If you’re reading this, you’re probably familiar with the world of side hustles. Maybe you have even tried one before. If not, hopefully, I can convince you to give it a shot.
I define a side hustle as anything you do, with the intent of making money, in addition to your full-time job. This could be anything as simple as selling things on eBay, to running and scaling up a 7-figure dropshipping business. There is no limit to how big it can grow.
I think it’s fair to say most people want to be financially secure. But at the same time, I think most people eventually land a decent job and then they just get comfortable where they are.
And sure a decent job combined with living below your means and investing eventually will lead to financial security. But I think it’s also fair to say most people would certainly like to get there sooner. If this is the case, then you absolutely need to side hustle. So, let’s get into it.
Why doesn’t everyone start a side hustle?
We can start with the obvious, most people don’t start side hustles because it can be really hard to start side hustles. When you get home from work, you’re probably tired, hungry, and just want to spend time with your loved ones. Especially when your life is already full of responsibility, changing the routine and finding time to start what is essentially another job can seem impossible.
Even if you do decide to set aside time and decide to reprioritize your life, there’s no guarantee that you will be successful. The massive feeling of uncertainly will constantly remind you of how nice it was being able to just relax and wind down after work.
It can also take a long time to see results. You might not make a single dollar for the first couple of months, if not years, and this can certainly be discouraging.
So listen, I totally understand why you haven’t started a side hustle yet. But I think you need to consider the bigger picture. You want to set yourself up for a financially secure future. You’re spending time reading about side hustles, so I’ll assume you do want to start one. Something must be holding you back though. So let’s address that.
Commons excuses for not starting.
The key here is, you have to mentally prepare yourself to endure the hardship that comes with starting any new venture. You’ll come up with excuses to avoid putting in the work, even unconsciously. So here are a few strategies for changing your mindset and being productive.
- If you’re “comfortable” you are either just being lazy or you don’t want it bad enough. But you can fix that. Sure, your job might pay enough, but starting a side hustle does not take away from that. You are robbing your future self of the opportunity to live the life you currently dream of.
- If you keep telling yourself that you are too tired when you get home, work on your side hustle in the morning before your day job. This tip alone probably warrants an entire book. It does make a big difference.
- If you’re feeling uncertain, embrace it. This is you stepping out of your comfort zone. This is a new adventure and it is exhilarating.
- If you don’t know where to start, then let’s be friends. I’m constantly working side hustles and I’ve made it my mission to share everything I learn and help as many people as I can.
You need to have the right mindset and go into this with the right expectations. Don’t be afraid of the risk, get excited by the opportunity.
So, why start a side hustle?
So far, I’ve pretty much covered why people don’t, but it’s important to understand so that you can separate yourself from that cohort. Once you do, you will see the opportunity that sits in front of you. You will wish you had started sooner. So, why dedicate your time and energy to a new side hustle?
- You can make more money.
This should be obvious. A side hustle is a way for you to make money in addition to your full-time job. If you’re running a successful side hustle you will be making a lot more than the average employee in your position.
- You can invest more.
With more income, you get more capital to invest. This hopefully can be assumed from the first point, but as you make more money ideally this money would be invested rather than spent on unnecessary liabilities. You really should focus on investing, because you can make your money work for you, which essentially means your money is doing its own side hustle too. That’s real passive income…
- You can retire sooner.
If you have set a goal of how much money you want to have saved before you can retire to never have to stress about money again, a side hustle will get you there much faster than relying on your salary and just saving a portion of that every year. This compounds with the previous point as well, as the more you invest the faster your nest egg can grow to what it needs to be.
- You’ll have multiple streams of income.
Odds are you won’t stay at your current job forever. When between jobs, it can be nice to know you have your side hustle’s income stream to rely on while you’re not collecting your normal paycheck. And if anything unexpected were to happen and you found yourself out of the job, you still have an income you can rely on to cover your bills. This alone point alone and the financial security you reap is a massive benefit. Side note — most millionaires have around 7 different streams of income.
- You want freedom.
Imagine an old friend calls you in the middle of the day asking if you want to grab lunch. Unfortunately, it’s Monday and you have a meeting coming up in 10 minutes. You have no choice but to decline your friend’s offer. This sucks.
Now imagine that you are self-employed because you started a side hustle that has grown into a fairly successful venture. You accept your friend’s offer without thinking twice, and maybe even cover the bill.
- It’s never been easier.
Never before has someone been able to start and grow an international business with nothing more than an internet connection. Today, there are so many tools, apps, and existing solutions that you can depend on for most of your needs. Create an online store in seconds. Advertise to millions of people online for just a few bucks. It’s never been easier to start and grow a business, even by yourself.
Do I NEED to start a side hustle?
Well, just think about your future.
- Where do you see yourself in 5 or 10 years? And where do you want to be?
- Do you know when you want to retire? Are you putting that question off? Or are you someone who just wants to retire as soon as possible?
- How much money do you need to feel financially secure, and how do you plan to get there?
Most likely, at your current pace, you’ll need to work for many years to achieve your goals. So, if you want to achieve your goals sooner or while you’re still young you have to pick up the pace. You have to earn more and you have to save and invest more.
In my opinion, the absolute best way to do this is with a side hustle.
Hopefully, now it’s a little more clear to you why a side hustle may be a good idea for you, pretty much regardless of your current situation. If you have goals, a side hustle will help you reach them faster. And if you don’t have any goals, set some goals! Think about your future and what you want your life to look like!
If you want more freedom in your life, want to be your own boss, or maybe want to make passive income so you can relax on the beach all day. You NEED to start a side hustle.