Why Online Side Hustles are More Important than Ever
What is a side hustle anyway? A side hustle is a supplementary job, contractual work or business that can provide you with extra money in addition to your main income. I’m a full-time writer and my side hustle is selling online. My extra income often saves me when client work is low and other income streams fail.
This unexpected global crisis (Covid-19) has greatly increased the need for multiple streams of income. Even one side hustle can provide you with an extra financial cushion to help you in times of need.
Here are some of the reasons why online side hustles are more important than ever.
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.
They had no other streams of income to help them through the crisis and many scrambled to earn extra money on websites like Upwork and Freelancer with very little success.
When you have an established side hustle or multiple established side hustles, you will have a financial cushion to help you during a crisis.
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.
Often when we are teaching our kids, we forget that life skills are also necessary. Math, literacy and other academic knowledge are important but teaching your kids how to be financially savvy is an essential skill.
Your kids can work on your side hustle with you, you can even set up a small business for them such as a t-shirt business, a blog or an Etsy shop.
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.
I am not saying that you should overwork yourself and but being broke can also cause major mental and physical health issues.
Balance is key, work enough to provide yourself with a very stable side hustle that can probably run itself in the background without you having to do too much work.
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.
You might have to intentionally learn a new skill or like me, you might be forced to learning something new to push your business forward quickly.
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.
This is the workshop that I signed up for to help me to build my side hustle income>>> Free side hustle workshop.
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.
Sign up for our exclusive members-only club for writers where you can apply for financial assistance and join cash prize, monthly giveaways.