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The Side Hustle: Why You Should Have One

Even though the economy is on the up-swing, many people remain unemployed or under-employed. This can make paying even basic bills and living expenses very difficult. If you are in this situation or if you are looking for ways to reach your financial goals more quickly, you should consider starting a side hustle.

Find out now: How much do I need to save for retirement?

What is a Side Hustle?

A side hustle is anything you do to make money outside of your primary job. For a lot of people, a side hustle is a part-time job on the weekends or in the evenings. But for others a side hustle is a way for them to explore how to make money doing something they truly love rather than the job they may be feeling stuck in for financial reasons.

What you may not know about side hustles is that they can sometimes end up bringing in more money than a more traditional type of job. Some people are even able to increase their earning potential by leaving their traditional job in favor of working on their side hustle full-time after they’ve established themselves.

A lucrative side hustle should be one that brings in additional money to your bottom line and doesn’t have very high overhead costs. Before you take on a part-time job or other side hustle, it’s important to weigh the pros and cons.

Is a Part-Time Job the Secret to Getting Out of Debt?

Why You Should Side Hustle

Obviously side hustles are a great way to bring in more money so you can reach financial goals faster or have room in your budget for an occasional splurge. But side hustles can also be a great way for you to experience new things in life. For example, if you’ve always wanted a pet but can’t have one due to the rules at your residence, you could take on a pet-sitting side hustle to help fulfill your love of animals.

Side hustles can also help you develop new skills, talents and hobbies. Many full time jobs have a specific skill-set that they require you to develop and practice day in and day out. But if you develop a side hustle that is on the opposite end of the spectrum, you’ll have the opportunity to practice different skills. For example, many office jobs don’t have much opportunity for being creative but if you have a side hustle as a photographer, designer, writer, etc. you’ll be able to practice your creativity and get paid for it!

Meeting new people and building connections is another benefit of side hustling. Networking is key to making sure you are still relevant in your field, but even building a network outside of your field of primary employment is important in this economy. You never know where life will take you or where your next job opportunity will come from. It could come from the network you built by side hustling.

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Having a diverse income is also a benefit of having a side hustle. If something happened that caused you to lose or quit your main form of employment having a side hustle means some money is still coming in. This can help bridge the gap while you seek other employment, or if your side hustle is lucrative enough you might even be able to make it your main job.

Get Started Today

It might seem intimidating or confusing to start a side hustle, but it can be very easy. All you have to do is find something that you enjoy and have a talent for. The harder part is often finding a way to market it and make money doing it. By using something you are already talented at or very interested in, you’ll likely be able to stave off the burn out that some side hustler’s feel from taking on more work.

Do you have a side hustle? Why or why not.

Photo Credit: flickr

Kayla Sloan Kayla Sloan is a writer with an expertise in debt, budgeting and saving money. She is focused on paying off her consumer and student loans, while simplifying her life and closet. Kayla's work has been featured across the web, including on The Huffington Post, Time, credit.com and AOL. You can follow her as she blogs about her journey out of debt at www.kaylasloan.com.
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