why you need a side hustle

First of all, I want to clarify what a side hustle is: A side hustle means you are making money alongside of your main job / income. It can also be called a side income. If you want financial independence, you can either reduce your expenses or you can increase your income. And this is where a side hustle enters the picture.

There are mainly two ways to have a side hustle, and it all comes down to your goals. The first way is that your side hustle is just for fun, and you want to make some extra $$ and still keep your day job. The other way is that you want to make your side hustle into your main income at some point in the future. One doesn’t have to exclude the other, but it’s a good idea to keep it in mind before you start your side hustle, because one idea might be good if you want to keep your main income job, but it might not be realistic that the same idea can become your main income.

The next thing you need to take into account is how much time you’re willing to spend on your side hustle, which is obviously important to determine beforehand, because one side hustle can be more time consuming than the other. Your side hustle can be an active income or a passive income.

An active income is income as we know it. It is money earned in exchange of performing a service, like the tasks you have at your day job earns you a salary. If your side hustle consists of you selling a physical product or you’re selling one-on-one coaching or something similar, I would too categorize it as an active income, because you need to put in time and effort to get paid.

On the other hand is passive income something that requires minimal work from you. Of course there’s work in the beginning, you have to lay the groundwork. But with passive income, once the groundwork is done, it doesn’t need your attention.

.. so why do you need a side hustle?

A side hustle gives you more financial freedom and brings more flexibility into your life. Having multiple income streams makes you less reliant on each one. Even if you don’t have any intentions on quitting your job, it’s nice to know that you’re not completely dependent on it, right?

Even if it just brings you a small amount of money it would still make a difference in your life. You could use the money to pay off some debt sooner rather than later, or it is a possibility to start investing your money in either long-term or short-term stock. By investing the money you earn from your side hustle you are not investing in more than you can afford to (maybe) lose. Furthermore, if you have a passion, a side hustle is a great way to explore that without the pressure of having to support family right away, this way you can enjoy the ride and take your time.

So the bottom line is, a side hustle can be the gateway to explore your passions, gain financially freedom and it might even turn into your main income. If this sounds like something for you, stay tuned and I’ll show you how to get started!

xx

Josefine