3 Reasons Why Everyone Should Have a Side Hustle

Side Job. Side Gig. Side Business. Endeavor. All have been used to mean the same thing: Side Hustle. The term side hustle is a recent one, beginning with the advent of the internet. It is, by far, the most used term for a person with a day job that has started his or her own business. The advent of the internet, along with the personal computer, has allowed many of us to start a business without the risk of quitting our day job or investing all of our savings. We are the boss. We work on our own time schedule, not someone else’s.

Here are 3 reasons why everyone should have a side hustle.

Additional Source of Income

Warren Buffett famously said that no one should rely on a single source of income. Of course, the Sage of Omaha was referring to investment income, but in today’s time, a side hustle certainly qualifies. For most of us, that single source of income comes from someone else. What happens if that someone else decides they don’t need us anymore? It usually takes a bit of time to find a new someone else. Sure, we can collect unemployment, but that is usually a hassle and not 100% of our income. If we’re fortunate, we’ll get a severance package. Sending resumes, going on interviews, trips to the unemployment office, and spending more time with our significant other (not pleasant when there is no income coming in) doesn’t sound too appealing. With only one source of income, we are limiting our options, in many areas. 

Do Something You Like

Many of us choose a career because of its earning potential, not necessarily, because we particularly like the work we would be doing. I mean, how many accountants really like counting beans? OK bad example. Accountants (like me) are a unique breed. But you get the gist. How many people do you know that hate their job? I suspect many hands are in the air right now. How many of them dread getting up in the morning? Or can’t wait for the weekend? The list is endless. A side hustle allows you to create something that 1) is yours and 2) you enjoy doing. All on your terms. I wrote a post called “Can Money Buy Happiness”. You can read it here. I think you’ll find it interesting.

Corporate Proof Yourself

You may be asking yourself “What does this mean?” There is a recent trend where companies are laying-off long-term employees (20 + years) and replacing them with younger, cheaper options. I know this to be true. How? Because it happened to me. I didn’t have any bad reviews in my personal records, or put on notice for poor performance. Then one day, I got the call notifying me of a “separation” plan. I guess this is the new term replacing fired or terminated. To be fair, severance packages in these cases are generous. The standard is two weeks of pay for each year of service. I had 22 years, so I received 44 weeks (about 10 months). The point here is everyone is replaceable when you work for a big corporation. I mean everyone. Having a side hustle is an excellent back-up plan, certainly better than the prospects of finding another corporate job, especially if you are of a certain age.

Conclusion

You may be asking yourself “What did he end up doing after getting separated from his corporate job?” Well, I decided to try and turn my side hustle (Bookkeeping and advisory) into my main hustle, which includes writing blog posts like this.

I’ll let you know when my 10 months are up!

What is your big idea for a side hustle?

Is your business where you want it to be? If not, as always, you can contact me for a free consultation.

Dream Big. Think Big. Go Big.