What started as a term for making a few bucks outside of a day job, “side hustle” has turned into a way of life for many Americans. A 2017 report from Bankrate.com found that over 44 million American adults have a side hustle.
Depending on how much time you want to commit and how much money you want to make, there are many options for side hustles that you can do easily at home.
Here are five reasons you should start a side hustle now:
You need more cash.
If you’re struggling with your finances, you can benefit from a side hustle. According to Bankrate, 25 percent of younger millennials earn an additional $500 per month from their side gigs.
If you’re paying off extra debt, which can be true for many millennials, you may benefit from the extra money that you can make with another job.
Furthermore, the extra income can help hasten your planned investments. If you’re eyeing that big-ticket item, you can fund it with your freelance income.
You don’t have any emergency savings.
Just 40 percent of Americans can cover an unexpected $1,000 expense, like an emergency room visit or car repair, without breaking the bank.
Without emergency savings, you risk racking up serious debt when unfortunate events come. Ideally, you should have six months’ worth of expenses in your bank. If you’re nowhere close, a side hustle can help you build the needed cash reserves.
You probably have more time than you think.
One of the biggest objections people have about starting a second job is the perceived lack of time. For many, that may be the case, but for most people, that may not be the norm.
Surveys found that an adult spends an average of 2.5 hours a day on social media. So why not put that time to good use? There are side gigs where you can earn decent money working only one hour a day.
Your side hustle can be your creative outlet.
Have you ever heard of the phrase, “Turn your passion into profit?”
You can use your side hustle as your creative outlet. Some bloggers write about DIY home projects, and many YouTubers share graphic design tips while earning from online ads. There are also Instagrammers who document their calligraphy and lettering skills and eventually get commissioned work.
If you have a home business idea that you’ve been longing to do but just haven’t found the time, now’s the time to start. Side hustling can help you get your feet wet, prompt you to do some research, and break ground for building a business on your terms.
You’ll gain exposure and business networks.
By working on a side hustle, you’ll be surrounded by a new set of colleagues and clients. Every person you meet is a gateway to possible future clients or business partners. You may not realize it at first, but side hustling might magnify your influence, which can benefit your business and career in the long run.
Side hustling is becoming more and more of the norm for many people. If you want to get out of debt or just want to make money off your passion, a side hustle is a way to go.
