She’s done everything from working at a bank to having her own daycare to working in a nursing home. She also used to clean rooms at a hotel on the weekends.
Needless to say, my brothers and I grew up watching her strong work ethic. In short, she did whatever was needed, and within her skillset, to pay the bills and keep us fed.
Even today, lots of people still have side hustles. If you don’t have one, here are some good reasons to side hustle.
1. Prevent Financial Crisis
Right now the nation is in the midst of the Coronavirus crisis. Some people are out of work. Many are facing financial crisis and wondering how they’re going to eat let alone pay the rent or mortgage.
This is a great reason to always have a side hustle going. If your main source of income is cut or eliminated, even temporarily, a side hustle can help. Extra income can put food on your table and help you keep up with your bills.
2. Cover an Unplanned Bill
Everybody gets an n unplanned bill occasionally. It could be car repairs, home repairs, medical expenses, or other types of unexpected expenses.
No matter what causes the extra bills, they still need to be paid. That’s where a side hustle comes in. You may only need to take on a side hustle for a short time so you can build an emergency fund. But having the ability to cover an unplanned bill is one of the great reasons to side hustle.
3. Avoid Credit Card Debt
It’s pretty common for many people to carry at least a little bit of credit card debt from month to month. Of course, others carry thousands of dollars of credit card debt.
But you could avoid credit card debt and high interest altogether by taking on a side hustle. Use the extra money to pay off credit cards monthly and keep them paid off.
4. Eliminate Debt
Eliminating debt is another one of the reasons to side hustle. If you’re swimming in debt and don’t know how to get out of it, consider looking for a weekend or evening job.
There are lots of different side hustles to choose from to help you pay off accumulated debt. You could mow yards, babysit, do virtual assistant work, sew, bake, or any number of other things. Examine your skill set and start side hustling to get rid of debt and improve your finances.
5. Grow Savings
Do you have enough money set aside in your savings account? Many people don’t. Another of the reasons to side hustle is to grow your savings for emergencies, special purchases, or travel. Or, maybe you simply want to grow savings for your peace of mind.
6. Learn a New Skill
If you love to learn new things, this could be another of the reasons to side hustle. You could even learn new skills alongside your spouse or significant other
Perhaps you’ve both wanted to learn how to cook. Taking on side jobs working in a restaurant or deli could help you brush up on your cooking abilities.
You could also check with employers to see if they’d take on an apprentice at a lower rate of pay. As your skills build, they could increase your pay accordingly and you’d learn something new.
7. Invest for Tomorrow
Investing regularly is necessary if you want to have money for your future retirement. But if you have no room in your budget to invest, that’s one of the reasons to side hustle. Having a second source of income now can help you have enough money in your golden years in the future.
Clearly there are a lot of good reasons to side hustle. I may not have listed one that applies to you, but I bet you can think of one.
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Do you have a side hustle? If not, are you thinking about getting one?