Even if you’re in the top earning bracket of your day job, you may still want to think about getting a side hustle. The old employment security our great grandparents and grandparents was able to take comfort in of a job for life has long since morphed into a myth. And in the current world financial climate it's even more important than ever that you have a second income to cushion any fallout from your full time employment. Here are some more of the top reasons why having a side hustle is good for you:
A backup plan
As we mentioned above, now more than ever before in today's financial climate keeping all your eggs in one basket isn’t a good plan. When it comes to finances and income streams, diversity is key. If, for any reason, you're made redundant, get fired or suddenly decide to quit your job, then you’re not going to be stressed and over whelmed because you’ve got other means of earning money!
Pay debts and loans
If you’ve accrued some debt and loans, then you’ll find it hard to pay off all these if you just depend on your weekly, fortnightly or monthly salary. This is especially true if you live paycheck to paycheck and have no savings. If you have a profitable side hustle, you can use the additional cash flow to pay off your debts and loans.
Build your emergency fund
Emergencies don’t exactly announce themselves. They just happen. And when they do, then you better be prepared. If you don’t have an emergency fund, then you could wipe out your entire savings, and you’d fall into even more debt!
Improve your quality of life
When you’ve got extra cash flow coming in, then you basically have more disposable income. This means you can use the money to buy your wants and not just your needs. You can go on vacations and do fun things with the family! You can buy the latest gadgets if you like. Of course, do all these fun stuff in moderation. You don’t want to get used to a more expensive lifestyle if your side hustle income isn’t even all that stable yet.
Have an outlet for your creativity
If you work a relatively boring and routine job, then you may not have much room for creativity. A side hustle you’re passionate about will help you get the creative release you so desire. This means that when you work on your day job, you should generally feel good most of the time!
You’ll meet new people
There are tons of benefits to meeting new people. You not only widen your horizons, but you also have plenty of opportunities to get referrals from people in your network. You’ll get a new perspective on things, and there’s always the opportunity to learn something new from your new friends!
With the rise and rise of the cost of living we all could benefit with having a side hustle which will help to lessen the burden of our outgoing expenses. We've given you 6 great reasons above, what are you waiting for?.