In this unstable global market, it is important to go after every possible revenue you can. Now more than ever, the value of a side hustle is high as it can protect your financial well-being in these, particularly risky times. We’ve all heard the saying to never put your eggs in one basket. Having just one revenue stream is a great illustration of making the mistake of relying on just one thing for everything.
If you remain unconvinced about starting a side hustle, we’ve created this list of the best reasons to start a side hustle and gain a new revenue stream. Here are some of these reasons:
1. You’ll be able to get out of your debts sooner
Recent studies have shown that over 80% of Americans are in some kind of debt. This could take the form of student loans, mortgages, or credit card debt. Whatever the case may be, it is important to take care of these debts so that you and your loved ones do not end up in financial ruin.
With an additional revenue stream, you can dig yourself out from under these debts sooner. A side hustle is likely to give you more financial liquidity, giving you a bit more leeway to relax the purse strings.
2. You can anticipate inflation and rising costs of living
One of the things that happens when there is a global recession is that prices rise. The value of money decreases per dollar, making it difficult for low-income earners to catch up. With a side hustle, however, you can anticipate this inflation and the rising costs of living. You can save far more easily and in greater amounts, allowing you to survive those rainy days.
3. It gives you something to do with your free time
The average person spends 2 hours and 22 minutes on social media per day. The WHO estimates that the average person will spend 6 years and 8 months on social media in their entire lifetime. This is time spent consuming mindless and meaningless content on timelines that lead nowhere. This time could be better spent in developing skills, or in a side hustle. Instead of doing nothing and gaining nothing, why not do something and earn money?
4. You can monetize your passions
Your side hustle doesn’t have to be about money necessarily, but it can be about taking your hobby to the next level. Maybe you’ve always wanted to start streaming your video game sessions. Maybe you’ve been hoping to gain enough money from blogging that your web domain can pay for itself. Your hobbies don’t have to fall in the expenses column of your monthly financial statements; they can be a source of income that you enjoy greatly.
While rest and recovery are important aspects of life, there is meaning to be found in side hustles, in addition to greater financial freedom. And with this greater financial freedom, you can enjoy earlier freedom from debt and better productivity. The most important thing to remember is that a side hustle doesn’t necessarily have to weigh on you as another job; it could be a passion that you’re leveling up just so it can finally pay for itself.
And if you need a website to help find your next side hustle, send us at Always Working a message. We cater to both Tampa and Atlanta, we can connect you to well-paying part-time jobs.