First, let’s be clear on what a side hustle is:
A “side hustle” is additional income that is separate from your paycheck. It’s not a part-time job, it is something you have created, and it can be hugely gratifying. I have always recommended side hustles or multiple streams of income. I call it “financial protection.” A side hustle helps you build confidence and security, especially if you’ve always been an employee and have never worked for yourself. Even a small amount of extra income feels great because you made it happen.
Why you need your own side hustle
A side hustle can give you a level of financial insulation if you were to lose your job or become sick and cannot work your full-time job. A side hustle can be an online pursuit such as editing manuscripts and résumés, being a virtual assistant, or making money from a blog. So if you were to become unemployed, you would still have money coming in and that would enable you to continue to pay your bills.
People often wonder how to save more money; a side hustle can help you with that. If, after you pay all of your bills, there is nothing left, you need a side hustle. Living paycheck to paycheck leaves you financially vulnerable (most people don’t have enough money in savings to handle an emergency). It is important to build up money in a savings account and an emergency savings account for the “what ifs” that can happen.
If there is something that you are truly passionate about or an area you want to explore, you can try it out through a side hustle. Sometimes a 9-to-5 is just a 9-to-5 and you may be harboring a desire to try something else. This is the time to do it and with a lot less risk.
A side hustle will bring more happiness and flexibility to your life. When I first started out as a financial writer and expert, I was writing on the side, but every time I got paid for my work and for something I truly wanted to do, I was elated! I was also able to save this money which increased my financial security. The feeling that you get from creating something of your own and being successful at it cannot be beat!