Having extra money is never a bad thing no matter if the economy is booming or in recession. You can use that extra money to pay down your student loans, or just put aside for a rainy day.
Whatever the reason for the extra money is all personal and valid. What makes it vitally important now to have a side hustle is that the economy goes through so many booms and busts that it is hard to have any stability in your work or finances.
There are also some very valuable lessons you can learn from running a side hustle that can open up other doors even in your career.
In this article we will go over why it’s important and some ways you can make a side hustle work.
How to have a side hustle
Before we get into the importance of it, let’s take a look at some ways that you can even have a side hustle.
The most obvious way to go is to start an online business since you can work it from home and in your spare time. You can start an ecommerce site and sell goods if you have a product. Or, you can start a blog and run affiliate offers where you get a commission if somebody buys off of your link. A very profitable one would be a cryptocurrency blog with an affiliate program for Bitcoin for example.
There is always the possibility of owning rental properties or flipping houses. Or, investing in stocks, funds or even angel investing in businesses.
Diversify your income
Whatever way you decide to increase your income is fine. The important thing is to diversify your income so you have some protection. If you are in an industry that doesn’t have a bright future then you may find yourself out of a job and that extra income will come in handy.
Saving up for the future is great but savings alone may not be enough to get you through those lean times. And it is better to not use your savings if you can avoid it. Instead having income while you get your plan together for the next step is essential.
Sense of fulfillment
There is a sense of accomplishment that comes with the territory when you create an income from scratch. It proves to yourself that you are able to adapt and thrive in a situation where others may fear to tread.
You will also learn skills from your experience that can be transferred into your full time occupation that may open some doors to bigger opportunities.
You could even end up with a new career built from your side income. You are more likely to pour yourself into something that you’ve created so you could end up seeing more success from your side business and pursue that instead.
This path is not going to be easy and will definitely be stressful when you are trying to juggle work, relationships and your side business. When it does all come together it will not only be worth it for the money, but also the security you’ve provided for yourself.