I’m 42 and spent £780 on my side hustle – now it brings in £25,000 a week and some weeks I only work three hours
A WOMAN has revealed how she spent just £780 starting a side hustle that now rakes in £25,000 a week.
Jenny Woo was studying for her master’s degree when she had the idea of starting her own card game.
She was currently learning about emotional intelligence and realised that although everyone could benefit from the topic, it could be hard to make it fun.
Her professor had handed out a pack of cards in one of her lectures to make the class more interesting – and that’s when the idea of an EQ (emotional quotient or emotional intelligence) game sprang to her mind.
In 2018, Jenny forked out £780 from her savings to start her side hustle, Mind Brain Emotion, according to CNBC.
She started by spending three months creating sample decks of cards and trialling them among groups.
The initial pack she made was called 52 Essential Conversations and had two questions on each card.
The first was an icebreaker, and the second was designed to prompt deeper questions.
An example of this could be an ice breaker asking you to describe who you are as a person.
The longer question could then ask you to think of two other individuals and how you’re alike or different.
After launching a Kickstarter campaign, she managed to bring in six figures of revenue in 2019.
In 2023, her game brought in over £1.3million on Amazon, and she’s still a one-woman company – although hopes her children take over one day.
On average, Jenny makes $32,900 (£25,000) in revenue each week, with around 40 per cent of that being profit.
Jenny now produces 11 different EQ-focused card games, which focus on critical thinking, relationship skills and job interviews.
And while she had four streams of income – Mind Brain Emotion, lecturing, freelance consulting and running an online course – she only works between three to 30 hours a week.
She said: “Emotional intelligence is one of ‘the essential things that never go out of style.’
“We all need [EQ skills] in order to be happy, fulfilled, purposeful and, honestly, decent, good human beings.”
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 profit 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.