Every month you barely scrape through with your existing salary from a job that doesn’t excite you. Your salary has been stagnant for the past few years. Time for you to look elsewhere if your goal is to have an interesting career and a financially independent life. Start now by building side income.
Employment these days can be full of uncertainty. You would likely have heard of friends or family who are working one or more side income opportunities on top of their main job. Why are they doing this? Is there something you are missing out on? What are reasons why you should consider a side hustle?
1. Rising Living Costs
The cost of living, inflation and everything seems to be rising, except your salary! If you are unsatisfied with the salary from your main income or want more than the small raises you’re getting over the years, what better way than to supplement your income with a side hustle.
The opposite is true for the cost of living. The prices of key expenses like education, houses, and health care are rising faster. You’re paying extra; however, you’re not getting extra.
This situation is not going to alter anytime soon. It is sensible to seek out ways to boost your earnings wherever possible
2. Be a Boss
If you want to be wealthy, work towards becoming a full-time business owner. Unlike employment, how much you earn as a business owner is in your own hands. In addition, being your own boss, you don’t have to report to anybody and no office politics to contend with.
But, to start a full-fledged business required so many resources especially your time. It is also risky if your business does not guarantee monthly income. You need to continue to keep up a powerful sense of self-discipline and work hard for your new business. Otherwise, your income will suffer.
3. Boldly Experiment
An alternative to point 2 above, is taking it on as a side hustle first while maintaining your current day job. Take bold steps to experiment with building a new career without quitting your day job. Then, take your time to build it as a new career.
You have a chance to understand the ins and outs of out a business. If the side hustle fails, your current lifestyle is not affected since you still have your day job. This is the safest way to decide whether you want to pursue your side hustle full time. A few key pointers can be when your earn enough from your side hustle to replace your full-time employment income, and you are passionate and driven to success! The choice is now in your hands to pursue your passion full-time.
4. Don’t Live Dangerously
It is not wise to depend your financial well-being on a single employment income. In fact, you are living dangeriously with a single source of employment income. If you lose your job with no immediate substitution, it will cause unnecessary stress. This is especially so if you are viewed as older, too expensive, or having overly niched skills.
Employers understand this concept of single-source reliance. To avoid it, their HR strategy is to have many individuals who can deal with any given task.
So why is it that the majority people have only one income? A single income means you’re stuck if that only revenue goes away. You have fewer choices, in a weaker position to negotiate and in an unhealthy situation. Granted, employers usually need it that way, because it places them in a position of power.
You need to avoid being a weaker party in any business negotiation. Smart individuals have many earnings streams. You too need to have some streams, as well.
5. Value Your Time
No one knows better the value of your own time other than yourself. If you have an expertise in a niche field, you could be making way more per hour on your own. For example, as an employee, your time is worth say RM30-RM60/per hour. But on your own, your skills can earn you RM100 plus per hour. Control is in your hands!
6. It’s Awesome Training
As a worker, you usually operate in a narrow range of duties. You most likely have folks telling you what to do with deadlines set and so forth. With a side hustle, it’s all on you.
You can consider a side hustle as an actual-world MBA. You will be exposed to: –
- Features of business and life that you will never learn from studying.
- How to sell and market yourself and your brand.
- How to negotiate anything.
- How to write and read a contract.
- How to setup your own online site, run a webinar, etc.
A side hustle will get you out of your comfort zone. It helps you broaden your skill set. This makes you more valuable to any employer anyplace in the world.
7. Grow Your Network
You will gain many connections while hustling. This provides you with a chance to broaden your network. You’ll enter discussions with quite a lot of professionals and business owners. Should you make an impression and meet their expectations, you can depend upon them as a professional connection.
So many jobs are discovered via word-of-mouth. Thus, a powerful professional network is important. A side hustle is often an excellent vehicle for networking. It provides you access to future opportunities.
8. Find Purpose and Fulfillment
Some individuals love what they do and never wish to retire. But most us only go to our full-time jobs so that we can pay our bills, put food on the table, and get the well-being and retirement benefits that associate with it.
If you’re unhappy, time to make some adjustments. Don’t chain yourself to a job you hate. Try to begin a side hustle that will provide you with a sense of achievement and excitement about your work. It’s simpler to do work that you love.
What Are You Waiting For?
Millennials particularly have embraced the concept. Many graduated from university or college in the midst of recession or when jobs are scarce. They did not have opportunities or jobs in their area of expertise handed to them on a silver platter. They have had to pave their personal path to success. Are you ready to do the same?
Have you tried your hand at hustling? Let us know your experience.
He has 25 years working experience in different finance-related jobs. He is now a consultant, and personal finance and business writer. His main goal is to help and educate non-finance professionals to understand and solve their personal finances problems. He believes everyone should be financially literate because everything we do has money implications!
Eric currently resides in Kuala Lumpur, Malaysia with his wife and two young children.