TL;DR: Comparing popular side hustles and their average yearly earnings to the $3,000 employees typically pocket from maxing out their ESPP with Benny. Find out which option might be the best option for you and how you can make the most out of your employment benefits.
Make More Money from your ESPP with Benny’s New Program
Benny 2.0 automatically manages your Employee Stock Purchase Plan (ESPP) to make you more money without disrupting your take-home pay.
In the ongoing quest to boost income, employees often face a choice: dive into a side hustle or leverage investment opportunities like their Employee Stock Purchase Plan (ESPP) benefits. While side hustles are a tried-and-true way to secure a second stream of income, they often require additional hours of labor and face intense competition, making these ventures short-lived.
With Benny, maximizing your ESPP is simplified. On average, employees pocket an additional $3,000 annually without impacting their take-home pay, as Benny arranges funding for you to max out your ESPP. But how does this compare to the earnings from popular side hustles? Let’s dive into the numbers and see which option is truly more beneficial for your wallet.
What is an ESPP?
An Employee Stock Purchase Plan allows you to purchase company stock at a discount, often through payroll deductions over a set period. Typically, companies offer a 10% to 15% discount on the stock price, either at the beginning or end of the purchase period, whichever price is lower.
Your ESPP with Benny
Before comparing side hustles with ESPP benefits, it’s essential to understand what Benny offers. Benny is not just a tool; it’s your financial partner that manages your ESPP efficiently, ensuring that you gain the most without affecting your monthly budget. Users have already seen over $500K in collective earnings by maximizing their ESPPs through Benny, which also facilitates further investments like IRAs and emergency savings.
Popular Side Hustles Compared
1. Pet Sitting
Average Annual Earnings: $500 – $2,500
Pet sitting can be a fulfilling and flexible way to earn extra cash, especially for animal lovers. Income varies widely depending on the number of clients and the frequency of sitting jobs. Those who do this casually, just during vacations or weekends, tend to be on the lower end of the earning scale.
2. Online Surveys and Market Research
Average Annual Earnings: $200 – $1,500
Participating in online surveys and market research panels is an easy way to make money without leaving home. However, the pay per survey is typically low, and finding consistent high-paying surveys can be challenging. This hustle is best for supplementary income and requires minimal commitment.
3. Crafting and Selling Handmade Goods
Average Annual Earnings: $500 – $3,000
For those with a creative streak, selling handmade crafts (like jewelry, art, or knitwear) can be a rewarding side hustle. Earnings are highly variable and depend on the scale of operation and ability to reach customers. Casual crafters selling at occasional fairs or online through platforms like Etsy often earn on the lower side.
Comparing Side Hustles with ESPP Benefits
When comparing these side hustles with the potential $3,000 gain from an ESPP through Benny, it’s crucial to consider the investment of time, initial capital, and the consistency of earnings. ESPPs provide a nearly passive way to increase your earnings; once you set up your contributions through Benny, you can watch your investment grow without additional effort. Side hustles, while potentially lucrative, require ongoing time and effort, and income can be less predictable.
Why Benny Might Be The Better Option
Benny does more than manage your ESPP; it ensures that you’re maximizing this benefit from day one without impacting your daily finances. Here are a few reasons why using Benny could be more advantageous than pursuing a side hustle:
- Consistency and Predictability: Your ESPP gains are more predictable and less volatile compared to the fluctuating nature of side hustle earnings.
- Less Time-Consuming: Once set up, Benny manages everything on your behalf, allowing you more free time to focus on your career or personal life.
- Financial Growth: ESPPs can lead to significant financial growth, particularly if your company’s stock performs well.
While side hustles can offer extra income, they come with their own set of challenges and demands. For employees looking to make the most out of their existing benefits with no disruption to their daily lives, maximizing an ESPP with Benny could be the more lucrative and hassle-free option. Join the hundreds of employees already using Benny!
Make More Money from your ESPP with Benny’s New Program
Benny 2.0 automatically manages your Employee Stock Purchase Plan (ESPP) to make you more money without disrupting your take-home pay.
What is an ESPP?
An Employee Stock Purchase Plan (ESPP) allows employees to buy company stock at a discounted price, usually through payroll deductions. This means you set a % or $ amount and each and every paycheck, a portion of your paycheck is set aside to purchase company stock at certain increments (most often 6 months but each company can do theirs differently). For more insights, visit our overview of ESPPs.