By: TSP Blog | @TSProckstars
Worried about money? Make this stressor a thing of the past and start your own side hustle. Not only can you capitalize on one of your hobbies or passions, you might even be able to bring in some extra income.
Having a second stream of revenue can provide a plethora of benefits. By simply using one of your hobbies or skills as a revenue stream, you can gain more financial freedom and comfort in your day-to-day life. Here are some things to consider when deciding if a side hustle is right for you.
TWO (OR MORE) IS BETTER THAN ONE
Having two revenue streams can give you more flexibility to spend money on things that you did not have the disposable income to invest in before. Whether you’re just getting started in your career, or are years into the workforce, a side hustle can help you become more self-reliant. Financial freedom has a number of benefits that can help you live a happier life.
Attaining financial freedom can be daunting, but with a side hustle, it can be easy. Becoming financially stable can allow you to treat yourself guilt free. Go out to eat! Buy yourself that TV you have wanted for so long but never felt you could afford.
Time spent worrying about debts and payments will become a thing of the past. Time is money, and time spent worrying doesn't make you any money, but a side hustle does. Eliminating the stress and worry that accompanies an upcoming debt payment helps put that time to better use on your side hustle, or just relaxing worry free. Additionally, time spent worrying about unemployment, switching jobs or not having ample savings to support you in the case of emergency is eliminated with the money saved from your side hustle.
BUILD YOUR NETWORK
Developing a side hustle is a great way to build your network outside of your professional career. Whether you’re looking to change careers or simply to bolster your LinkedIn profile, having a side hustle is a great way to diversify your network and expand to a larger audience you might not have met during your 9 to 5. This network can be a huge advantage to you in many different scenarios. If your goal is to expand your side hustle and grow your clientele, this network can certainly work for you — or help you advance your other career.
MONETIZE A FAVORITE HOBBY
Many don’t believe that a hobby or skill they enjoy can also be monetized into a side hustle. This can be anything from arts and crafts turned into an Etsy shop, to driving with UBER, or simply cleaning out your house and selling items you no longer need on Craigslist. The list of potential side hustles is endless and can open the door to creating a second revenue stream driven by the love of your favorite hobby.
Turning your favorite hobby or personal passion into a side hustle is a great way to test the waters before taking the plunge to turn it into a full-time endeavor. Before abandoning ship on your current job to pursue a full-time career with this hobby, take a test run with it as a side hustle. This will allow you to dictate how many hours you set aside for your hobby to determine if it will be profitable before putting all of your eggs in one basket.
STOP LIVING PAYCHECK TO PAYCHECK
With cost of living continuing to rise, and wages not increasing at nearly the same rate, having a side hustle and second revenue stream to bolster your income becomes even more important. Living paycheck to paycheck is stressful and can be avoided with a side hustle. Abandoning this way of life will help with peace of mind and daily wealth management. The insecurity of living paycheck to paycheck can affect how you live your daily life and create more stress that can negatively affect your job performance.
INVEST, ADD TO SAVINGS, TAKE A VACATION
With a side hustle putting extra cash in your pocket, you can develop a strategic plan for your personal finances that might include but not limited to: contributing to a retirement fund, Roth IRA, an investment account, or simply putting money away in savings for a rainy day. Having a side hustle gives you the extra income and financial freedom needed to create your investment portfolio. This is yet another way you can make your money work for you.
With the extra income from your side hustle, consider putting that into your savings. This savings bucket can be used for a down payment on a car or a house. It can also be used in case of emergency. Or, a fan favorite, is simply saving up to go on a vacation using your side hustle. When you have a side hustle, you are your own boss, you can dictate when you want to work, how much you want to work, and therefore when you want to take time off and take that much needed vacation. Take advantage of your strengths and make some extra cash by starting your own side hustle!