I’m only 17 & make £40,00 a month from my bedroom side hustle – my parents said ‘no’ to the idea but now I’m rich
A-17-YEAR-OLD has revealed that she makes £40,000 a month from a side hustle she started in her bedroom.
She said her parents said she was crazy at first and banned her from starting her own business, but she did it anyway.
Marisa makes her cash by making and selling colourful slime.
She explained that she has always been very entrepreneurial, and first heard about slime when she saw a video of people playing with it when she was 13.
Then, during a shopping trip with her mum, she spotted some blue glitter glue, and decided to make slime with it.
The first people that she sold slime to were her friends at school, and from there her business grew.
Marisa’s slime business really began to take off when she posted ASMR videos of herself playing with the slime on social media.
Autonomous Sensory Meridian Response (ASMR) is a tingling sensation triggered by certain audio or visual stimuli, which trigger the experience of low-grade euphoria.
After seeing the videos, people became keen to buy Marisa’s homemade slime.
Speaking to Channel 4, she said: “Making these ASMR videos is basically like marketing because you’re showing the product before people buy it, so they know what they’re going to get”.
The young entrepreneur’s most popular slime video, has a whopping 7 million views on TikTok.
Since starting her business, Marisa has sold over 100,000 slimes, and ships them all over the world.
She makes 10 gallons of slime a day, and has created 300 different types, all with different colours, scents and glitters.
Each individual slime is priced between £10-£13 and she often sells out almost immediately following a restock.
Marisa works 7 days a week at her business, and said that it can be hard to find the time to get breaks.
She is helped out by most of her family, who are now fully supportive of her venture, except her brother, who hates slime.
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.
As well as the slime, the business owner also sells hoodies, socks and phone cases, branded with the name of her company, Parakeet Slimes.
Marisa said that in the future, she would like to run a slime warehouse, so that people can buy her products in person.
“I feel so grateful to be able to run a business at 17.
“I love the fact that I’m earning money from something that brings people joy.”
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