Why have a side hustle?
The number one reason is it provides you with a safety net.
The days of having a secure, full-time job are gone. The Global Financial Crisis sealed the fate of secure employment in 2008. Despite the media, financial industry and politicians telling us otherwise, it’s getting worse, not better.
If the corporate ship you’re currently sailing on starts to sink, you can be guaranteed it won’t be the board of directors or upper management, with their million dollar salaries, that sacrifice themselves for the good of the business. No, they’ll grab the nearest available worker and toss them overboard hoping a lighter vessel will continue to float. And, they’ll probably keep tossing people’s livelihoods overboard until the ledger is back in the black. Or, until the ship sinks.
It’s a harsh scenario, I know.
I also know how it feels to be tossed overboard (twice) and the fear that experience brought with it.
The days of company loyalty are over. No longer will they consider the fact you’ve been a valuable asset for five, ten or twenty years, just your impact on their bottom line.
So, before your boss shows up at your desk with a pink slip, make sure you’ve got a side hustle going that can provide for your basic needs while you look for new employment.
The nature of employment is changing
If your job is made redundant, you’re most likely to notice the job ads are either short term contract, part-time or casual.
There’s no guarantee of security or continuity.
A successful side hustle can ease the impact a casual or part-time position might have on your bank balance by smoothing out the peaks and troughs in your weekly income.
Start a business while still having a regular income
Unleash your entrepreneurial spirit.
If you’ve been considering starting a business as your next career move, starting it as a side hustle while still working enables you to build the business without worrying about paying your bills in the early days.
It’s much easier to employ an abundance mindset when you’re not counting pennies. Necessity might be the mother of invention but money related stress will make everything you do much harder than it needs to be.
If your side hustle is in the same or similar industry as your day job, you can leverage the credibility that position provides. Be careful you don’t create a conflict of interest though or your day job will disappear in a puff of smoke. And, that can happen if it just looks like there might be a conflict but isn’t.
Pay off your debt, quickly
Debt ties us to jobs we hate and lifestyles that bring us little joy.
Starting a side hustle that brings in extra cash can rapidly accelerate your dept repayment plan. Whether credit card debt or your mortgage, when you’re dedicating large chunks of your income toward servicing debt every month, you reduce your ability to choose how best to live your life.
Freedom from debt = freedom from servitude.
Increase your sense of fulfillment
Even if you’re content in your job, you might not be ticking the ‘fulfilled’ box. A side hustle can enable you to actively pursue a passion and gain an additional income in the process.
For example, if you’re an office worker who sits in a cubicle all day, and also a frustrated creative, you can take the product of your creative skills and sell them online or at local markets.
You might still have to sit in a cubicle Monday to Friday but in your spare time you could be doing what you love and making extra money. You have to agree, that’s a win/win situation!
Start and build an investment portfolio
The additional money you make through your side hustle can go straight toward your preferred investment plan.
If you’re lucky enough not to need to extra cash from your side hustle, you can funnel it straight into your retirement plan or investment portfolio or high interest savings.
When you have money in the bank you can take advantage of investment opportunities as they arise, like real estate or fluctuations in the stock market. No need for risky margin loans or no deposit investment property mortgages!
The finer things in life
When you have a profitable side hustle, you can put some of that income toward the finer things in life. Vacations. Private schools for your kids. Tickets to the ballet.
Are you willing to spend an hour or two less in front of the television, wasting time and burning brain cells watching some inane realty TV show, in order to have the freedom and finances to enjoy a relaxing vacation every year? Paid for up front. No credit required?
Yep. Me, too!
Many more reasons…
In truth, your reason for starting a side hustle might not be on this list, but it’s probably not too far off these seven basic reasons why everyone needs to have their own side hustle.
You might rely on your boss to provide you with a secure job and income today, but tomorrow is anyone’s guess.
Take control of your future financial well-being and start thinking about your side hustle today.
What do you have to lose?
Do you have a side hustle? What was your reason for starting one?
Let us know in the comments.