A lot of people these days have a job, or side hustle, they work in addition to their regular paying job.
In fact, it wouldn’t surprise me at all if you know at least a couple of people who supplement their income with an extra job for all kinds of reasons.
If you have been wondering whether or not you should start a side hustle of your own, here are 4 good reasons to start a side hustle.
You Can Work on Your Own Time
Do you love having someone else in control of your time? If you dream of escaping your regular job, or if you have a dictator for a boss, starting a side hustle can not only boost your income, but allow you to be in control of how much and when you work. Depending on what you choose to do, such as clean office buildings in the evenings or walk other people’s dogs, there could still be some time constraints. But, you are the one in control because you can always turn down a job if it doesn’t work for your schedule.
Pay Off Debt
When you are working towards a goal of paying off debt, starting a side hustle can help you get there faster. Imagine using an extra $500 each month from your side hustle to pay off some of your smaller debts quickly. Then apply not only that extra $500 but also the money you were paying on those smaller debts to the next one and so on using the snowball method to pay down debt. Within a year, you could make a serious dent in reducing or eliminating your outstanding debt and be that much closer to financial freedom.
Maybe you don’t have a lot of debt to worry about but you are trying to build up your retirement income. Having a side hustle can help you get there. Take that same $500 per month extra income and invest it. At the end of the year you would not only have an extra $6,000, but you would have the growth on that money as well. If you choose to continue to add to your investment without withdrawing any of the money, you could easy have several thousand dollars within just a couple of years and a great start on a retirement nest egg.
Supplement Regular Income
Of course, some people need the income from a side hustle just to pay their monthly bills. If your bills are overwhelming you, starting a side hustle might be just what you need to get your head above water. Use the money from your side hustle to catch up on any bills you might be behind on and continue catching up until you are able to keep your bills paid on time every month.
The truth is that there are a lot of good reasons to start a side hustle. And it’s definitely better than vegging out in the front the TV during all of your free time.
Do you have a side hustle? Why did you decide to start a side hustle?