Why Online Side Hustles are More Important than Ever

A side hustle could transform your financial future

Photo by Andrew Neel on Unsplash

Financial Cushion

Having one stream of income can be dangerous in this day and age. The modern world is volatile, your one stream of income is like an unstable rug under your feet that could be pulled from under you in a heartbeat. This happened to about 80 percent of my friends and associates when the pandemic hit.

Income to Invest

The extra income will provide you with a little extra cash to invest in stocks, cryptocurrency or savings. You can even build up an emergency fund to give you more of a financial cushion when times get rough.

Teach your kids to be financially savvy

Honestly, growing up my parents taught me nothing about money. As an adult, I have had to teach myself, it hasn’t been easy. Unlearning old habits and changing my mindset when it comes to money has been a difficult road. Starting a side hustle and building it from scratch will teach your kids(if you have them) how to be financially and business savvy.

Pay off debts faster

If you have debts, pay them off faster using some of the money you earn from your side hustle.

Reduce financial anxiety

Do you know that feeling you get when you don’t have enough money to pay bills? It doesn’t feel good right? In fact, it makes you feel sick to your stomach! You can’t eat, sleep or do anything. You just want to scream! When you have an extra financial cushion, it reduces that feeling of financial anxiety that can be so dangerous for your health.

Learn a new skill

When you set up a side hustle, you might end up learning a whole new skill. For example, when I started selling products online, I had major issues with graphic designers never handing work in on time and other issues that just forced me to learn a few new skills. I learned how to create basic designs on photoshop and Canva, now I can come up with an idea and start implementing it straight away.

Starting a new side hustle

I know, starting a new side hustle is scary and most people fail to start because of fear of the unknown. One of the fastest ways to quickly start a side hustle is to learn from someone who has already done it. I have signed up for a few courses in the past, some have been worth my time and money, and some have been fruitless. However, a short course or workshop could provide you with the skills you need to start making some extra money.

Takeaway

Side hustles are not for everybody but if you want to build wealth and secure your financial future, it might be a good idea to start a small side hustle. An extra income will reduce financial anxiety, provide a financial cushion for when you need it most and it will help you to teach your kids to be more financially savvy. A profitable side hustle is never a bad idea.

I write about Health, Wealth, Race and other things. Founder Pink Intrigue + Freshlight Media. I give away my earnings to change lives in Ghana

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