The best way to predict the future is to create it – Abraham Lincoln
There are many reasons you may need a side hustle to meet your financial goals. Side hustles are a great way to meet your financial goals much more efficiently and timely while saving for those things you need and want.
Side hustles can range from many part-timejobs to bring in extraincome each month to a hobby-turned-business focusing on something you love (Photography would be a good example). Balance is necessary for your life, and I’m not advocating working yourself to death.
Why Do I Need A Side Hustle?
Below are a couple of reasons you may need a side hustle.
1. You likely have more free time than you think
Life is busy, and I get it. There never feels like there is enough time in the day to accomplish all you need and want to do. This may be legitimate in your case, or it may be a mirage. Often, our time management skills are terrible.
We constantly find ourselves running around, five minutes late to everything because we don’t keep track of time. Creating a daily schedule to stick to is necessary to delegate our time properly. Just as a budget tells our money where to go, a daily schedule puts us in charge of our time.
Many of us stare at our cell phones mindlessly, playing games and scrolling through the thousands of selfies we see on Instagram. The point is that many of us spend a great deal of time-wasting time.
2. Side hustles destroy debt at a rapid rate
Can you imagine how much debt you could pay off if you made an extra $500 a month? Yet, I hear constant complaints from people who wish they made more money in their daily job and complain about the lack of raises.
They may put in an application for a better-paying job, but in the meantime, why not get a second part-time job to increase your income?
I know, an extra job sounds insane, but I’m not talking about working 20 extra hours a week. I have a part-time job that I work each week for 5 hours. This one part-time job pays for my yearly vacations, savings toward a new vehicle, extra house payment, and our “fun money.
By only working five extra hours a week, I have put myself in a much better financial position rather than complaining about my current rate of pay and doing nothing about it. I will not rely on my job to increase my income – I’m going to take control of it myself and grow it.
3. Living paycheck to paycheck is killing you
How much financial stress do you have at the end of each month or daily? That high amount of tension builds up cortisol in your body, leading to heart disease and other life-altering conditions.
Do you really think five to eight hours extra a week to relieve your financial pressure will kill you faster than doing nothing about it? If your budget is a problem, remember to set one up!
For more information, see my earlier post onbudgets.
4. Side hustles can be aligned with your hobbies and interests
Whatside hustleyou start is entirely up to you. Do you love photography in your free time? Try creating a small business charging people for family photos. Do you love dogs? People pay good money for dog walking services.
The point is that you have the option of doing what you love while making a little extra money on the side. All you have to do is find a way to add value to someone’s life if you’re looking for ideas. Who knows, yourside hustlecould take off and become your career!
5. Build wealth
Is yourretirement savingwhere you want it to be? If not, it may be a great idea to work a few extra hours each week to increase that account. People often associate side hustles with debt elimination, but side jobs can rapidly increase your wealth as you save and invest the extra money.
6. Freedom!
If you budget your regular income and live within your means, the amount of freedom you get from a side job is huge. All of thatmoney is extra to accomplish your financial goalsquickly. As I stated earlier, my extra money goes towards my house, vacations, fun money, and a new car fund.
Of course, many people find that setting up a side hustle is so lucrative that it becomes a full-time endeavor.
If you are lucky enough to start a side hustle that blossoms into a fully-fledged business, you’ve got to make sure you can protect yourself. If you are creating an e-commerce business, you neede-commerce insurance, but you also need to make sure that you still have that sense of freedom.
If I want to go on a more expensive vacation in a few months, I shift money delegated to my other funds into the vacation fund. With this strategy, I can pay cash for everything I plan for. For everything unplanned, I have myemergency fundfor that.
This entire post focuses on the initial quote,The best way to predict the future is to create it.Are you going to sit around and hope for the best, or will you make the best situation for yourself? Action is required to take control of your life, and your financial inaction is what led you here – let’s change direction!
