WHAT WOULD SCROOGE DO?
At the heart of it a side hustle is nothing more than part-time work of your choosing.
There are thousands of ways to make extra money.
In fact theres a thousand ways to make a thousand dollars.
Don't believe it?
Check out the article of the same name.
Before we look at the how part of side hustles theres something much more important.
The why.
The why is most important.
And why is that?
Because if much of your spare time is being spent just trying to make enough money to cover your bills, than chances are your already in some financial trouble to begin with.
You need to re-examine your budget (if your even doing one) and find out why your so short every month.
If thats the case your one unforeseen emergency away from being in a place all 168 hours weekly hours won't be enough to work yourself out.
Get the budget part first.
Find every unnecessary expense next.
Chances are you've missed more than a few.
A side hustle is to get ahead, not stay in place.
So now that we know what a side hustle isn't lets examine what it is and what's so great about it.
Like we said at the beginning a side hustle a way of making money as you choose.
The most important feature by far of a good right side hustle is the outsized effect it can have on your financial goals.
What that means is virtually all the money coming in from a side hustle can be directly applied to your financial goals.
Thats not even remotely the case with your regular full time job.
Lets say for example you bring home $2,500 per month after taxes.
After bills your left with $250 a month to invest with, save, or pay off those nagging debts that seem to hang around.
With a side hustle added into the equation it's a completely different story.
A $500 per month hustle added to that $250 your already saving monthly now gives you a $750 monthly financial weapon!
A side hustle can do far more than just that but thats is its most important component by far.
Theres also so many other things a side hustle can do for you it's likely not even possible to list them all but we'll cover some of the most important and overlooked aspects.
Just a few of these benefits include, gaining experience in a field your considering going into.
Paid training, developing new skills, enhancing your current career, or a creative outlet for some.
The chance to work on something you know you'll enjoy, building upon your network, or even just meet new people.
All while getting paid!
There are downsides to even the best side hustles.
It is work after all.
Work in addition to your regular job.
Most importantly is to understand what your side hustle should be and why.
Please to meet you, hope you guessed my name! It's Blue Collar scrooge here and I'd like to just thank for taking the time to our little blog to help accomplish all things financial. Personally financial that is.