How Side-Hustles Are For Everyone
Side hustling is a way of life for millions of people. Here’s why:
A popular podcast I came upon opened my eyes to the value of a side-hustle for numerous reasons and they’re not all financially based.
More people are beginning to focus on ways to earn money outside of their primary form of employment, because multiple sources of income builds more self-reliance.
Paying down debt is one of the main reasons many people choose a side-hustle. Anyone making extra money from a side hustle will pay off debt far faster than someone with just a single source of income.
Hannah was looking at $45,000 worth of student loans. As a social media marketer for a well-known retailer she makes a profitable base salary, but she knew it wouldn’t be enough to pay down her student loan debt and become financially sound by the age of 35. She budgeted her income and knew she needed to make more money to have any chance of staying on track with this goal in mind.
“I had to supplement my income, or I would have been paying student loans well into my late 30’s. I was never going to see my goal of being financially independent without a side hustle.” She says.
While Hannah has a business degree, she didn’t know a lot about starting or running a business on her own. She had a lot of contacts, however, and plugged into a home-based business with little buy in and a quick turnaround to recoup her investment so she could begin profiting. A simple system in place, a great corporate team for office support and mentors with decades of experience meant Hannah could get right to work without the complications of a brick-and-mortar business. It took her just 30 days to begin making a profit and four years to pay off the student loan debt.
Assessing your debt and creating a financial plan to pay it off could become a reason you need a side hustle.
“Building a side gig doesn’t necessarily require a huge investment of time or money. It’s like anything else you do daily…a morning routine, a fitness regimen…just committing 20 to 30 minutes a day, five days a week, for months will get results. People don’t go workout at the gym for ten hours a day, a couple of times, and expect to see immediate results. Instead, one invests nominal amounts of time each day for many months.”
The Money You Make Builds Longterm Wealth:
Maybe you don’t have student loans to pay down, but you’re interested in building wealth. Making time for a simple side hustle is the answer to a long term solution.
Whether you’re in need of boosting your savings for more enjoyable pursuits like vacations, home improvement projects or the peace of mind that comes with a hefty emergency fund, making extra money can help you reach those goals quicker than if you rely solely on your primary job.
Once Hannah paid off her debt, she realized her side gig was the way to earn extra income and fuel most other pursuits and achieve the goals she had on her bucket list. This discovery became the vehicle that enabled her to work part-time and travel the world…while earning an income…by the time she was 28 years old.
Do What You Love and You’ll Never Work a Day in Your Life
Stories of people turning their passions into businesses-on the-side are plentiful. That’s basically what Hannah discovered in the process of pursuing a side hustle to pay down her debt. While she enjoyed her position in social media marketing, and it equipped her with the ability to advertise effectively for her own home-based gig, she uncovered a deeply meaningful way to impact others through her side-hustle.
Following a simple system, Hannah was able to help a number of her sorority sisters, some close co-workers, and even her family members, make more money. She also realized her experience in marketing was an asset in her own business and in helping others become successful, too.
“I loved what I was doing with my side hustle so I knew staying in Corporate America, and working 9-to-grind, was no longer going to cut it for my longterm life goals. I was trading my time for dollars…time I could be traveling the globe and building my own business. So, I made a decision to leave my day job. I planned on working for two years, in my marketing job in Corporate America and my side-gig, to save a year’s worth of living expenses, but I wound up meeting that goal just over a year into the plan because of the compounding effect of my home-based business income. Generating that kind of income opened my eyes, and I’ve been building my home-based business now for six years, traveling and meeting new people and sharing the freedom of doing what I do. I’ll never look back with anything but incredible gratitude for this empowering journey. It has changed the course of my life! I don’t wonder if I’ll get to check off that bucket list item on my dream board, I KNOW I WILL! I don’t have to wait for someday. Someday has become TODAY or whenever I want!”
You don’t have to turn your side-gig into your full-time source of income, like Hannah. There are plenty of people who choose to build wealth and maintain their careers while also pursuing the extra income of a side-hustle to supplement family vacations or college related expenses, etc. The path you decide to take is dependent upon your personal interests or goals.
Carving Out Time to Build Your Side-Hustle
It’s pretty easy to find reasons to start a side hustle. Making those determinations outweigh the reasons not to begin, but arguably the biggest reason people shoot the idea down is because they don’t believe they have the time to dedicate to doing it successfully.
Once Hannah was able to connect the dots between the extra money she was making, paying her debt off in record time and how quickly she was amassing money to fuel her dreams…simply by using the cracks of her day to build her business…it became a no-brainer. She used her morning commute time, her lunch breaks and time during weeknights and on weekends to her advantage.
After taking stock of the amount of time she spent doing other activities, aside from her job, she audited herself. Hannah considered herself to be a wise manager of her time and tasks, but even she was surprised to discover the number of minutes that added up to hours spent on mind numbing activities on her phone or during weekend movie binges. These were hours she could invest in herself and her future.
“Once I tracked where and how I was using my time, I found a rhythm. At first I started small with just an hour a day during the week, but I began having so much fun that I ratcheted up to ten hours a week and weekends. As my income grew, however, it became far easier to do more with less time, and on the days I had down time I was so excited by the results that I felt incomplete if I didn’t work those few extra hours, because it just doesn’t feel like work. Doing that at the time got me closer to my goal a lot faster. I was driven because the compensation plan was sweet and the system I followed was super simple.”
“The most surprising thing to me is how many people just don’t seem to understand this business model. To me, it’s so obvious that this is the key to living life to the fullest. You’ll never hear me complaining about my co-workers or not being rewarded for my efforts…not in this industry. I work with incredibly, uplifting and fun people. I work with people I choose! I get bonuses, and I’m paid while I sleep. If I take a day off, I STILL get paid. I travel a lot, and a number of my travel related expenses are tax write-offs. I can build my home-based business from anywhere in the world.”
“I can go on and on about the number of ways this decision has benefited me and people I know and encounter. If you’ve read my story, you shouldn’t waste anymore time overthinking it. Get Started NOW! Within a year you’re going to be living a more fulfilling life. If I can do this, anyone can do this. My 72 year old grandmother does this with me! Do you know how awesome it is to take trips with my Granny…who never left her hometown while my grandfather was living? It’s AMAZING!”
Do it now. It’s the best decision I made as a young adult.”