6 Reasons Why You Need A Side Hustle

Check out the 6 top reasons you need a side hustle!The best way to predict the future is to create it – Abraham Lincoln

There are many reasons you may need a side hustle to meet your financial goals. Side hustles are a great way to meet your financial goals in a much more efficient and timely manner while saving for those things you need and want.

Side hustles can range from a myriad of part time jobs to bring in extra income each month, to a hobby turned business focusing on something you love (Photography would be a good example). Balance is necessary in your life and I’m not advocating working yourself to death.

Why do I need a side hustle?

Below are a couple of reasons you may be in need of a side hustle.

1. It’s likely you have more free time than you think

Life is busy, I get it. There never feels like there is enough time in the day to accomplish all you need and want to do. This may be legitimate in your case, or it may be a mirage. Often, our time management skills are terrible. We constantly find ourselves running around, 5 minutes late to everything because we don’t keep track of time. Creating a daily schedule to stick to is necessary to properly delegate our time. Just as a budget tells our money where to go, a daily schedule puts us in charge of our time.

Many of us stare at our cell phones mindlessly playing games and scrolling through the thousands of selfies we see on Facebook. The point is, many of us spend a great deal of time wasting time…

2. Side hustles destroy debt at a rapid rate

Can you imagine how much debt you could pay off if you made an extra $500 a month? I hear constant complaints from people who wish they made more money at their daily job and complain about the lack of raises. They may put in an application for a better paying job, but in the mean time, why not get a second part time job to increase your income?

I know, an extra job sounds insane but I’m not talking about working 20 extra hours a week. I have a part time job that I work each week for 5 hours. This one part time job pays for my yearly vacations, my savings toward a new vehicle, my extra house payment, and our “fun money.” By only working 5 extra hours a week, I have been able to put myself into a much better financial position rather than complaining about my current rate of pay and doing nothing about it. I am not going to rely on my job to increase my pay – I’m going to take control myself and increase it.

3. Living paycheck to paycheck is killing you

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Photo by Pixabay on Pexels.com

How much financial stress do you have at the end of each month, or daily for that matter? That high amount of stress builds up cortisol in your body which can lead to heart disease and other life altering conditions. Do you really think 5-8 hours extra a week to relieve your financial pressure is going to kill you faster than doing nothing about it? If your budget is a problem, remember to set one up! For more information, see my earlier post on Budgets.

4. Side hustles can be aligned with your hobbies and interests

What side hustle you start is entirely up to you. Do you love photography in your free time? Try starting a small business charging people for family photos. Do you love dogs? People pay good money for dog walking services. The point is, you have the option of doing what you love while making a little extra money on the side. All you have to do is find a way to add value to someones life if you’re looking for ideas. Who knows, your side hustle could take off and become your career!

5. Build wealth

Is your retirement saving where you want it to be? If not, it may be a great idea to work a few extra hours each week to increase that account. People often associate side hustles with debt elimination, but side jobs can rapidly increase your wealth as you save and invest the extra money.

6. Freedom!!!

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Photo by Julian Jagtenberg on Pexels.com

If you budget your regular income and live within your means, the amount of freedom you get from a side job is huge. All of that money is extra to accomplish your financial goals so much quicker. As I stated earlier, my extra money goes towards my house, vacations, fun money, and a new car fund. If I want to go on a more expensive vacation in a few months, I shift money delegated to go to my other funds into the vacation fund. With this strategy, I am able to pay cash for everything I plan for. For everything unplanned, I have my emergency fund for that.


This entire post focuses on the initial quote…The best way to predict the future is to create it. Are you going to sit around and hope for the best or are you going to create the best situation for yourself? Action is required to take control of your life, your financial inaction is what led you here – lets change direction!

Do you have a current side hustle? What is it and how has it helped you meet your financial goals? Comment below, I’d love to hear your success story! If you haven’t signed up to receive future articles by email, please add yourself at the bottom of this page. If you have topics you would like future blogs about, let me know and I will add them to the agenda. Stay safe my friends -you work too hard to be this broke!

-Ryan

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Author: Ryan

Hi!  My name is Ryan and I have a passion for personal finance and education.  I am married and have three children, a girl and two boys all under the age of ten.  My wife stays home with the kids so it can be challenging to live off one income.  Much of what I write is based off my personal experiences and what I have learned in the course of my life. My financial journey began when my wife and I saved up a sum of money and I didn't know who I could trust to invest it.  After several interviews with financial advisers, I still didn't feel like I could trust anyone.  That began my journey to educate myself by reading every finance book I could get my hand on and by attending financial seminars.  After getting a good handle on debt, finance, and investments, I decided to start this blog as a resource for others who find it difficult to trust people with their money. I recently started writing this blog about how to get out of debt and start investing to create the future you deserve. I have been in law enforcement for 14 years and I have seen the devastation left behind by people who mismanage their finances.  I started this blog because I want to help as many people I can by educating them on common sense money management. As far as my formal education, I obtained a Bachelor of Science in Education and a Master of Administration Degree from Northern Arizona University.  I am an adjunct professor at a local community college and I have been a student of finance for many years. This blog is dedicated to those looking to eliminate their debt and to mold a new way of thinking, living, and spending. Education, focused on financial stability and wealth, is the main purpose of this blog. This website is a new journey for me and I know there are areas that I could improve.  Please feel free to reach out to me with any critiques - I would love the feedback so I can be as effective as I possibly can and provide the most relevant information.  I look forward to writing for you and learning with you! If you have any questions or comments, I would love to hear from you! -Ryan

7 thoughts on “6 Reasons Why You Need A Side Hustle”

      1. Thanks! Lyft actually has a competition going on where they will select an entrepreneur idea for 3 Lyft drivers and fund their idea for a business. I’m gonna enter

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  1. A friend just said she was going to get a side hustle at her favorite brewery. She likes the vibe and she gets to connect with her tribe … and be paid to do it! Inspiring article!

    Like

    1. I would LOVE a side job at a brewery! That’s just it, side hustles don’t need to be boring or something we hate, we can be picky with our side hustles because they are extra income. 🙂

      Like

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