Ever since I was little I always thought that if I do really well in school I would get a nice high-paying job, have a good life and retire. Little did I know of uncertainty. The uncertainty of getting that high salary job, the uncertainty of medical bills, the uncertainty of social security.
I never grew up knowing people to have side hustles or side jobs. I only ever knew of my dad having his one job. It was only after I met my husband that I found out many people had side hustles. We have friends who are automotive technicians who will fix cars on the side to make extra money. My husband is really knowledgeable about computers and networking that he does that on the side to make extra money.
What is a Side Hustle?
A side hustle is a way that you can make extra money outside of your regular full time job. It can be a part time job delivering newspapers, fixing things for other people, offering a service, or even starting up your own business. Side hustles can be as basic or complex as you want them. They can even be your hobby! Also, the amount you can earn is limitless, only you can place the limit.
Why You Should Have a Side Hustle?
Normally our incomes are a fixed amount. Sometimes people can earn varying amounts of income especially if they own their own businesses or work on commission but that can be unstable and you might end up having a lower than average income for a month or two. Having a side hustle or a few side hustles can bring in extra income that will help you achieve financial independence.
Peace of Mind
When you have multiple income streams if something happens to one of your income streams you won’t be affected as much as if you only relied on one income stream. What happens if you are the only income provider in your household and your only income stream is your 9-5 job and your employer let you know tomorrow that you’re laid off. What are you going to do? This is why having a side hustle is very important.
Build Skills and Experience
One of my side hustles is this blog. Since starting this blog I’ve learned many new skills that I can add to my resume.
If you’re looking to add or become proficient in a particular skill think of a way you can do that by incorporating it into your side hustle. This is a great way to increase your experience in certain areas.
Sometimes people have a side hustle as a way to enjoy their hobbies. Many people sell crafts or jewelry that they make on Etsy. They earn some money while doing something they enjoy. Some side hustles that I’ve come across that people seem to really enjoy are:
- sticker making (people selling stickers for planners, teachers, etc.)
- YouTube Videos
- jewelry making
- dog walking
- craft making
- teaching cake design classes
Paying Off Debt Sooner
Many people have side hustles to be able to pay down their debt quicker. The longer you have the debt the more you’ll be paying over time depending on the interest rate your debt has. The sooner you pay off all your debt the sooner you’ll be on your way to financial independence.
How Many Side Hustles Should You Have?
That’s a question only you can answer. Some people only have one side hustle, some have a few, others have none. The amount of side hustles you can have can depend on how much extra time you have, your other obligations, and how much time each side hustle can take up.
When you have a side hustle you should evaluate how well it’s doing every so often. If you’re doing a side hustle that is costing you more money than you’re making that it a good sign that it’s not worth your time. Or if your side hustle is barely making you money and there’s another option out there that could yield you more money, you should drop that side hustle and try the other option.
Remember the amount of money you can make is up to you. How much money do you want to make this month?