Why Everyone Needs a “Side Hustle”, Even You, Even if You Love Your Job
I’ve been focusing this month on financial literacy and well-being, particularly for women. Enter the side hustle.
Side gigs can help you diversify your income, which gives you options. It gives you breathing space and allows you to invest your money in other ways, such as: continuing education, property investment, increased retirement contributions, and the stock market.
Side hustles can help you create cash cushions, emergency funds, and screw you funds. They can help you meet seasonal needs, such as the holiday’s. They can help you cover the cost of, or get discounts at least, on products you love.
Not all side hustles are created equal though, obviously. You’ll want to factor in a few things, such as your availability and what your time is worth. What do you need this side hustle to deliver to make it worth it.
If your side hustle is less like your own side business and more like another job, you will need to factor that in. You will have another person telling you where to be, what your time is worth, where you can work, and how you can work. You are trading time for money. So, you will want that money to be enough to make it worthwhile.
I’m bias, because I chose a side hustle that helps me build residual income. I work for it, don’t get me wrong, but it’s a different model than a traditional job. It’s my own online micro-enterprise with a consumable product, customer exclusivity, and extensive autonomy.
This allows me to have control over where, when, most of the how’s, and what I want my pay check to be. It also lets me fit my side gig into my life, rather than fit my life around one more job. This type of set-up is more likely to contribute to improved financial well-being (again, if you actually work for it).
As a cherry on top, side hustles aren’t just about money. They can also boost your mental health and sense of self by giving you:
- Autonomy
- Creative outlets
- Community
- Personal development
- Professional Development
- Expanded sense of purpose and meaning
- Boosted confidence
So, whether you’re looking for improved financial wellbeing, confidence, or mental wellbeing, explore side hustle options and find one that fits for you!
And if you want to learn about what I do, message me here. Confidential 411 events happen every Thursday.
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