Nearly everyone could benefit from extra income, whether to pay off debt, build savings or reach financial goals faster. Having a side hustle is an excellent way to do just that. Ideally, you want to pick up something that doesn’t interfere with your 9-to-5 day job and can be done outside of working hours.
It’s a Great Source of Income
A side hustle can provide a significant boost to your income. This extra cash flow can help you achieve your financial goals, such as paying off debt or retirement savings. It can also help you grow your emergency savings account. Experts typically recommend having three to six months of living expenses in an emergency fund.
Many people choose their side hustle ideas based on a passion or interest. This can provide a great source of motivation and energy for the venture. However, consider any up-front costs associated with the hustle before jumping in. This can help you decide if it’s worth it in the long run.
It’s a Great Way to Build Your Network
People start side hustles mainly to earn more money, which can help them pay down debt or save for something important. Aside from that, running a side hustle can also be an opportunity to explore new lines of work, whether building an ecommerce store around your passion or providing a service like home organizing.
Even though most people don’t plan to turn their side hustle into a full-time business, the experience is still valuable. This is because it gives you a feeling of control over your life and increased autonomy that can make you happier.
It’s a Great Way to Build Your Skills
If you work a 9 to 5 job and want more control of your life, starting a side hustle can help. This will allow you to learn new skills, flex your creative muscles, and take on personal risks that can positively impact your career and happiness. For example, if you have a knack for fixing technology, you can use your skills to repair devices like computers, smartphones, or tablets. Some people have even turned their side hustle into a full-time business!
If you’re thinking of starting a side hustle, research the industry and determine how much it will cost to launch. Also, remember to track your expenses and deductions, as this can save you money on taxes!
It’s a Great Way to Grow Your Savings Account
Whether you’re paying down debt or adding some wiggle room to your budget, the extra cash from a side hustle can be helpful. And, once you’ve met your financial needs, any surplus can go into savings.
Creativity is a part of us, and having the opportunity to flex those muscles outside your day job can be very beneficial. You may also gain valuable business skills that you can take back to your full-time job.
It’s a Great Way to Grow Your Emergency Fund
Your day job may pay the bills, but if something were to go wrong, like a layoff or an unexpected expense, having a side hustle could help you make ends meet. This is especially true if you have a finished basement or mother-in-law suite that you can use to host guests on homestays.
Beyond the financial benefits, having a side hustle can be a great way to grow yourself. You’ll flex new creative muscles, take on new challenges, and expand your network outside your 9 to 5 career. You may even find a passion you didn’t know you had!