Why You Need A Side Hustle
By now, we are all familiar with the term ‘side hustle.’ And most of us know someone pulling double duty during their downtime…
And while there are many great reasons to get to work outside your day job, side hustles (which are not just an American phenomena) are a great way to pull in extra cash. What most people don’t consider is that a key perk of the side hustle – also known as a side job or moonlighting – that becomes especially vital in uncertain economic times: Income security. With many major economists predicting a recession within the next two years, having more than one stream of income can make a big difference in your financial future.
Finances are one of the leading causes of stress in modern life and of course we all know how to alleviate it: Make more money. But maybe you think you make a pretty good living already or you just haven’t considered all the ways a second or third stream of income can change your life. Besides the obvious things like paying off debt, there are many ways in which extra money can positively influence your daily life.
Having multiple income streams can be very empowering. Consider not being stuck at the mercy of your day job. Need an extra day off or want to take extended parental leave? Or perhaps you just started a new job and your PTO hasn’t kicked in yet. Being able to take an unpaid day off because you have extra income can change the way you view your job and even your life. Consider the freedom that more money can give you.
If student loan or credit card payments is leaving you feeling cash-strapped, a good side hustle can help you get out of debt. This not only eases financial strain and releases more money for other things now, but it creates peace of mind. Getting out of debt can ease the burden should any other major life changes impact your finances in the future. Even if you’re not in debt (lucky you) or think you don’t need the money, you could use the extra income to build a nest egg or great rainy day fund. Think about things like early retirement, making a major purchase in cash, or traveling to all the places on your bucket list. Feeling compelled to look for that side job yet? Whether you use the money to pay off debt, build a nest egg for the future, or take a great vacation, a second income stream allows you the freedom to live the way you want. You don’t have to live at the mercy of your day job; you can build the kind of financial stability you’ve only dreamed of.
Now, you might be confused about where to find or what to pursue as a side hustle – this is where we come in – but consider your options for a moment. Side jobs are a great way to monetize any skills you’re not currently using or to further develop the ones you have. For instance, maybe you’ve always loved art and considered pursuing graphic design, but your practical parents pushed you to get an accounting degree and now you’re stuck staring at spreadsheets day after day. If you can learn the ropes, flex that creative muscle by doing freelance graphic design work on the side. Then you are not only pursuing a passion, but you’re making money while doing it.
And a lot of people have turned their side hustle into a full-time job. If you have the desire and are willing to put in the effort, you can continue building your extra income until it replaces and even surpasses your day job. Imagine the freedom of being able to quit your job and be your own boss. This may not be your goal, but it’s a definite possibility with a solid side hustle. And in times of economic uncertainty, side hustles can lessen the financial insecurity that comes with losing a job.
Look, we all want to believe that the economy is booming, we are valued as employees, and that none of us will be left without our main source of income. But in today’s job market, many of us are disposable to one degree or another. This is where the importance of a side hustle becomes clear: if you lose your job, you have a second income stream to cushion the blow.
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