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4 Reasons You Might Need a Side Hustle

4 Reasons You Might Need a Side Hustle

Thanks to the rise of the internet age, the world of the ‘side hustle’ has been born.

These days, it isn’t always enough for people to just work at their main job. Instead, countless people are combining their regular job with a side hustle in order to make the budget look better at the end of the month.

A side hustle can be just about anything that makes you extra money, from a part-time online job, to starting your own website or blog, and much more.

The potential opportunities for a side hustle are nearly endless, as long as you are willing to put in a bit of work.

There are plenty of opportunities out there to be had, but how do you know if you need a side hustle in the first place? The following 4 reasons should be good motivation to start looking for a new income stream.

No Room for Growth

Are you at the top of the pay scale at your current job with no hope of getting a raise? If so, you may need to look to a side hustle as a way to increase your income in the months and years to come. Unless you want to set out and start looking for a new job, picking up a successful side hustle might be your best chance to grow your income at this point.

Saving for a Big Purchase

If you would like to buy a new car, for example, you might need to save up money for a down payment. Or, on a similar note, you may need to save up for a down payment on a new house. Whatever the case may be, a side hustle is a great way to save money for a big upcoming purchase that you need to make. Since there might not be room in your standard budget to save money based on your regular salary, using a side hustle is your best option for tracking down those additional dollars.

Break Away from the Nine to Five

One of the best things about a side hustle is the possibility that it will turn into something more. For instance, let’s imagine that you decide to use a blog as your side hustle, and you get started by making a few dollars each month.

That small extra income will be nice, but you will also have the potential to keep working on your blog in order to turn it into something more than just a minor income stream. You can work on building up the side hustle while still working your regular job, of course, but the potential will always be there for this side hustle to turn into a full-time thing.

Enhance Your Hobby

Some of the best side hustle opportunities are simply things that people enjoy doing as a hobby. If you have a hobby that you would like to spend more time on, one of the best things you can do is figure out a way for that hobby to make you some money. Once it is both a hobby and income stream, you will have all the motivation you need to spend more and more time on it each month.

 

Have you started a side hustle for any of these reasons? Can you think of other reasons you might need a side hustle?

 

Photo courtesy of: Ken Teegardin

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John Schmoll is a Dad, husband and veteran of the financial services industry. He's passionate about helping people learn from his mistakes so that they can live lives free from the shackles of debt and empowered to make their money work for them. You can check out his other sites: Frugal Rules, for ways to improve your financial literacy; and Sprout Wealth for tips on different ways to make more money. John has been featured on Forbes, Lifehacker, Yahoo Finance and US News & World Report and more. If you're wanting to grow your blog, check out my blog coaching services to see how I can help you take your site to the next level.

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2 comments

  1. I have a side hustle for additional income to increase my savings. I think it’s also one way of improving my skills.

  2. Really I think EVERYONE should develop a side hustle. Having multiple streams of income is a great way toward true financial freedom!
    Brad, Financial Coach recently posted…Financial Coaching Article Roundup for 1/27/17My Profile

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