Achieving financial independence takes time, patience, and discipline. Having a side hustle is one technique to speed up your progress towards your financial independence goals. We are going to explain what a side hustle is, and how it can be a useful strategy to improve your financial future.
What is a side hustle? It is an income-earning activity in addition to your primary employment and can be freelancing or contract work, a business, or a part time job. It is an additional income stream beyond your primary employment, which can provide more money for savings and invest.
Why have a side hustle? There are two ways to work towards financial independence: spend less and earn more. While there are ways to improve your career success, we often can’t immediately increase our salary at our primary job. Having a side hustle can provide an additional income stream to supplement our earnings. If you currently have no savings, and carry debt, a side hustle can help to dig out of the debt faster.
A good side hustle takes advantage of your skills and talents
The best opportunity is one which makes use of your skills and talents. If you are good at photography, then maybe someone will hire you to take a professional LinkedIn photo. If you are good at crafts, then maybe you can earn some extra money selling your crafts online or at a fair. A standard part time job is also an option to give your income a little boost.
Remember, the purpose of a taking on more work is to help you achieve financial independence faster and avoid life as a wage slave. You should save and invest, rather than just spend, the money you make from your side gig. If you don’t already have an emergency fund established, then a side hustle can provide the extra income to get it funded.
A side hustle is a great way to boost your income to achieve your financial independence sooner. Consider taking one on in order to meet your short and long term financial goals. If you save and invested your extra earnings, then the money from your work can also become a passive income source in the future.