We talk a lot about side hustles on Young Adult Money, but we just can’t help ourselves.
Side hustles have helped all of us to transform our financial situations drastically and build a desirable lifestyle for ourselves, where we can live with less financial strain.
We believe everyone should have a side hustle, not only for the financial benefits, but for additional benefits as well.
Here are 10 good reasons why you need to start a side hustle today.
1) Pay Off Debt Faster
Many people start side hustles because they find that the financial burden of debt is too much for their budget. Maybe you are a recent graduate with a quarter or more of your take home pay going towards debt, and that’s only the minimum payment. Or perhaps you are a family with a mortgage you just can’t wait to get rid of. While other financial skills, like budgeting, can certainly help you pay off debt faster, making more money is one of the most transformational methods to obliterate debt.
My side hustles of blogging and freelance writing have allowed me to pay off over $10,000 of student loans in the last 6 months, and I should be debt-free in another 6 months. I could not have achieved this without the additional income of side hustles.
2) Provides Additional Funds to Save
If you don’t have any debt, you likely still have a list of financial goals you are hoping to achieve. Trying to save for a down-payment for a home? Increase your retirement savings? Build up your health savings account? Side hustles can give you the boost you need to achieve these goals significantly faster.
3) Have an Outlet Outside of Work
Maybe you are lucky enough to love your job, but that isn’t the case for everyone. Many people I know simply show up to work every day just to earn a paycheck. Or, I know people who have very stressful careers and have a hard time taking their mind off their job. Either situation doesn’t promote a healthy, long-term lifestyle, and may result in a loss of purpose.
Side hustles can provide an outlet or distraction outside of your regular job. They can leave you feeling empowered. With side hustles, you aren’t only taking control of your finances, but you are taking control of your career, lifestyle, and interests. You can earn money outside of your 9-5 job, and when you realize that, it can help to take some of the pressure off of work.
4) Meet New People and Grow Your Network
Side hustles are a great way to meet new people. No matter if you have a local side hustle, like mowing lawns, or a global one like blogging, you are guaranteed to meet some interesting people along the way.
Meeting new people and growing your network is key in growing your side hustle business. For instance, many of my clients have been referred to me by other clients. Not only is this good for my business, but I love that I have friends all around the globe through blogging and freelancing.
5) Teaches You to Prioritize
Many people I know say they do not have enough time for a side hustle. While everyone is busy, some of the more successful and busiest people I know still have a side hustle. They understand the benefit of a side hustle, and most would likely tell you that they are still able to find time to enjoy everything they want to do.
A side hustle teaches you to honestly prioritize what is important to you. The busier I get, the more I truly value time with friends, family, or for myself. When I don’t have a ton of extra time, I find that I fill the little bit of time I do have with the good things in my life.
6) Diversify Your Income
Hands down, my favorite benefit of my side hustle is the fact that it provides an additional income stream for me. Entrepreneurship is risky, but working for someone else full-time and relying on them for your income has its own risks. Truthfully, though we never think we might be laid off, you can’t ever guarantee it. While you can create security against a layoff by building an emergency fund, you can also score even more security by diversifying your income.
My side hustle provides me with so much peace of mind. If, for whatever reason, I ever lost my job, had to move for my significant other’s career, or decided I just didn’t want to do it anymore, I would still have a substantial income to survive on. Having additional income gives me so much more freedom than I would have if I just relied upon my 9-5 income.
7) Gives You Additional Career Options
Maybe you don’t love your 9-5, or maybe you are just interested in exploring another career field. One of the best reasons to start a side hustle is that it allows you to gain skills that would easily transfer into another career.
For example, even though I work in corporate HR, my side hustles allow me to see what a career in content creation and marketing might look like. I am able to test this out and learn for myself, without risking a complete career change.
If you are considering changing career fields, start thinking about what side hustle might act as a springboard to get you into the new career field. Though you may not have the traditional experience when looking to switch careers, you will have built up a business within your new career field and have established a client base who can act as a reference towards your knowledge and skills in that area.
8) Provides Low-Risk Opportunity for Entrepreneurship
Have you ever considered starting your own business, but were afraid of the risk involved? Starting a side hustle is a great way to open a small-business.
You don’t risk much because you are still working your regular job and keeping a steady income. You may even be able to build up your side hustle income enough that you can leave your full-time job.
9) Allows You to Develop New Skills
If you love to learn, starting a side hustle is the perfect excuse to develop a new skill. While I am not a “techy” person, starting a blog gave me the opportunity to teach myself the basics of setting up a website on WordPress and the basics of coding. Freelance writing helped me to exercise my writing skills, all while learning and growing in new topics, such as personal finance.
If you’re concerned that a side hustle might be a distraction from your full-time job, keep in mind that many of the skills learned from side hustling can directly transfer to help you at your 9-5.
10) They Are Fun!
Side hustles are a genuinely fun way to make money off of your hobbies. I wouldn’t recommend starting a side hustle of something you don’t enjoy, because then you aren’t likely to do well in it for the long-term.
Love golf? Teach golf lessons. Enjoy animals? Walk dogs. Like writing? Start a freelance writing business. Once you realize you can earn money by doing the things you love most, the possibilities are endless.
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Have you started a side hustle? What are the biggest benefits you have encountered? If you have not yet started a side hustle, what is holding you back?