If you pay any attention to the world of personal finance, you know that the phrase “side hustle” is thrown around like a glorified weapon against debt and low savings. The question is, are side hustles really worth the extra effort? Are they for everyone, or just those struggling with money?
Although walking dogs on the weekend or starting a small freelance gig isn’t going to pay all of your bills, working on an additional source of income is a smart idea no matter how old or financially-stable you may be. Here’s why.
A Side Hustle Makes for a Great Backup Plan
Regardless of your career field, you’ll hit bumps in the road eventually. Economic recessions, company changes, or even societal trends can all impact your stability at your current job. Because you never want to leave a position without some sort of backup plan to help cover expenses, side hustles can help you transition between jobs with minimal worry.
Whether you’re already looking for your next job or you’re secure at your current place of employment, you’ll feel much safer knowing you have some way to bring in an income if you were to suddenly find yourself unemployed. Even if your side hustle just brings in a couple hundred dollars a month, it’ll still give you some peace of mind.
You’ll End up Networking With Minimal Effort
When you’ve been at one company or position for a long period of time, networking often falls on the backburner. That’s a personal finance no-no. You should always work on fostering new relationships with valuable people. After all, it’s not what you know but who you know that will help you succeed.
It doesn’t matter what your side job is; as long as it involves working with other people in some capacity (even online), you’ll expand your network. For all you know, one of the people you meet from your side hustle could have a lasting impact on your career in the future.
Extra Gigs Come With Flexibility
Everyone encounters an unexpected expense at some point; medical bills, car accidents, house repairs, etc. You can’t always budget for the future. For instance, I went to the dentist last year and found out I need to have a whopping $1,000 worth of work done on my teeth. Of course, that expense was coming out of pocket, and I hadn’t planned for it.
Because I had a side hustle, I was able to come up with an extra $600 almost immediately. By the time my credit card bill came in next month, I had completely made up for the expense with my side job alone, which meant I didn’t have to dip into my savings.
New Skills Are Never a Bad Investment
Even if you barely make a dime from your side gig, obtaining new skills and knowledge is never a waste of time, especially if those things can translate into your full-time career. If you speak multiple languages, become a translator on the side to boost your fluency. Are you a teacher? Take up some hours at the local tutoring center so you can expand your knowledge of teaching techniques. Not only will you learn, but you’ll bring in money while you do it.
Working on a side hustle isn’t just a move for people living paycheck to paycheck. In fact, it’s one of the most financially savvy moves you can make, especially if you work in a field that fluctuates regularly. Start working on your extra income sources today. You’ll thank yourself later.
