If you are passionate about something, be it cooking, singing, writing, or gaming, you can make money out of it in your free time. If you continue to pump in your energy, maybe your side hustle can grow into a full-time, billion-dollar business! As the famous American author, Zig Ziglar said, “You don’t have to be great to start, but you have to start to be great.”
We have five perfect reasons for you to start a side hustle:
Extra source of income
Do you know what’s better than having only one source of income? Have two or three of those. Millions of Americans lost their jobs due to the Covid-19 pandemic. What would you do if the economy tanks and you lose your only source of income, your 9 to 5 job? This is the first and the most important reason why you should be starting a side hustle.
Taking up a side hustle is the smartest financial decision you can make right now. You should have a safety net when hard times hit you.
You can follow your passion
If you are passionate about singing, then maybe you should start giving music classes in your free time. If you are the one who loves gadgets, then think of starting a YouTube channel where you review tech products.
By starting a side hustle, you can try something new without the risk of losing your job. Make sure you pick something that you enjoy doing. Your side hustle should not stress you out.
You should always choose a side hustle that doesn’t clash with your current job or work scope. Check your company’s policies before you take up a side hustle.
You can achieve financial freedom faster
Even if you are not worried about losing your job, a side hustle can help you pay off your debts faster. You can also simply save that money or even invest in stocks, bonds, or real estate. You will be less stressed about your money and you will be able to take control of your finances.
You can retire early
Ever dream of retiring early? Well, it’s achievable but you need to save extra and side hustling can make that possible. You also get a chance to use your extra money in investments which appreciate with time.
You will also have to ramp up your savings and cut down on your wants. Your short-term sacrifices can help you achieve your goal faster.
You can be our own boss
Some of the social media giants like Facebook, Instagram, and Twitter were started as a side hustle. But not every side hustle has the scope to grow into a full-time business or be sustainable in the long run. If you are determined to be your own boss and are willing to take the risks, then you should start asking yourself some basic questions like:
- How much profit is your side hustle making?
- How much will you need to invest from your pocket?
- Do you have emergency expenses saved up?
- Have you done market research?
If all of the answers give you confidence, then probably you can think of quitting your day job and go full time with your side hustle.
Before you start racking up your brains for a side hustle idea, here is our pro tip: Don’t burn yourself out. Make a schedule to manage your 9 to 5 job with your side hustle. Don’t forget to rest and refresh. Remember you’re doing this to make your life easier and not harder.