REASONS WHY YOU SHOULD CONSIDER A SIDE HUSTLE
Here are 5 reasons to have Side Hustles as your new strategy for creating and growing personal wealth
Do you have money goals? Are you trying live debt-free? Trying to save for your emergency fund? Or are you simply trying to invest? You may have already figured out that you will need passive income in the long term to do all this.
There‘s a high chance that what you are currently making in these unprecedented times is not enough. And with all these financial goals in place, it may take you months or decades to achieve.
There are several ways to diversify your income, even if you have a 9–5 job.Earning an additional $50 or $10 monthly from various revenue streams can get you closer to your financial goals. These revenue streams are what we would call side hustles. Here are some of the reasons why you should consider a side hustle to meet your financial goals:
- Diversifying your income protects your financial well-being in the long term. Adding multiple revenue-streams to supplement your primary income has longterm implications; you won’t have your salary as a lifeline and live on paycheck after paycheck. The economic climate is uncertain and could shift causing a lot of worry and financial crisis. Your paycheck may not be a guarantee when there's employee layoffs, company closures or business losses. A side hustle can can cushion you from your primary income’s losses and even give you financial security and independence in such times.
2. A side hustle is a great way to pay off your debt.
The income you generate from your side hustle can be repurposed to achieve the financial goal of clearing debt. Living debt free allows you to focus on your wealth creation plan. Clearing debt teaches financial responsibility.
We would advise debt clearing as a top priority in your financial goals since it tends to grow the longer you take to clear it (depending on interest rate). Outstanding debt affects your ability as a borrower to get money from lenders such as banks. And while it affects your credit score, it also limits your personal expenditure and could easily lead to a financial crisis. Many people fall into a debt trap when they borrow money to service another debt. The compounding amount you incur can lead to an unsustainable payment plan. But with a side hustle, money you earn is solely yours.
3. Side hustles Save time and capitalize on time spent
While a side hustle can help you make money that you would wait a while to earn, it can also be an avenue for many to make money with how they spend their time.
a) Saving time; You would have to wait a while to get $30 that you lent to a friend who promised to pay at the end of the month. Or you could buy 3 second hand items for $5 and sell them for $10 each one weekend and you wont have to wait a month for your friend to pay you back. And when your side hustle gives you extra money you need, there's less need to work for overtime pay.
b) Capitalize on time spending; The average person spends 2 hours daily on social media. This means platforms are a potential client base for what you can sell. Some influencers realize this and so as they do what they love and post online or create content, their platforms earn money for them. You can also earn from product placements and recommendations on your posts to your followers or funnel your platform followers through product and service posts to promote your side hustle.
4. Build up savings and investments.
Once you clear your debt, side hustles can build up on your saving plans. While your primary income can solely cater for expenses and daily expenditure, your side hustle income can be channeled to disciplined saving and wise investing. This will take you steps towards achieving your financial goals and freedom.
5.BYOB (be your own boss).
Side hustles may eventually grow to become people’s full-time gig. Your attention towards its success gradually increases with its returns. Some consider ditching their full-time job when what they do for fun or as a hobby or side business pays twice or 10 times what they work for.
This transition should be done with care and consideration of what the worst, as well as the best outcome could be. You could still keep your job and earn the extra income. Regardless of what you choose, you become fully responsible for the cash flow and continuity of your side hustle.
This enables you to eventually be your own boss.
Side hustles are very achievable for most people because there is something for everyone.
Financially Fit Africa promotes diversification of income as a strategy to achieving financial freedom. With a well-though side hustle, a laid-out financial strategy and the right Principles of wealth creation, anyone can live a debt-free life and achieve their wealth vision.
Follow us and be inspired with hope as we share these principles that will point you in the direction of your wealth vision.
Leave claps and drop a comment if you're interested in your side hustles and the opportunity to become financially fit for life.
