This is a guest post from Greg over at ClubThrifty.com. His site focuses a lot on traveling and saving money when you travel, check it out.
If you’ve been reading personal finance blogs for a while, you’re no stranger to the term “side hustle”. In fact, you may be tired of hearing about them, especially if you can’t imagine squeezing one more thing into your day.
But there’s a reason why so many personal finance experts about side hustles – for many, they’re a huge key to financial success. They’re also a terrific way to pursue a personal passion.
Technology has made it easy to find new ways to earn. In the past, getting a part-time job was about your only choice for making extra money. While they are still a good option, these days, there are dozens of real work-from-home jobs that you can start as well.
Of course, it’s still possible to work a regular day job, make ends meet, and call it good at the end of the day. However, if you want something more, you owe it to yourself to get a side hustle as soon as possible. Here are 4 reasons everybody should start a side hustle today:
1 - You never know when life will hit the fan.
I know that sounds negative but tell me that’s not a good reason? Although it’s easy to feel secure in one’s day job, your boss can pull the plug on that security - and your stability - at any time. Downsizing, right-sizing, re-organizing, sales are slow, the economy isn’t doing well – you’ve heard them all before. As scary as losing one’s job is, the time to look for Plan B isn’t when you get shown the door. If you don’t already have a side gig, the time is now.
Of course, life surprises us in unexpectedly good ways, too! Maybe you just found out you’re going to have a baby. Perhaps you’ve just been invited on an awesome trip that you’ve always wanted to take. Things happen in life, both good and bad, and they usually require money. A good side hustle can help you pay for it.
2 - All the smart kids are doing it.
Yep. I said it. Do what the “smart” people are already doing. Find out who is successful with money and mimic what they are doing – like finding ways to earn extra income on the side.
Are you surprised that I’m telling you to follow the crowd? Don’t be. You see, these people understand that creating multiple streams of income isn’t just for feeling secure. More income gives you the opportunity to reach your goals that much quicker.
Following the “smart” crowd is kind of like hearing the fire alarm go off in a building and watching everybody head for the door. Are you going to stay behind or are you going to get out too? Sometimes it’s just obvious what the smart thing is to do, so you do it. Getting a side hustle is no different.
3 - Another economic downturn is on the way.
Again, I hate to be the bearer of bad news, but I want you to be prepared. Although the economy is doing well right now, the next economic downturn is lurking right around the corner. It’s simply a matter of time. What goes up must come down, and – when it does – you don’t want to be standing beneath it watching it fall.
Imagine how great it would be to feel calm and secure when everybody else is panicked and stressed. Wouldn’t it be great to be able to help your family and friends when the next difficult time hits? In fact, you probably have people in your life right now who are struggling despite a stronger economy. Maybe you’re the person struggling right now. That’s just one more reason to start a side hustle.
Earning extra income on the side is a great way to build your emergency fund and stash cash for the tough times. It’s also a nice security blanket when things go awry.
4 - A side hustle provides variety.
Have you ever woken up to your alarm and laid in bed thinking “How much longer will I have to do this job?” Trust me. I get it… but somebody has to pay the bills, right?
We all know that even working at a good job can be tough some days. But working at a job that is sucking the life force right out of you? That can feel like drawn-out torture, especially if you’re putting in long hours and not getting paid much for it.
I don’t know about you, but even though I love my job, there are still times when I’d rather stick a pencil in my eye than work just one more day doing the same thing. I need some variety in my work life, which is one of the reasons we decided to start blogging in the first place.
A side gig can help recharge your batteries because you use your brains, body, and time in a different way. Plus, it is a wonderful way to build a little business that is truly your own. If you work hard and are a little lucky, your side hustle might even allow you to pull the plug on a job that is sucking the life out of you. Now that is a wonderful feeling!
Personally, I’m so glad I started my first real side hustle over five years ago. What was once a side gig and a hobby has now turned into my full-time job. It has completely changed my life.
While turning your side job into your “real” job may not be your goal, it is possible. If you’re serious about getting ahead with money, starting a side hustle is something you should seriously consider. Whether your looking for more stability, extra money to pay the bills, or just something fun that could make a few bucks, starting your own side job can have positive effects across your financial life.
So, what are you waiting for? Go out and get started right away!
Greg Johnson is a personal finance and frugal travel expert who leveraged his online business to quit his 9-5 job, spend more time with his family, and travel the world. He is the co-owner of the popular blog Club Thrifty, where he teaches others how to spend less and travel more.
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