The word ‘recession’ seems to be on everyone’s lips lately. Even if you don’t know what a recession is, you would have noticed that the prices of certain goods have increased – your favourite shirt or perfume costs more. The most telling pointer might be the fact that your salary now gets you less than it used to only a few months ago. Unfortunately, your bills are not in recession! If anything, they are actually on the increase as well. So, what’s a girl to do?
Quite simple: Get a side hustle!
A side hustle is simply a way to make extra cash without quitting your day job. Most side hustles stem from your natural talents, gifts and abilities. If you’re naturally stylish or interested in fashion, for example, a side hustle of yours could be image consulting and styling. You can use your natural flair for putting clothes together to make money as there are many people who don’t have that flair and would be willing to pay you for the service. A side hustle could also be a hobby that you are able to monetise successfully.
Now that you know what a side hustle is, here are 3 reasons why you should have one-
- More money in your pocket: This is almost a no-brainer! A side hustle will provide you with another income stream. In addition, if you are thinking of financial independence and building wealth, then you ought to explore having multiple streams of income. Now, you might have less time to spend on leisure or relaxation, but the ease that comes with financial freedom will make it worth it.
- To build up your savings reserve: Having a culture of saving is important for your long-term financial health. If your salary seems to be insufficient for you to save from, then consider picking up a side hustle. It could be as simple as coaching someone for exams such as ICAN or GMAT. You can then discipline yourself and develop a habit of saving from the extra income you receive. To help yourself, you can make sure that the income from your side hustle goes to an account you don’t use frequently. I know someone who doesn’t have an ATM card to the account she uses for saving, so her access to the money is quite restricted. You can try that out!
- Test the waters before switching careers: If you’re considering a radical career move, it might be a wise idea for you to test the waters by starting with a side hustle. This way, you can explore the new career path without the financial pressure that comes when you quit your job. You can work in the evenings and on weekends, and get mentors who can guide you in your desired career path. This way, you’ll be making a well thought out move if you still decide to switch careers.
Do you have a side hustle? What was your reason for starting it? Leave a comment!
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