There’s a strong chance either you or someone you know has a side hustle. It’s fairly common for working aged people, and especially for Millennials.
Figures from the United States Bureau of Labor Statistics support this observation. Their figures for 2017 showed that over 7.5 million people above the age of 16 years held multiple jobs.
Even if you don’t have a side hustle forever, here are a few reasons why you might want to pick one up temporarily.
1. To Pay a Large, Unexpected Bill
Unfortunately in life, things sometimes happen that are unexpected. For example, your car may break down, your furnace might take its last breath, or your refrigerator could quit.
No matter the cause, the unplanned for event could result in a large, unexpected bill. This could be one of the reasons to pick up a temporary side hustle.
Taking on side work for a short period of time can help you pay off unplanned bills. Furthermore, it may prevent you from going into debt or racking up interest from charging it on your credit card.
2. To Build up Savings
Another of the reasons to pick up a temporary side hustle could be to build up savings.
With an emergency fund established you will be able to cover unexpected expenses. Then you can slowly replace the money in the emergency fund for the next time.
3. To Reduce Debt
Some people take on a temporary side hustle to reduce their debt faster. It’s a much better idea to take on a side hustle than it is to consider debt consolidation, for instance.
Debt consolidation doesn’t eliminate debt it just moves it around. However, applying more money to your debt can have a big impact and get the ball rolling toward a more secure future. That is how a side hustle can help you reduce debt.
4. To Learn New Things
Sometimes the reasons to pick up a temporary side hustle are less urgent. As an example, you might want to learn some new skills to use in another area.
Let’s say you take on a side hustle as a virtual assistant. You may be able to pick up some skills that could help you build your own website and monetize it for added income.
In addition, learning new things is always a great backup plan if you leave your regular job unexpectedly for some reason. At least with a temporary side hustle you have some income until you can find another full-time job.
5. To Invest for the Future
Have you ever wanted to start investing but lack the funds to make it happen? That could be another of the reasons to pick up a temporary side hustle.
Having some extra money in your budget could allow you to finally meet the minimum necessary to begin investing. Then you can add to your investments in smaller, regular increments to grow your money even more for the future.
Many people take on a side hustle. You may want to pick up a temporary side hustle too so you can improve your financial future.
Which of these reasons would cause you to pick up a temporary side hustle?
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