- Improve your quality of life – When you’ve got extra cash flow coming in, then you basically have more disposable income. This means you can use the money to buy your wants and not just your needs. You can go on vacations and do fun things with the family and friends! You can buy the latest gadgets if you like or a new car (possibly repair the old one.)
But do all these fun stuff in moderation. It’s a good idea to invest some of that extra income for your future and retirement plans. Besides you don’t want to get used to a more expensive lifestyle if your side hustle income isn’t stable yet.
- Gives you an outlet for your creativity – If you work a relatively boring and routine job, then you may not have much room for creativity. A side hustle you’re passionate about will help you get the creative release you so desire. This means that when you work on your day job, you should generally feel good most of the time!
- Gives you a backup plan – Keeping all your eggs in one basket isn’t a good plan. When it comes to finances and income streams, diversity is key. If, for any reason, you suddenly decide to quit your job or you get fired, then you’re not going to go hungry because you’ve got other means of earning money!
- Helps repay debts and loans – If you’ve accrued some debt and loans, then you’ll find it hard to pay off all these if you just depend on your regular salary. This is especially true if you live paycheck to paycheck and have no savings. If you have a profitable side hustle, you can use the additional cash flow to pay off your debts and loans.
- Let’s you build your emergency fund – Emergencies don’t exactly announce themselves. They just happen. And when they do, you better be prepared. If you don’t have an emergency fund, then you could wipe out your entire savings, and you’d fall into even more debt!
- You’ll meet new people – There are tons of benefits to meeting new people. You not only widen your horizons, but you also have plenty of opportunities to get referrals from people in your network. You’ll get a new perspective on things, and there’s always the opportunity to learn something new from your new friends!
- Stress relief – When you’ve got a creative outlet in your side hustle it makes you feel good and this releases stress. If you’ve had a bad day on your regular job it’s good to have your side hustle to work on in order to release your stress and maybe work towards replacing your day job with it entirely.
Happy New Year Hustlers!
Iolande V. Argent,
Your branding senior side hustle solutionspreneur
Follow me @tweetiva