- Product photography
- Music, art, and entertainment
- Digital services
- Printable digital products
- Digital memberships
Opening up in further detail about her side hustle success, Shannon told Fabulous: “I started this almost a year ago with absolutely no experience and no clue what I was doing after speaking to another lady on social media who was doing this and earning thousands.
“I’m a mum of two girls and I didn’t want to put my daughter in nursery and miss out on valuable time with her to go to work. So I decided to give it a go with a goal of making £500 a month.
“I never in a million years expected to have achieved what I have now.
I’m no longer consumed by the overwhelming stress of my financial situation
Shannon Wadey
“I’ve made almost £50,000 in less than a year from my phone, I became a Stan Store Ambassador, I’ve grown my social media page to over 12,000 followers from scratch and had multiple viral videos.”
Not only has Shannon been able to cash in, but she’s even teaching others how to do the same too on her TikTok account, where she posts under the username @shannonsdigital.
She continued: “I’ve mentored over 100 people who have started their online journeys with me and helped them get set up and earning online!
“Most importantly, I get to enjoy watching my children grow up everyday.
“I’m no longer consumed by the overwhelming stress of my financial situation, I’m able to treat my children without feeling guilty, I’m able to do a food shop without panicking and I get to do it all on my own terms, from my phone in the comfort of my own home or out and about wherever I go!
“This all came from one decision to give something new a try because I knew I didn’t want to carry on living the life I was!”
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