If I could give anyone some smart financial advice, I would tell them you NEED a side hustle. It’s just the smart thing to do and it’s one of the fastest growing segments in the world of business.
I feel like freelancers and people who run their own side hustle are going to outstrip traditional workers in a relatively short time. Having done both, I feel uniquely qualified to talk about this.
In fact, my side hustle gave me a way out when life in the Corporate world got to be a daily misery. All of my friends were in the same boat, but I was the only one who had a ready-made business ready to just jump into. The rest of them were stuck there for several more years after I bailed out.
See my post on how my side hustle helped me to retire 7 years early.
This got me thinking about the whole side hustle phenomenon and why I think they are so important. There are hundreds of opportunities for businesses, more than you could ever imagine, and some of them are very non-traditional. I know people who are artists, astrologers, psychics, or sound healers and manage to make a solid living at it.
What type of side hustle you choose is up to you, and you can earn extra money with it. Sometimes it’s a little bit, but sometimes it’s a LOT. It all depends on what you choose, how hard you work at it, and sometimes how lucky you are.
ONE – A Side Hustle Gives You Financial Peace
I talk to my friends and most of the time, they are stressed about money. I’m really not in that boat at all. Not that I’m making tons of money at this, but I’ve seen it in action and I know there are some amazing possibilities.
I had one side hustle friend say to me – I’ve made $75,000 on a special promotion this week, and it’s only THURSDAY. What do you do information like that? I literally couldn’t wrap my mind around it. Another good friend is making $20,000 a month as a social media manager.
It takes a lot of hard work and talent to earn like that, but lots of my friends are making regular small incomes from blogs, selling products, or doing consulting. Maybe enough to pay your utilities or save up for a trip.
Just having that little bit of extra income just gives you a little bit of breathing room between paychecks or when an unexpected bill comes up. Mine is helping me put my son through college and do some much-needed updates on our house.
But the nice thing is that I’m not sweating it until the next payday like most of my friends. I always hated that “broke until payday” feeling.
TWO – A Side Hustle Gives You Flexibility
For years, I had worked a full-time job in addition to running my blog and the other things I do. But even if you are a stay at home Mom, most side hustles are things you can do whenever you want to work on them. That gives you the flexibility to tailor your schedule to care for your children, work at a day job, or just have time to enjoy yourself. Most 9 to 5 jobs don’t offer much in the way of flexibility like that.
Plus, you don’t always have much control when you are working at a traditional job. A company can go out of business, you can get laid off, you could be transferred to a really horrible boss, or you could be fired. With a side hustle, it’s not always a bed of roses, but you have a lot more control. If Plan A isn’t working out, you have the flexibility to try Plan B, C, D, into infinity….
THREE – Side Hustles are Easy to Start
Even better, for most side hustles, you don’t need a lot of qualifications. You don’t need a diploma or a job interview or someone’s approval in most cases. A lot of my friends are working full-time, raising a family AND trying to go back to school. That way lies CRAZY-TOWN in my opinion. Work, school, or kids – pick any two. Pick all three and you are in for a bumpy ride!
With a side hustle, you just pick your course of action and get going on it. Now, the flip side of that is that you have no guarantee of success whatsoever. That can be a bit scary, especially if you are depending on it for your main income, but it’s also a great motivator. I’ll be honest – some of my early side-hustles didn’t work out at all. I not only didn’t make money, but in some cases I got myself into debt by making some poor choices.
Especially in MLM companies – like Pampered Chef, DoTerra, Tupperware, etc. it’s very easy to be your own best customer. And that’s where I went astray. I wracked up a couple of thousands in debt when I worked for a stamping and scrapbooking company because I kept buying stuff with the idea that I could use it to create more sales. Nope! And most of it is still sitting down in my basement gathering dust.
But, if you’re smart and disciplined and strategic, you can do quite nicely. And for many side hustles, you can start with them for a very small outlay, most times under $500. My Mom had a very entrepreneurial spirit, but back in the day, you had to have a brick and mortar store with a bunch of inventory to run a side business.
I started one of my first side hustles as an eBay seller. All I needed was my computer, some software, and a bunch of stuff out of my Mom’s garage. Mostly things from her failed craft business. Voila! I had a business.
FOUR – Side Hustles Give You Variety and Creativity
Especially if you have a boring day job, or have a life that isn’t very interesting, a side hustle can offer you the ability to learn new skills, meet new people, dust off old hobbies, and just break out of your shell. I think about all the wonderful people I’ve met through my blog and all the fabulous experiences I’ve had. You might end up making new friends, learning new skills, and gaining more confidence. That beats sitting on the couch binge-watching Netflix or playing Candy Crush on your phone.
FIVE – A Side Hustle Lets You Help Others
One of the most rewarding things about working a side hustle is that you are able to help other people. I love my career as a freelancer and I’m able to help my clients every day. That’s fun and interesting to me, as well as a good source of income.
That’s exactly why you NEED a side hustle of your own. When you are at the mercy of an employer, it doesn’t always work out in your favor. But when you have your own side hustle, you get to control when you work, who you work for, what you do every day, and how much money you want to charge. That’s definitely a win-win!