Every single business I’ve ever started, started as a side hustle.
Whether your goal is to start a new life or get out of debt, you need to start a side hustle, here’s why.
Helps Build An Emergency Fund
We all know we need an emergency fund, and there are so many ways that you can make it. The easiest way, in my opinion, is to start a side hustle.
The widely accepted minimum for an emergency fund is $1,000 and with a side hustle, you can make that. With rideshare driving, you can make that in a week, or a month depending on how much you work. You could find a few freelance clients, you could do a few coaching sessions. The bottom line is that you can start and grow an emergency fund using a side hustle.
Pays Off Debt
Debt holds you back. It makes you HAVE to work to pay off things you acquired long ago instead of looking towards the future. A side hustle can help get the debt paid off much faster than simply cutting costs and paying it down.
The problem comes when people start spending the money they make from their side hustles on other things. So make sure if you’re bringing money in for debt payoff you actually use it for debt payoff.
Sends You On Vacations
So, let’s just say you have an emergency fund in place, not just the basics but months of income for emergencies. You also have your debt paid off, now you can have some fun with the extra money.
I have friends who will pick up second jobs or just a temporary side hustle to save up to go on expensive vacations. When I say expensive, I mean $5,000 per person vacations. For some, that’s a normal vacation, for others that is once a decade kind of trip. Regardless a side hustle can be your vacation fund.
Is Its Own Emergency Fund – if you lose your job you work your side hustle more
Let’s say that the worst thing happens, you lose your job. Now, I personally think there are FAR worse things that could happen to you, but for some that really is the worst thing that could happen.
If you already have a side hustle that is making at least some money you can spend more time growing that side hustle while you are looking for a new job.
Let’s say your job makes $4,328.25 a month (the national average based on my 10-second google search) and you have a side hustle that makes $500 a month working about 10 hours a week (yes that’s possible). Now you have an additional 40 hours of time to spend on that side hustle which means you could grow that to $4,000.
It might not replace all the income, and honestly the more you work on the business you don’t start making more money right away, but it could go a long way to relieving stress if you do lose a job.
Can Be A Relaxing Hobby
Now, I’m not saying ALL side hustles are relaxing, not only that, what’s relaxing for one won’t be relaxing for others.
For instance, driving is relaxing for some, and so rideshare driving is a great fit for them to make some extra money. For me, driving feels way too much like a job, I hate driving. Honestly, if I could ride everywhere I probably would.
But for me, podcasting, more specifically interviewing great people is the most fun I have in my business. I’m not great at the back end of things, but I’m really good (at least I think so) at talking to people.
Another thing I love doing is teaching others how to do what I do. I never view it as “training my competition” because 95% of the time people I train find out how much work is involved and then they don’t do it anyway.
If you pick the right side hustle though, it can actually be something that doesn’t feel like work, but instead feels like having fun. And, you get paid for it.
Can Turn Into Full-Time Income
My personal favorite reason for starting any side hustle is it may someday be your full-time job.
Amazon, with the help of my wife who basically runs it nowadays, has grown it to match my freelancing income. All because she spent more time on it.
The Facebook ads company has replaced my old 9 to 5 income already and it’s still growing.
And rideshare driving isn’t currently making me any money, but I have the option for it to do so and I think I’ll start back up soon, just to see what it’s like still.
The bottom line is, you can start thinking this will be temporary or just extra income but it can become your full-time job.