This is What Kevin O'Leary's Side Hustle Would Be

According to The Street, “Shark Tank” television personality and O’Shares ETFs founder Kevin O’Leary has a net worth of $400 million, so needless to say, he probably doesn’t need to have a side hustle. However, if he did, here’s what he would do.

First, it would mean a mentality shift—rather than simply looking for a job, he’d focus on creating a business predicated on need. A business that looks at an existing problem and essentially solves the issue at hand.

“If I lost everything and had to start from scratch, I would find a problem everybody had and I’d solve it,” O’Leary told CNBC Make It.

However, if it did come down to actually choosing a position—it would be a virtual assistant. Virtual assistants are becoming increasingly popular, especially now where social distancing is the norm.

“There are so many people scrambling to figure out their lives right now that need help in all kinds of things,” said O’Leary.

Additionally, finding a side hustle is easier now given the rise of communications technology, which allows “any host of different products that allow you to communicate directly with people all around the world,” O’Leary said. With applications like Zoom or Google Hangouts, clients and business providers can interface anywhere around the world.

O’Leary also recommends leveraging social media platforms in order to “put yourself out on every social media platform as being available, ready to work 24/7,” O’Leary says.

It all boils down to simply finding a solution to somebody’s problem and offering to fix it for them.

“You’d be amazed how many people are looking for help like that, whether it’s a mother trying to figure out how to do a repair in a pandemic world or somebody that needs some help just in editing documents or something to do with work or sales or support. You name it,” O’Leary said.

The move towards an economy comprised of side gigs can benefit the SoFi Gig Economy ETF (GIGE). The fund seeks long-term capital appreciation and to achieve its investment objective primarily by investing in a portfolio of companies listed around the world that the Adviser considers part of the “gig economy”.

The “gig economy” refers to the group of companies that have embraced, that support, or that otherwise benefit from a workforce where individual employees or independent contractors are empowered to create their own freelance business by leveraging recent developments in technology platforms that enable individuals to offer their services directly to retail and commercial customers.

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