7 reasons why you need a side hustle
Most people have a simple goal in life: find a good job at a company you don't mind, that pays you a decent salary and offer benefits. Unfortunately, a lot of us spend our time trying to outwork everyone and work way too much. This can be great for your current employment, but what if you suddenly lost your job or the company went bankrupt? Would you have any backup income? If your answer is no, don't worry, that is the overwhelming majority of America. The answer is known as creating another income stream, more commonly known today as a side hustle.
At age 26 I started my side hustling by creating a website and make money through affiliate advertising. It was a good idea in theory, but also my first online failure. It failed for two reasons: I did zero research into the niche and it was a topic that I was not passionate about. My "failure" left me discouraged and instead of trying again I was back on the couch binge watching Netflix.
If you start with something you are passionate about it will be easier and more motivating to work on even if you are tired after your 9-5 job. Luckily at 28 I started this blog and have found much more success because I am passionate about helping others with their personal finances. There are plenty of instances where people have turned their side hustle into their main hustle and are able to get out of the "rat race" much earlier than their peers.
Seven reasons to start a side hustle:
Make More Money
Wouldn't it be great to have a third or fourth paycheck each month instead of the 1st and 15th from your 9-5 job? Side hustles allow you to channel your passion into helping people and in turn make more money. The more people you help, the more money you make.
Build Relationships & Meet People
As a blogger I have been able to meet some great people in the industry and add new contacts to my network. It is great to connect with others who share your passion.
Helps You Save More Money
Most 20 somethings are not making $100,000 a year. If you are it's more likely to happen after 26 or 27 as your career experience has increased and have climbed the corporate ladder. By having a side hustle it will allow you to save this money towards your future and long term goals.
Makes You More Productive
Americans watch TV, nearly five hours a day according to this study from NY Daily News. Why? Because TV has never been better! I love TV and movies so it can make it hard to work on other projects when a new Netflix season is released. But imagine if you replaced an hour or two a day working on your side hustle instead of TV?
You would be able to start a website, write a chapter of your book or record podcasts. I'm not even suggesting replacing TV entirely. That is as unrealistic as starting a diet without sneaking in a cheat meal. This would lead to your eventual failure and be right back where you started.
Gives You More Freedom
If you are able to generate a few hundred or even thousands more per month you will be able to have more options in your life. You could take a quick vacation, pay down bills, donate to your favorite charity or pay down debt to have fewer money related stresses.
Protects You From The Unknown
Society may want you to think that a 9-5 job is the "safe" route in life but you should always be prepared. Companies go out of business all the time, sometimes with little notice. Be prepared by having a second income stream and emergency fund in case you find yourself in this situation.
Get Out Of Your Comfort Zone
Once you have been at a job for some time it can be easy to get into a comfortable routine. But your comfort zone is where dreams go to die. Challenge yourself to do more with your time by learning new skills, meeting people and getting paid to hustle. Side hustles ensure you are trying new things, connecting with new people and doing something outside your comfort zone.
Besides, how many people do you have gotten rich enough to retire before 50 by working a 9-5 that is not a CEO? The answer, of course, is a very small percentage. Most people instead work a comfortable job and delay retirement until they are 65 years old because that is what society has told us is the norm. Waiting until 65 to really enjoy life sounds to late for me, in fact is sounds AWFUL. What if something happens to your health? You wait your whole life to retire only to get sick, disabled and never live your life? That is the risk of deferred retirement. I am personally trying to create seven or more income streams from side hustling to help retire VERY early and live life on my own terms.
Now that you understand the benefits of side hustling here are some popular side hustles to get started.
Become A Freelancer
Start A Blog
I started Super Millennial in January of 2016 and can't believe how much I've learned and how many people I have connected with. My only regret is not starting it five years sooner. There are some bloggers who make $5,000 – $100,0000 per month from their blogs. It does not happen overnight but it is possible. These bloggers consistently engage with other bloggers, create great content for a targeted audience, set up advertising and affiliates to earn money.
How great would it feel to run a profitable website from your home instead of going to work? Or working remotely from somewhere like Thailand or Europe?
Don't think it's possible? Check out these hugely popular blogs and income reports that can range between $15-$100K+ A MONTH:
Publish A Book
Ten years ago I never would have believed that I could be an author because I assumed it cost thousands of dollars to get a book published. But with services like Amazon Kindle Publishing and Createspace I was able to create this book for under $400 dollars. This included all the formatting and converting into an ebook for Kindle and creating hard copies. For the cover art I used Fiverr and setup a landing page on my website. That is all it takes! Of course you need to spend the time creating content, but if you write about something you are passionate about it will be easier than you think.
My #1 recommendation if you want to publish a book is to create a timeline and post it by your desk or writing area. I began writing my first book in 2015 and am finally publishing next month. There were several reasons why it took so long but the number one reason was lack of urgency by not creating a deadline. Here is an example, make sure to add a completed date next to each task to create mini deadlines:
- Rough Draft One, Two, Three (And completion date)
- Final Draft
- Editing Round One
- Editing Round Two
- Peer Review Edit
- Use Fiverr to find a graphic designer for cover & artwork
- Submit to Amazon for Publishing
Sell on Amazon (Amazon FBA)
Do you know a private label product is? If you have shopped on Amazon there is a strong chance you have purchased a private label product in the past. Instead of a recognizable brand someone buys products from China, adds their logo and ships to an Amazon warehouse. Amazon then ships the products to consumers (including Prime) and handles returns and customer service. There are some higher upfront costs to this side hustle but some people make hundreds of thousands of dollars every month by doing using "Fulfillment by Amazon" or FBA.
Start A Podcast
There are more people listening to podcasts now than ever before! People download them for daily commutes or long flights to stay entertained. Like blogging, podcasts exist for nearly any topic. Examples include sports, superheroes, movie news, finances, cooking, fitness or realistically any topic you are interested in. All you need is a microphone and laptop and to get started. Here are a few great podcasts that will inspire you to get started:
These are a just a few ideas that are popular to start a side hustle but the list is endless. Make sure to follow your passion(s) and you will be able to find a few ideas to get started.
Put in the work now, the time will pass anyways!
Remember, the average millionaire has seven streams of income. How many do you have?
Don't settle for a job in your because you need the money AND not do anything to work on something you are passionate about. There are 24 hours in the day, eight to ten are at work, another six to eight sleeping. That means you have six to eight hours each day of additional time that you have to work on a side project. You have to make the time, but if you are passionate you will be more likely to stick with it. Hopefully you will be able to make more money and potentially become an entrepreneur.
Did I miss any side hustles? What are you currently doing to make money on the side of your main job?