By: Trina Johnson
One thing about surrounding yourself with entrepreneurs is that you will quickly discover that everyone has multiple things going on. Everyone’s got at least one “side hustle.”
A “side hustle” is something you do to make a little extra money outside of a traditional employer/employee-type of job. It’s something you do on your own terms. According to a 2017 study, over 44 million Americans have a side hustle, which can range from working on freelance projects after hours, to selling makeup or hair products, to driving for ride-sharing companies on the weekends.
While making more money is often the driving motivation to starting a side hustle and is absolutely a great benefit, there are other reasons to consider a side hustle.
- Having multiple sources of income is smart and empowering. In today’s world, depending on just one source of income can be risky. Your company can go out of business; there can be lay-offs, or heaven forbid, the government might shut down and you could go weeks or longer without a paycheck. If you have multiple sources of income, you have options on how to ride out a temporary bump.
Often, each income stream has its ups and downs, so the overall effect is stability. It feels good to know that you could make things happen if you needed to. It is empowering.
- The extra money can pay off debt. Paying off debt is, for many people, among the top reasons you need a side hustle. If you’re paying off debt and don’t feel like you’re making any headway, you may benefit from the extra money you can make with a side hustle.
- The extra money can build savings and wealth.If you’re not working to pay off debt, then you may want to find ways to make time for a side hustle just so you can build up a savings account and start investing in your future. Making extra money can help you reach those financial goals much quicker than if you rely only on your primary career.
- You can spend time pursing your passions (and make money!)The world is full of individuals who started a business on the side because they were passionate about something. If making money doing something you love isn’t one of the best reasons to start a side hustle, what is? Doing what you love instead of watching TV or scrolling on Facebook is always a good trade-off.
If you treat your side hustle like a part-time job, you’ll find the time. Making a side hustle work takes consistent effort. You can’t try it one day for eight hours and then never go back. Just like anything worthwhile in life, it takes some time to get it rolling. But if you find the right hustle for you, the rewards are worth it.
Katryna Johnson, J.D., aka Trina, owns Mirelli Entrepreneur Training for Women. Her passion for helping women came from seeing her law clients broken and demoralized after divorce. She helps women build confidence, take responsibility, and launch businesses. She wholeheartedly believes women who help other women succeed will change the world. Find out more at www. MirelliETC.com