Why You Need a Side Hustle More Now Than Ever

A side hustle is a flexible second job, which is sometimes also referred to as ‘moon-lighting’. It can be a way for you to make some extra money, educate yourself on a new topic, or be a way of creative release. After a year of off-and-on lockdowns, a side hustle might just be what you need. Let’s take a look at why you need a side hustle.

If you want to become financially independent, you need to start thinking about a side hustle. People often think that working at a 9-5 is the only way to bring in an income. This mindset is holding many people back from achieving their goals. You can break away from this traditional mindset and work hard toward your goals. With a side hustle, you can eventually reach the point where your business income enables you to retire at a young age and leads to financial independence.

I believe side hustles are meant to be fun and work towards your goals to achieve the life you want. So whether you want to earn a little extra to pay off debt, make a start on that dream career you always believed was unattainable, or build a mini-empire, side hustling can help you on your way to feel free in your life.

Your side hustle can be anything that you’re passionate about. It doesn’t matter what it is as long as it’s not your 9-5 job. The first step is to find something you enjoy doing, then start small and put in the time. Once you commit to side hustle, many amazing opportunities will open up for you within a short period of time.

Side Hustle [sahyd hush-uh l] A side hustle is a means of making money alongside one’s main form of employment or income.

Creative Freedom

As side hustles are usually started on your own terms, it means you are free to try new things or take a step in a direction you’ve previously been too afraid to try. It can be a casual affair, an independent project, or be set up as a small business. It’s all down to you.

This gives you full creative control over what you do. I don’t know about you, but I’m yet to find a job like this working for someone else… We’ve spent a year being told what we can and cannot do, having a side hustle in 2022 means that you can take back some of that control and have fun following a passion.

You don’t have to try just one thing either, the fun around side hustles is having a play with new things. If one doesn’t feel like it’s right for you… move on to the next.

Have you ever felt unfulfilled working a 9-5? Or maybe you actually enjoy your job, but still, find yourself searching for meaning in life. Personally, I’m guilty of both. Working a day job and having a side hustle has been very beneficial to me and others. I’ve found that one of the most fulfilling things I can do with my time/money is to help someone else.

Additional Income

A scary quote has been floating around the business side of Instagram… “Additional income streams are no longer a ‘nice thing to have,’ they’re now a necessity.”

The covid pandemic taught us that anything is possible, and nothing is ever ‘safe’. A lot of us were put on furlough, earning 20% less than normal, others had their jobs cut altogether, losing all sources of income. Industries were shut down overnight, and the importance of an Emergency Fund became prevalent. Here are some ways additional income from a side hustle can help improve your finances:

1. Crushing Debt Faster

Imagine being able to pay off debts quicker than ever. That extra cash from a side gig can help make larger payments on credit cards, loans, or even that pesky student debt. It’s like giving your debt a turbo-boost towards zero.

2. Building a Safety Net

One word: Savings. That extra income can be a game-changer for your emergency fund. Life’s unpredictable, right? Your car might decide to break down, or your boiler could go on the fritz in winter. With a side hustle, you’re building a financial cushion that’s got your back.

3. Exploring Investments

Ever fancied dipping your toes into the world of investing? Your side hustle income can be the perfect opportunity to start. Whether it’s stocks, bonds, or maybe even a little crypto adventure – you can use this extra income to grow your wealth over time.

4. Saving for Big Dreams

Got your eye on a dream holiday? Or maybe you’re saving for a deposit on a house? Your side hustle can turn these dreams into achievable goals. It’s like adding a turbocharger to your savings plan.

5. Learning and Growing

Here’s the cool part – side hustles aren’t just about the money. They’re a fantastic way to learn new skills, network, and even explore potential career shifts. Think of it as personal and professional development, with the bonus of extra cash!

6. Reducing Financial Stress

Knowing you have an additional income source can be a massive stress reliever. It’s like having a financial safety net. This peace of mind? Priceless.

7. Preparing for the Future

Finally, a side hustle can help you prep for retirement. Extra income now means more money to tuck away for your golden years. Think of it as giving Future You a high-five!

Increasing Popularity

Side hustles are becoming increasingly popular. In 2018 Henley Business School found that 1 in 4 Brits have a side hustle and work an additional 6 – 15 hours on top of their day job. Furthermore, they found that 43% have a side hustle in a completely different industry to the one they primarily work for.

Now that they’re becoming the new norm, starting a side hustle might be one of the best things you can do. Following your creative passion, and making additional income from it sounds like a dream, but it can become your reality.