4 Important Reasons Why You Need a Side Hustle
What exactly is a side hustle?
A side hustle is any type of work that creates income outside of your primary employment. More and more people are starting their own side hustles every year.
Do you want the perfect formula to make more money?
Do you want a second source of income without working for somebody else?
What if I told you that you can turn your skills into money?
I am going to give you the important reasons to have a side hustle.
A report from Fortune indicates that almost 50% of Americans have a side hustle.
Everybody’s hustling, so why shouldn’t you?
I personally have multiple side hustles which I truly enjoy. My two favorite are basketball skills training and flipping items on the internet.
I talk about how I generated extra sources of income to get out of debt in Student Loan Cheat Code.
You may argue that you don’t have enough time, or that you don’t have the skills to start a side hustle, but I am going to explain why you need to reconsider.
You Will be Less Stressed
It’s hard to keep calm at work when you are always stressed out.
In fact, a shocking study from The American Institute of Stress states that 65% of workers said workplace stress causes difficulties, and more than 10 percent described these as having major effects.
This is exactly why you need a side hustle!
Huh? How does taking on more work sound less stressful? You are probably thinking that you will accumulate massive stress by taking on more work, but let me explain.
Employees are typically handed an overwhelming amount of responsibility with little to zero autonomy, and there are few things worse than the stress of a toxic manager.
By starting a side hustle, you empower yourself to do more and take on more personal responsibility.
The best part of a side hustle is…YOU ARE IN CHARGE!
You get to call the shots, you get to make important decisions, and you get the full entrepreneurial experience. You will learn a new sense of accountability, self-awareness, and manifest new opportunities.
Now, how does this correlate to happiness?
Studies show that entrepreneurs and people who have a side hustle are happier overall. A side hustle fuels you with confidence, purpose, and a feeling of personal achievement.
In the video below, Monica Bassi explains in much more detail on how a side hustle releases dopamine, which will in turn make you highly motivated and successful!
Improve Your Financial Security
Let’s be real, who doesn’t want to put more money in their pocket?
Research proves that American’s biggest source of stress is due to money concerns. Marketwatch states that roughly 44% of Americans are stressed out over their financials. Yikes!
Obviously, having a side hustle is going to put more money in your pocket. Mathematically speaking, increasing your income enables you to attack your financial goals faster.
Whether you are looking to pay off debt, start investing, or throw more money into an emergency fund, having a second source of income will ultimately speed up your path to financial independence.
It may start with just a few extra dollars a month, but those small bills will make a big difference in the long run.
Expand Your Skills
Some people argue that you shouldn’t put all your eggs into one basket.
Others argue that you should focus 100% on a certain specialization.
I think you can make a valid argument for both, however, in my opinion there has never been a more important time to have a diverse skill set.
If you only have one specific skill set, your ability to venture into different fields are limited. Yes, you can earn more by having a specific niche, but at the same time you have a much smaller audience to provide your services to.
In addition to this, people are always preaching “get a safe and secure job,” but the truth is no job really is safe. In most cases, the scary reality is that you can actually get fired at anytime.
Due to budget cuts, I got let go from a job in the past, and it is a weird feeling. One day you have a job and the next day you don’t. Believe me, it happens fast!
Having a few side hustles helped me with the drop-off. Because of this, I was still able to generate income while looking for a different job.
In today’s world, being well versed in multiple fields is more appealing than specialization. Somebody who is adept in marketing and sales is more valuable to someone who just is a marketing specialist.
“A lot of things aren’t hard, they are just new” – Bryan Sharpe
Learning a different skill can be intimidating, but remember most things aren’t hard they are just new to you. Riding a bike is hard at first, but after a few times of falling down you get the hang of things, and then eventually it becomes second nature. Your side hustle may be scary at first, but after a while you will be glad you started.
Learn something new!
The World is Always Changing
Let’s be real here- when you only have one income stream, your finances are at a much higher risk. What if something were to happen to your job?
There are record high college graduates and the job market has become more competitive than ever. Along with this, technology is becoming more and more advanced as time goes on and more jobs are becoming automated.
What if your employer decides to downsize the workforce?
What if your employer decides to replace you with a robot?
Like I said earlier, the harsh reality is your job is never really safe. You have to save yourself.
Where Should You Start?
Starting your own side hustle is a real solution to real problems you are facing. If you don’t know where to start, ask yourself these questions:
-What are my hobbies?
-What are my talents?
-What have I been taught in the past?
Turn your skills into money.
If you play basketball, give out lessons.
If you can draw, run a wine and design class.
If you are into fitness, sell a dieting/workout guide.