What would you do if you lost your job? Do you have a backup plan or extra income?
Side hustles have become popular with most people as a way to clear debt and improve their finances. Hustle harder is often promoted as the way to get it done. However, side hustles don’t have to take a lot of time or effort.
Most of us want a balance. We are already overworked, the idea of working on something on the side is not usually that appealing. But if it means you can quit at any time or clear your debt, it can be worth it.
1. Side Hustles Help Clear Debt
Debt is crushing. It keeps you stuck and prevents you from creating real wealth. As long as you are in debt, you are borrowing from tomorrow to pay for today. How will you ever improve your finances if you are putting most of your pay check towards debt?
Use your side hustle to clear your debt faster. Do whatever you can on the side such as deliveries, freelance writing, online surveys etc. Put all that extra cash towards debt so you can get your life and money back sooner. Once your debt is clear, use the money to invest and create financial freedom.
2. Side Hustles Give Extra Income
If you lost your job today, you might be homeless sooner than you think! Many of us live paycheck to paycheck. As a result, if we lose our job, we are broke. Having a side hustle means you have money to get you through those rough spots.
Plus, if you are laid off, you can usually grow your side hustle while looking for other work. If it takes a while to find other work, your side hustle can be used to fill any resume gaps.
3. Side Hustles Provide Freedom
If you are making enough money on the side and have cleared your debt, your job doesn’t matter as much. You can quit if your side hustle provides enough income. Too many of us stay in a job we hate because we cannot afford to change.
Give yourself freedom and options with your side hustles. Use your time wisely, do side hustles that make decent money and you will have more freedom.
4. Side Hustles Help Your Goals
Whatever goal you are working on, it probably requires money. Gym memberships, classes, travel, hobbies, all of these things require money. Having a side hustle means you have money you can allocate to your goals. Whether it’s a gym membership to lose weight or a course to get a promotion at work.
Doing a side hustle gives you the extra income to put towards things you are working on without detracting from your regular budget.
Why do you have a side hustle?
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Side hustles are definitely a must, even if its slow. Good to have something on the side, all good things flourish eventually – Great post! If your reading this know that nothing comes easy and its never too late to start.
Thanks, Joseph. And you are so right about it never being too late to start!