The side hustle quickly has become this generation’s chosen way to build wealth. You don’t have to major in calculus to know that multiple streams of income equals a better financial situation. Some people have a main career to help pay the bills and side gigs to create a cushion for the future. They’re flexible and unique to the individual, so the possibilities are endless. Often, the secondary job may go so well that people turn it into their main business. Chosen side hustles are often something that people find interest in, so they can lead to a more fulfilled life.
Build wealth over time
When you find your finances are running dry, you have two options: reduce your costs or increase your income. Would you choose the latter? There are many reasons that people don’t choose a side hustle. But one of the main challenges is that they take up a lot of your downtime after your typical 9 to 5. So you have to look at the opportunity cost. Sacrificing downtime now will lead to more money in the future, which could give your future self more downtime. The driving force of a side hustle is to build wealth, which is a long-term goal. So you have to set your sights further down the road.
A side hustle can fill gaps in your finances
Steady employment is rare these days. Many people work in industries with unpredictable schedules, unpaid time off or low availability for hours. And the sad reality is that you never know when the unemployment rate will rise and you get laid off. A side hustle could help balance your finances, even when there are dips in the economy. Ultimately, a side hustle is a great way to plan for the future! Which one of your passions could turn into income?
If you’re thinking of starting a side hustle, check out this article for some ideas.
And if your side hustle is growing beyond your control, check out this Bankrate guide for “6 signs your side hustle needs a business bank account.”