Most people have a simple goal in life: find a good job at a company you don’t mind, that pays you a decent salary and offer benefits. Unfortunately, a lot of us spend our time trying to outwork everyone and work way too much. This can be great for your current employment, but what if you suddenly lost your job or the company went bankrupt? Would you have any backup income? If your answer is no, don’t worry, that is the overwhelming majority of America. The answer is known as creating another income stream, more commonly known today as a side hustle.
At age 26 I started my side husting by creating a website and try to make some money through affiliate advertising. It was a good idea in theory, but also my first online failure. www.smallkitchengagets.com was the website, how did I think this was ever going to be successful in the first place?
It failed for two reasons: I did zero research into the niche and it was a topic that I was not passionate about. Well maybe three because I’m not sure there was a need for a review site for small kitchen gadgets. My “failure” left me discouraged and instead of trying again I was back on the couch binge watching Netflix.
If you start with something you are passionate about it will be easier and more motivating to work on even if you are tired after your 9-5 job. Luckily at 28 I started this blog and have found much more success because I am passionate about helping others with their personal finances. There are plenty of instances where people have turned their side hustle into their main hustle and are able to get out of the “rat race” much earlier than their peers.
Seven reasons to start a side hustle:
Make More Money
Wouldn’t it be great to have a third or fourth paycheck each month instead of the 1st and 15th from your 9-5 job? Side hustles allow you to channel your passion into helping people and in turn make more money. The more people you help, the more money you make.
Build Relationships & Meet People
As a blogger I have been able to meet some great people in the industry and add new contacts to my network. It is great to connect with others who share your passion.
Helps You Save More Money
Most 20 somethings are not making $100,000 a year. If you are it’s more likely to happen after 26 or 27 as your career experience has increased and have climbed the corporate ladder. By having a side hustle it will allow you to save this money towards your future and long term goals.
Makes You More Productive
Americans watch TV, nearly five hours a day according to this study from NY Daily News. Why? Because TV has never been better! I love TV and movies so it can make it hard to work on other projects when a new Netflix season is released. But imagine if you replaced an hour or two a day working on your side hustle instead of TV?
You would be able to start a website, write a chapter of your book or record podcasts. I’m not even suggesting replacing TV entirely. That is as unrealistic as starting a diet without sneaking in a cheat meal. This would lead to your eventual failure and be right back where you started.
Gives You More Freedom
If you are able to generate a few hundred or even thousands more per month you will be able to have more options in your life. You could take a quick vacation, pay down bills, donate to your favorite charity or pay down debt to have fewer money related stresses.
Protects You From The Unknown
Society may want you to think that a 9-5 job is the “safe” route in life but you should always be prepared. Companies go out of business all the time, sometimes with little notice. Be prepared by having a second income stream and emergency fund in case you find yourself in this situation.
Get Out Of Your Comfort Zone
Once you have been at a job for some time it can be easy to get into a comfortable routine. But your comfort zone is where dreams go to die. Challenge yourself to do more with your time by learning new skills, meeting people and getting paid to hustle. Side hustles ensure you are trying new things, connecting with new people and doing something outside your comfort zone.