Greetings kids, I hope everything is well with you all! We are back at it again with another exciting and important topic in the world of personal finance – Side Hustles. I think that these are crucial to building wealth and being financially free, this is one of the pillars of financial freedom. I’m going to go over what a side hustle even is, why you have to have them, how you can make time for the side hustle, and different side hustle ideas. I hope that I provide enough details for you to see that it is crucial to have a side hustle and that you do actually have time for it. Without further ado, let’s get this show on the road.
What is a side hustle?
Mr. Nahas, what is a side hustle? Love the question! A side hustle is basically a side job with a slight difference; I would use this as a loose definition of it. It’s something that you do outside of your day job (or night job) that provides you income or hope to provide you income once you build it up. The difference I think is the reason why you are doing it and who is calling the shots. A side hustle to me is more of a personal project, a dream that you’ve always wanted to do and get paid for eventually, or extra income that you plan on using to fuel your dream side hustle. In addition to those three reasons, it is something that you do on your own time and have the freedom to put in as much work as you want to without the constant presence of a manager. That is one of the biggest differences in my opinion between a side job and a side hustle. I want to emphasize that side hustles don’t have to be glamorous at first, it can be something temporary in order for you to make a little extra money to start the side hustle that you actually want to do. For example, you deliver for Uber Eats while you save the extra income to invest in real estate.
Why do I have to have a side hustle?
Mr. Nahas, why do I have to have a side hustle? That’s a great question! Financial instability is something everybody fears, not having enough to put food on the table or not having a roof over your head keeps millions of people up at night and is a reality for millions of people. A survey found that 70% of Americans say they are struggling financially. A lot of people struggle to have basic necessities to live like food, water, a place to live, and other essential items. Some people can afford the essential items but struggle with building up an adequate savings account and rainy-day fund in case the car breaks down or an unforeseen expense comes up. This is the reality we live in whether we notice it or not. This doesn’t only happen in the United States but around the world, a lot of times we are just too blinded to see what is happening in this world. This is the reason I think we all need some form of a side hustle; some extra income that can provide you with a boost and some breathing room in your budget. Given these statistics, a lot of people can use the extra income to get ahead of some expenses or get ahead on their savings, whatever the reason is, it’s important to have one. Mr. Nahas, what if I am financially stable, do I still need one? Of course, everyone needs a side hustle apart from their main income. This can be your seed money to start investing in ETFs, real estate, a business, or any other investments you see fit. Eventually, you won’t need your main income and then your side hustles can become your main income at that point or even become passive income. All in all, have a side hustle regardless until you achieve financial freedom but even then, continue with the side hustles.
Will I have time for a side hustle?
Mr. Nahas, do I have time for a side hustle? I love how many questions are being asked today! Well that depends on you and your situation but regardless you have to make time for it. Sacrifices will have to be made, either watching less TV, waking up early or sleeping late, spending your weekends on the side hustle, spending less time with loved ones or friends, either way, something might have to give. There are 168 hours in a week; you have to spend it wisely. You can either take it seriously and hustle for the most part while only spending a little you time or you can spend your time having fun now and not hustle. It just depends on you; you can have fun and hustle but then you won’t sleep, and sleep is essential to the grind (hustle) for most people. Remember that a little extra hustle now, saves you stress, inconvenience, and the hustle later on in life. Being financially free isn’t easy but the sacrifice will be worth the reward. Financial freedom comes in different forms to different people. Some want to get out of the corporate life and be able to have the freedom to work as they please while still getting paid, or some people may like their job but want money to buy some of the finer things in life (this is okay as long as your income greatly exceeds your expenses and if you still keep up with your investment habits). Whatever it is, it takes work kids…there’s a price for everything but the value far exceeds the price.
What are some side hustle ideas?
Mr. Nahas, last question for today, what are some side hustle ideas? Perfect last question to end the day with a bang. There are so many different types of side hustles that the possibilities are endless. I suggest that you find what you actually love to do and work on that. Don’t worry about if the idea is too crazy or not, just start it. You want to be an inventor? Start it. Have your own line of clothing? Start it. Be a model? Start it. Whatever you want to do, start it. Aside from that, here are some common side hustles:
- Ridesharing (Uber and Lyft)
- Delivering Food or Groceries (Uber Eats, GrubHub, Shipt, etc.)
- Freelance Work
- Dog Walking
- Mowing the Lawn
- Selling Goods and Services
- Real Estate Investing
- Stock Market Investing (Researching the stock and performing a full review)
- Anything else you can think of that will make you money now or has the possibility in the future
I want to emphasize again that side hustles help create financial freedom, it’s one of the most important pillars. I want to mention a couple of things before I sign off. Be realistic though, it takes time for your side hustles grow and flourish. If you want to be a model, it’s going to take time and effort for you to build your portfolio and get it out there. A lot of the social media side hustles will take some time to grow your audience so make sure to have a realistic timeline. Another thing is, you don’t want to spread yourself too thin. For example, don’t pick all of the items on the list. Start with one to try it out and figure out how much time you want to put in. Once you get it going and notice that you want to create time for another side hustle, start another one. Last thing you want to do is spread yourself so thin that you can’t properly grow each one to its full potential. It’s important to note that there are people out there that have a lot of side hustles going on, remember though, they might not be sleeping at all or they might not be spending any time with loved ones, friends, or even enjoying a little time off for themselves. You can go that route if you want to have a lot of side hustles but no free time or sleep, just make sure that you are putting in adequate time for each side hustle. It’s up to you how you want to go about your side hustles, but the most important thing is to have one! Keep hustling kids!