9 Reasons to Start a Side Hustle Today
Most people probably wouldn’t complain about having a little more money in their pockets. The more difficult thing is how to make that happen. Now if you’re bringing in the big bucks at your primary job or have the potential to earn more there, then keep focusing on that job. But if you find that your current salary is not enough for you to meet your financial obligations and goals, then it’s time to consider what else is available to you. Side hustles are a great option to bring in additional income.
Whether you’re new to the idea of side hustling or you’ve been thinking about starting one for a while, now is the time to start one. Take a look at these reasons why.
By the way, I've put together a handout of 5 must-have skills for side hustling. Scroll down to the bottom of the page and enter your info to grab a copy.
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1| You need more money
This one seems pretty obvious, but you’d be surprised how many people need money and don’t pick up a side hustle. According to this article, about 40% of adults would have difficulty covering a $400 emergency expense and 25% of nonretired adults have no retirement savings or pension at all. Even if you have robust emergency savings and a healthy retirement fund, you might be struggling to pay off other debts or simply want to pay them off faster.
Then there’s other life milestones and obligations that to meet: buying a home, purchasing a car, raising children, funding their college funds, saving for retirement, taking a vacation each year, and covering current and future medical costs. All of that is easier to do when you have the money to pay for it. If you have all that taken care of, then a side hustle can help you continue to build your wealth.
2| Stagnant wages
Today’s average hourly wage has about as much buying power as it did in 1979. Inflation has outpaced wage growth for the past three quarters as well. That’s pretty disappointing, right? If you’re not able to earn more, then you’re not able to spend more, not even on the things you need. One solution to that is to bring in more money. If your current job is unable to provide you a raise, then it might be time to look for a new job or side hustle.
3| Job insecurity
Job insecurity is a serious concern for many workers. They may have been only able to get temporary jobs or contract jobs, meaning their income stops when their job ends. This is a very stressful situation because you don’t know if you will be able to meet your financial obligations such as paying the mortgage or paying off student loans. You cannot make many life plans for the future either because you don’t know if you’ll have enough money to do them.
A side hustle is another stream of income that can help you weather inconsistent work or unemployment. If that side hustle includes learning a new skill, that can save you from becoming obsolete in the workforce when you do lose your main job.
Related post: How to Make time for Your Side Hustle
4| Job flexibility
Many side hustles can be done at any time of the day, making them a great choice for those who need flexible schedules. Stay-at-home moms come to mind. Their number one priority is taking care of the children and home, but they may have extra hours when their children are in school or napping. Many bloggers are stay-at-home moms who have used their free time to build money-making blogs.
5| Unpredictable life changes
Having a side hustle eases the financial difficulties that come with unpredictable life changes such as divorce, job loss, becoming disabled, or becoming the caregiver of an elderly parent. All of these take an emotional toll and can be financially crippling as well.
In my work at a skilled nursing facility, I’ve seen families struggle to take care of an elderly family member who is recovering from an injury. They’re unable to afford a private caregiver for home and don’t have enough money to place their loved one in a senior home. For the elderly person, this can mean less than optimal care. It’s stressful for all involved but could be eased with some extra income.
6| Earn money from a hobby
As surprising as it sounds, many hobbies can be turned into profitable side hustles. Turn your hobby of photography, writing, making crafts, or playing music into a business. You’re already doing something you enjoy, so why not get paid for it?
7| Explore your entrepreneurial side
If you’ve ever wondered what it would be like to start your own business, this is your chance. You can develop your entrepreneurial skills while growing your side business. Learn negotiation, sales, and marketing skills without paying for a degree. You don’t have to worry too much about losing money if your attempt fails either. Many side hustles have low or no startup costs and can be started almost immediately.
Related post: How to Sell Quickly on Poshmark
8| Turn your side hustle into a full-time job
If your side hustle succeeds though, then the sky is the limit for you. Many people have turned their side hustle into a full-time job, earning thousands and even millions of dollars. In fact, the authors of The Millionaire Next Door found that most of the millionaires they interviewed were self-made and became that way by starting their own businesses. Some of them probably started out with side hustles too.
9| Retire earlier
Who wouldn’t like to retire earlier? Side hustles have the reputation of being low paying. At face value, earning a couple hundred dollars a month may not seem like a lot. But if you invest that money smartly, over time it will grow to become huge savings. You can accumulate wealth much faster with even those few hundred dollars a month, setting you on the fast track to retirement.
A few years ago, I started reselling my used clothes online to try to make a few dollars while cleaning out my closet. I had no idea at the time that it would turn into a long-term profitable side hustle reselling thrifted items for profit. That was one of the reasons I started blogging, which has become a side hustle of its own. I’ve gained entrepreneurial skills, additional income streams, and an early retirement in the making. All this happened with one small side hustle to start. Who knows where your side hustle will take you?