With COVID, the economy is shifting and job markets are changing. More and more companies are allowing employees to work from home. And many companies are reducing hours and even staff.
Even if your job is secure and you’re earning a good income, a side hustle is still a good idea.
I had a full-time job and worked a side hustle for six years before leaving my full-time job. My side business helped pay for college for my son, vacations we otherwise might not have been able to take, the extras my family enjoyed.
Why You Need a Side Hustle
If you’ve been considering whether or not a side hustle is a good option for you, here are five good reasons why you need a side hustle now.
1. Extra Money Gives You More Freedom
A little extra money can go a long way in helping you reach your financial goals. You can pay off debt, save for a car or a down payment for a new house, or take your dream vacation sooner. If saving and investing are included in your financial goals, a side hustle can help you reach those goals as well.
As I mentioned earlier, it helped to pay for my son’s private college education, vacations, the extras that wouldn’t have been possible without the extra income.
2. You Can Find The Time
All that time spent on social media, binge watching your favorite show, or sleeping in on the weekends could be costing you. You can start earning money with a side hustle in just 2-3 hours a week. Don’t believe it? Take a look at this example:
Teaching English as a second language online: Lessons are approximately 25 minutes long, all of the lesson planning is done for you, most companies pay between $14 and $22 an hour, and you can choose the hours you want to work. If you worked one hour a day, 5 days a week, you could earn as much as $440 a month.
Another example:
Working as a virtual assistant you could make anywhere between $10 – $75 dollars per hour, depending on your skills and the task. Obviously the more difficult tasks require more skill and therefore garner more pay per hour. But even simple tasks could bring you $50 per week or an extra $200 per month just working 5 hours a week.
3. Multiple Sources of Income Provides Security
In the ever-changing world of the economy, your current job may not be promised to you tomorrow. Having a side hustle provides a little extra financial security. You’ll know that you can still earn an income if your current job disappears and you can put money aside in savings to help cover a temporary loss of income.
I know many people who were doing work as a side hustle and since COVID hit they have kicked it up a notch or two with their extra free time and are making more money. It is helping them make ends meet during this pandemic. Others have replaced their full-time income and have decided not to return to work.
4. The Job Market is Changing
Freelancing is on the rise and more companies are taking advantage of this. They can hire a freelancer to do the same job (in many cases) as an employee but they don’t have to pay for benefits, offer raises or bonuses, and they can even reduce their overhead. In 2019, Upwork did a study on Freelancing in America. What they found is that there are currently more than 57 million freelancers nationwide (that number is up by 4 million in the previous 4 years), and 40% of millennials work as freelancers. They also found that 46% of side hustlers feel they have more flexibility, 77% said that technology has made it easier for them to find work, and 91% have a positive outlook on their future work.
These numbers have increased significantly since COVID and I look forward to seeing the statistics.
Job security is not what it used to be. Knowing you can earn an income even if you full time job disappears is a great sense of security and gives you options.
5. You Can Create Your Dream Job
If you don’t like your current job but continue to work because you need the pay, a side hustle might be just the thing you need. You can start a side hustle doing something you love to do. Then build it into a business that can eventually replace your full-time income.
Everyone’s dream job is different. Anyone can turn a passion into a side hustle.
Maybe it is a dream lifestyle that your side hustle will allow you to have. I know when I started my side-hustle, it was for a variety of reasons, but I liked my full-time job. It was to have extra funds, to give me some extra flexibility if I needed it (my Dad was sick and I thought I might need to take extended time off from my full-time job) and to keep learning and trying new things.
While working a side hustle, you can find things you enjoy doing and want to do more of. Things that don’t always seem like work. That has happened to me. While my work sometimes feels like play, it brings in dollars that give me the type of lifestyle I enjoy.
If you haven’t considered taking on a side hustle, it’s time you did. You can build your wealth, pay off debt, create your own job security, and build your dream lifestyle.
Need More Info
If your interested in starting a side hustle but just want to talk it over with someone, feel free to schedule an appointment and we can discuss your ideas.
