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This day in age, everyone should have a side hustle. These are often fun and creative ways to earn money, can be done from the comfort of your own home and worked around other commitments you have in your life such as raising a family or working a full time job. Still not convinced? Here are some reasons to get a side hustle set up.
Get out of debt quicker
Debt can affect people from all backgrounds and have a devastating impact on your life. Getting out of it can be extremely tricky, and you might be kept awake at night worrying about debt collectors and spiralling debt due to interest rates. Earning extra money can help you to pay these off more quickly so you can get back to enjoying life again.
Build savings
Having extra money coming in can make saving a whole lot easier. You could even make the decision to live off your wages like you were previously, and save everything extra that you manage to earn. Once you’ve paid off debts, make it your mission to save money and have a buffer there in case anything ever goes wrong.
It gives you a backup source of income
If coronavirus has shown us all one thing, it’s that none of us really know what’s around the corner. None of our jobs are quite as safe as we’d like to think; even without a pandemic on, companies can go into administration, accident or illness could lead to you no longer being able to do your job, you could even make a silly mistake and get fired. Having a backup income source can help you to get by while you find another job
It enables you to work towards financial freedom
If you’re constantly stuck in a cycle of waiting for payday then extra income can help you to gain financial freedom. You might be able to save money for the first time in your life, you could start overpaying your mortgage or even just be able to afford nice things like holidays and a newer car which previously would have been impossible.
Types of side hustles
- Buy wholesale and sell for a profit
- Make and sell your own items
- Repair or upgrade items for customers
- Content creation
- Tutoring
- Freelancing
- Buying and selling a business for profit
These are just a few examples of the types of routes you could go down, have a think about your interests and passions and go from there.
Do you have a side hustle? What does your business do, and do you enjoy it?