What does it mean by “Side Hustle”?
Side hustle is a common thing now in the Internet age. With the ease of access and use of the internet, it enables us to access to a certain type of economic and professional freedom that never existed previously. The term side hustle refers to a personal pursuit which earns you extra money while also working a day job.
Why should you start a Side Hustle?
Diversified Income
If your side hustle can generate a pretty good amount of extra money, it can make you feel free in your everyday career. You can also take more risks in your career knowing that you have another source of income. You can request a raise, volunteer for a new project or leap to a new company. Knowing that you have another source of income, it gives you confidence in taking these risks. With reliable extra money, you’ll be in a position of greater leverage. You can make more money and advance more aggressively in your day job.
Use the Extra Income for Debts
The extra income obtained from side hustles enables you to pay your debts faster. You may have credit card bills, student loan or maybe a big purchase amidst financing. With side income, you can pay these debts in a big amount without disrupting the primary income, budget as well as living expenses. Being able to pay your debts off quickly will save you from extra fees and interest charges.
Wishlist Fund
With extra income, you can spend on luxury items which you are unable to buy with your regular income. With the primary income being used to spend on necessities, the extra income can be used to spend on fun things like overseas vacations and luxury items. A list made up of things you wanna do or you wanna buy will allow you to achieve them solely with your side income.