As you continue on your financial freedom journey, you can accelerate your progress by either reducing your expenses or increasing your income. A side hustle is an excellent way to increase your income.
What is a Side Hustle?
A side hustle is a job or occupation that brings extra income beyond your regular 9-5 job income. A side hustle is also called moonlighting or a part-time job.
Studies have shown that 37% of adults in the U.S. have a side hustle. These side hustles pay pretty well at an average of $700 a month. No wonder most people consider having side hustles in addition to their current job.
However, aside hustle isn’t just for covering expenses. Here are several reasons why you should start a side hustle even if you are comfortable living out of your primary income.
You can use the extra money to pay off debt
Paying off debt is one of the many reasons you need to start a side hustle. If you’re paying off debt and don’t feel like it, you may be happy to pay off your debt from the money you earn from your side hustle.
You can use the extra money to build wealth
If you don’t have debt, then you can use your extra time for side hustles to extra money so you can build wealth faster. Whether you want to boost your emergency funds or max out your investment accounts, making extra money on the side can help reach your financial goals quicker than relying on your primary career.
It will develop your skills and experience
Selling your craft online can be a great way to motivate you to be more creative and be rewarded for it. You will also develop skills along the way without even realizing it. You’ll learn to market your brand, communicate with your customers, determine your pricing, and so much more. These skills are useful in the business world that are also transferrable to other jobs besides your side hustle.
It opens your mind
One of the benefits of having a side hustle is how it opens your mind to new ideas and possibilities. When you get a new job, you are learning a host of skills you need to pick up so you can do well. Over time this learning slows down, you’ll learn the ins and outs of the job and it becomes an easy routine. When it becomes easy, you are no longer pushing yourself; thus, your personal growth will suffer.
Your side hustle will bring you back to the time when you are eager to learn and develop new skills. It’s not all about more than just doing extra work, it is learning new experiences, new opportunities, and the ability to develop your personal growth.
These are some of the benefits of getting a side hustle. If you are willing to put in the time and effort required to build a successful side hustle, then you’re on your way to reaching financial freedom more quickly. It can also be an exciting way to revolutionize yourself.
Have you tried a side hustle before? Share us your thoughts by leaving a comment below.