Have you heard of the phrase, “side hustle” before? There’s a good chance you have, but if you haven’t, it’s time to learn. A side hustle is something that many North Americans have, and it’s something I currently have too.
A side hustle can start off as a way to make extra cash on top of your regular day job. Now, though, it’s almost a way of life for many people. Some people can make enough of an income with their side hustles that they don’t need a typical 8 am to 5 pm, five days a week job.
Become financially free and independent by bringing on a side gig!
Now, you may not reach financial freedom right when you start a side hustle. Depending on the job and the amount it brings in too, you may not achieve complete financial independence, but it could definitely help.
What kind of side hustles are we talking about? Well, it can be anything you want really. You could start your own business with a hobby that you love. Become a freelancer or create your own blog. Participate in online surveys to gain a few bucks every week (Swagbucks, Inbox Dollars, and Survey Junkie are some reputable sources). These are only a few of the many side hustles you can get involved in to earn an extra source of revenue.
It Can Help Pay Off Debt
One of the main reasons why someone starts a side hustle is for the additional income to pay off debt. Even if it’s only fifty bucks a month, that extra cash can go towards credit cards and loans of any kind.
Imagine what an additional $500 would be like in your bank account. In six months, that’s an extra $3,000 that you can put towards your debt. In one year, you’re looking at $6,000. Could that be enough to finish paying off your student loans? Do you have a line of credit that you need to get under control? That $6,000 could cut it down in half, make it more manageable, or pay it off entirely.
I started a side hustle back in 2017 to help pay off a bit of debt. This hustle typically brings in a couple of hundred dollars a month. Now, that may not seem like too much, but every penny matters, right? And it sure has.
Instead of worrying about money and whether or not you can afford your monthly payments, why not take that time to look for a side hustle?
Use the Extra Income for Savings
Don’t have any debt to pay off to you think you would benefit from a side hustle? Think again.
So, that extra $500 we talked about earlier? Imagine putting that into a savings or investment account. Think about how much extra cash you’ll have at the end of the year that can help grow your savings, retirement fund, or for that family trip you’ve been talking about for the longest time.
Start a side hustle and take that income into an investment account, like through Ally Invest. These types of companies help beginner investors grow their investment as much as possible in the most straightforward way possible. By using your side hustle income, you’re not digging into your regular bank account, and the more you make, the more you can watch your investment grow.
Multiple Sources of Income Feels Empowering
Okay, so maybe for some saying that a side hustle is empowering seems like a stretch. Seriously, though, having additional sources of revenue can make you feel like superman or superwoman some days. How can you not enjoy having multiple sources of income?
When I go to check the bank account at the end of the month and see the different paychecks (even if it’s just a little bit), it’s a pretty proud moment to see that. It also gives me a boost of confidence knowing that the different streams of income allow me to be self-reliant.
You May Find Your Dream Job
A side hustle may start as just that, a side hustle. Does that mean you can never grow into something more? Of course not!
Many who have a side job eventually realize how much they love it and turn it into a full-time career. When you love what you’re doing, are you really working then?
Just because you start a side job though that doesn’t mean it has to turn into a full-time job. It can stay as a side gig while you work your main job. However, don’t be surprised if you end up falling in love with it though.
Living is Too Dang Expensive
Let’s face it – the cost of living is a little ridiculous nowadays. Inflation rates continue to rise, the cost of groceries become higher every day it seems like, and don’t even get started on how much it costs to fill up your vehicle with gas.
Living is just too dang expensive some days.
What do you do? You bring in more money to help offset the rising costs, and a side hustle can do that for you. Plus, add in any unexpected expenses that can happen at any moment, the cost of living can make you feel like you’re swimming upstream and never making any headway. A side hustle can help give you that extra push.
So, are you convinced yet about getting a side hustle? There is a lot to gain from having that side job with an extra stream of income. Taking on a side gig though means extra work to have that additional income source. You never know how the job may take off, so it’s a good idea to keep the income stream from your side gig separate from everything else. Using software like Personal Capital can help keep everything under control.
Start with looking at things you enjoy. See how they could turn into a job a part-time job. Here’s an example. My brother-in-law is a great guitar player and loves to jam. So, he decided to start teaching guitar to young children on the side. He now has a couple of students after only a few months, and the additional income he brings in goes straight to his savings account.
There are many opportunities to turn something into a side job. And, no one says you need to get hitched to the new gig and work your life away. Find the right balance between working and making money, and still living your life the way you want to.
If you need more ideas, Eris Rosenberg from Personal Profitability put together an awesome list. Here’s what he says about it: “a member of our community asked if I had a list of options to earn on the side. I didn’t, so I got to work. Here is my list of 137 ways to earn from a side hustle. There are plenty of other ways to earn from a side hustle if you are creative and put your mind to it, but this list should be plenty to get you started.”