Why Start A Side Hustle?

We cannot predict the future and, if we’re honest, most of us need a “plan B” these days.

The world is not as stable as it used to be, and many people are worried about their job security and how they are going to deal with the rising cost of living.

What will happen if you lose your job? How will you be able to afford to pay the bills if the cost of living continues to rise far quicker than your income does? A side hustle will give you a safety blanket to prepare and protect you for if, and when, these worst-case scenarios manifest.

Some people think side hustles are just a hobby, and in some instances that could be true for some people. However, in the uncertain economic times we are now living in, a side hustle can give you increased financial stability. Many are calling it the “new security”.

The phrase “side hustle” has gained enormous popularity over the last few years, especially throughout the pandemic. It started as a term referring to making a little extra money outside of a 9-to-5 day job, but a side hustle can also be about personal growth, development and entrepreneurial creativity. What started out as an “on-the-side” thing has turned into a way of life for many, me included.

According to a 2017 study from Bankrate.com, more than 37% of adults in America had a side hustle, earning an average of around $700 a month. The 2018 Deloitte Millennial Survey showed that two thirds of Americans considered diving into a side hustle in addition to their job.

Having multiple sources of income makes you less dependent and more self-reliant. When you make extra money, it can give you more financial security. It can be hard to increase your salary in a normal job and usually that money is already allocated to cover your monthly bills and expenses.

If you can invest some of your free time in building a second income stream it can give you stability and flexibility at the same time, and you can start to accomplish goals and dreams outside the normal framework.  Most people naturally focus on increasing their income rather than reducing their expenses, and this is one of the main reasons that side-hustling is such a popular monetary opportunity for people.

When you choose your side hustle, I suggest you find something that aligns with your interests and passions. One of the main benefits is that you don’t have to give up your full-time job – you test it out and see how it goes before investing too much time and money into it – a few hours a week can take you very far.

When you start making money doing something you love, it is one of the best reasons to continue working at it and the chances of it growing into your dream job become greater.

A side hustle can increase your household income and help you to reduce debt or add to your savings. For many, a side hustle can become a passive income stream. It can even develop into a full-time job that you love and give you the opportunity to take full responsibility for your time and money – if that’s what you decide. It can help you develop your skills and learn new things – if that’s what you decide.

That’s the beauty of a side hustle – what it is, how big it becomes and what you get from it; all of these things are within your control – you decide.

WANT TO START YOUR OWN SIDE HUSTLE?

If you are looking for the perfect opportunity to start your side hustle, or if you have any questions, please get in touch!

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