When it comes to income, you should never put all your eggs in one basket. Though you may have a great full-time job with a reasonable salary and benefits, the truth is, nothing is a guarantee. That’s why it is extremely important to have multiple sources of income you can rely on. Though it means more work, a side source of income can help you in more ways than one.
Brings in Extra Cash
Who can’t use a little more cash in their budget? Having a side hustle, at the very least, provides you with some extra money you can add to your budget to cover your everyday expenses.
Covers Financial Emergencies
Fortunately, there are financial solutions like personal installment loans you can obtain to get you out of a financial jam. However, it’s always best to have your own nest egg in case of an emergency. This is especially true in instances where you’ve lost your job as you’d be ineligible to receive a loan. The money you earn from your side hustle could essentially be set aside for a rainy day. Whether it’s an unexpected home or car repair or something more serious (like this coronavirus pandemic), you’ll have preserved funds that can be used to survive.
Pay Off Debts
Debt is a huge problem for most adults in the United States. In fact, the average American household has more than $135,000 in debt. Though some debt can be instrumental in helping to maintain a positive credit score, too much debt makes it difficult to survive financially. With a side hustle, you could dramatically reduce your debt by using the profits you generate to pay off outstanding accounts.
Treat Yourself
Another reason to have a side hustle is–let’s face it–because sometimes you just want to treat yourself. Maybe you want to get invisible braces. Or maybe you would like to be able to afford a monthly spa day. Maybe you want to buy a new pair of Air Jordans, a Marc Jacobs handbag for the season, and a $300 pair of jeans. All of this is within your reach with a side hustle. As a bonus, you don’t have to touch your savings, your regular paycheck, or your credit cards.
Fuels Your Passion
Too many adults today work in jobs that they don’t love. In order to earn a paycheck, they drag themselves to work feeling less than fulfilled. When done for decades, it can have a negative impact on your emotional wellbeing. The right side hustle, however, can change this. It gives you the opportunity to focus some of your attention on something that brings you joy.
Starting Your Side Hustle
Now that you see how beneficial it can be to have a side hustle, here are a few tips on how to get started:
- Research Ideas – You should never jump into anything blindly. Take your time to do some research on the best side hustle ideas. When conducting research, try to look for things that tie into your educational, professional, or personal experience as these side hustles are often the easiest to be successful in.
- Decide on a Budget – Once you’ve decided which side hustle idea is best suited for you, it’s time to determine how much it will cost to launch and operate. Come up with a list of everything you’ll need and do some comparative shopping to determine approximately how much each thing will cost you. You can use this data to get a general idea of how much you’ll need to fund your business.
- Obtain Funding – Decide how you’ll fund your side business. You can use money you have in savings, set aside a portion of your income each week, cut back on your personal budget and spending, sell things you no longer need, or look into borrowing opportunities through loans and credit cards. Once you have the funding you can begin purchasing supplies, tools, and equipment you need for your side hustle.
- Advertise Your Services – Depending on the type of side hustle you’ve decided to start, you’ll need to advertise to let others know that you’re open for business. While a lot of your marketing efforts may take place online (i.e. website, blog, social media, etc), don’t overlook the importance of traditional marketing strategies. For example, having business cards, flyers, or brochures on your person at all times is imperative for in-person meetings.
If you’ve been relying on the stability of your paycheck to afford a living, it may be time to rethink this. As you can see from above, having a secondary source of income can help to make everyday expenses more affordable, financial emergencies less stressful, and life a bit more fulfilling. Use the above steps to begin a side hustle today to enhance your financial stability and provide peace of mind.
