I was inspired to write this post after reading Moneymonk's recent advise on how to get ahead financially . I definitely agree that multiple streams of income are vital ways of building wealth. A side hustle can do more than just put an extra few dollars in your pocket, a side hustle can also:
- Help you build relationships. Although I do enjoy my day-job, I sit at a desk for eight hours a day...I've been working for two years and I still am adjusting to the grueling hours of a 9-5. I enjoy being able to ineract with people (and actually walk around) on my customer service-based side hustle. I get the opportunity to talk with and meet people from many walks of life between the clients I serve and my co-workers.
- Give you an alternate stream of income outside of your day-job. I can't tell you how many unexpected bills have gotten paid with my side hustle money over the past year. I know that part of that is my not planning so well for unexpected expenses and as a result, I now have (a small but growing) emergency fund. In the future, I plan to save/invest my side hustle money.
- Develop skills that could help your career. I hope to one day have some sort of business of my own and the customer-service skills I have developed at my side-hustle can potentially help me in my future business endeavors.
- Help you to save/invest money for the future. My side hustle gives me an extra cushion of money to save/invest for short and long term goals. Because of my side-hustle, this year I was able to start investing some money every month in a mutual fund. I hope to start investing more money in the future.
- Pay down debt faster. My side hustle money allows me to throw more money at debt when I plan carefully. I hope to cut down the time it will take to pay off student loans and credit card debt as a result of this extra money.
Don't fret If you're not feeling so entrepreneurial, you can always work for someone else to do your side-hustle. For instance, my side hustle is working at a mid-priced clothing store. Note: I would only suggest a retail side hustle for those who can avoid the temptation of spending money at your place of employment. I learned this the hard way...I am currenly looking into other side-hustle alternatives (such as blogging) that have the potential of being more lucrative than my current one.