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Par Compounded

Personal finance tips to help those seeking a better life!

5 Reasons Why You Should Get A Side Hustle

January 19, 2017 by Par Compounded

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Do you like getting your paycheck? I love it when mine comes every two weeks like clockwork. Now, I definitely know the value of hard work and money. However, at the same time, having a steady income can be a bad thing sometimes. It can make you complacent/lazy.

Now, don’t get me wrong; I’m glad I have a decent paying job. At the same time, having another source of income is the best feeling in the world. It can help with your confidence, give you a bigger monthly budget, or even help pad your retirement account. That’s why I think everyone should get a side hustle.

The Best Feeling In The World

The best feeling in the world is creating something from nothing from your own two hands. That’s why many successful businessmen are so passionate. They’ve turned “nothing” into a multi-million (or billion) dollar enterprises.

It feels great when you don’t have to depend on anyone to make money. There’s nothing more empowering than your own freedom and independence.

When you’re at work, you’re dependent on your employer to provide a stable job. You need them to stay solvent to fund your paycheck. And most importantly, while you can negotiate a salary or bonus, your needs are still subject to someone else’s approval. For some that’s not exactly a great feeling.

I’ve started two side hustles over the past year. One is making enough money to almost cover my rent. The other is paying my internet bill (although showing modest improvement).

Here are 5 reasons why you should get a side hustle now:

1. Additional income

Wouldn’t it be nice to earn an extra $500 or $600 a month! The average credit card debt level in the U.S. is over $16,000! Generating an extra hundred a month with a side business can really put a dent in that debt.

And if you’re debt free, the additional money will nicely pad your retirement accounts or maybe fund a little vacation 🙂

The point is, making a little money on the side is a great problem to have!

2. Freedom and independence

There have been a lot of stories about people starting side hustles that really take off. In fact they’re so successful that they quit their day jobs! Personally, I’m not there yet, although I hope to be one day. The best thing about working for yourself is….well you work for yourself! You ONLY do things you like.

No more pesky projects or other tasks you don’t want to do. Plus, most people get along great with themselves :). The freedom to work for yourself and do whatever you want is what dreams are made of.

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3. Gives you MORE energy

More work typically means less energy, right? However, when you’re really passionate about something you’ll have more than enough high energy coursing through your veins. Ever since starting  my side hustles, I feel like I have so much more energy. I only sleep about 6 hours a night these days because I’m very excited about new ideas and working on my current side hustles to generate more income.

4. Learn new skills

A side hustle is great because it forces you to learn new skills. When you’re in a normal job, you typically have one specific goal. Maybe you work in the sales department, but don’t have a lot of experience analyzing or crunching numbers.

When you start your own side hustle, you’ll have to wear a lot of hats. You’re your own CEO. Because of that, you’ll learn a ton of new skills. Since starting my two side hustles (a third coming), I’ve learned how to:

  • Use PhotoShop
  • Better promote and market myself
  • Write better
  • …and much more!

I’m starting a third side hustle now and I’m learning about shipping products. When you have a side hustle, you’ll always learn new things; there’s never a dull moment!

5. Gain confidence

I think the best thing about getting a side hustle (maybe even more important than the money) is being more confident. Having high self esteem is important in life. A side hustle is a great confidence boost. No longer are you dependent on anyone else. You can fend for yourself in the wild. You have your own little small business. That is an amazing feeling to have. Like all great things, success kind of snowballs after a while!

How To Get A Side Hustle

Starting your very first side hustle can be a very scary, yet exciting process. One problem most people have (including myself) is actually figuring out what to do. These days, it’s much easier to get a side hustle due to advancements in technology.

Today, you can drive for Uber/Lyft or even rent a portion of your home away. You can have an online side hustle as well through many freelance sites like Upwork or Fiverr.

The best advice I can give is to just experiment around. Write down a list of 5 – 10 things you are good at. It can be anything like swimming or programming or even singing. Just list them out and see what you have to work with.

Also if you’re looking to be inspired, check out my recent post on my erotica publishing side hustle (where I make over $1,000 a month)!

By the way, Nick Loper from Side Hustle Nation has a lot of great content on how to make money through side hustles. I highly recommend readers check it out!

Readers, do you have any other suggests as to why one should get a side hustle? Are any of you about to start one? Let me know in the comments!

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Filed Under: Side Hustles

Comments

  1. Full Time Finance says

    January 19, 2017 at 2:17 pm

    The biggest one for me would be the potential to experiment working in something where you have passion but that would not otherwise be supported by work. Say you have a passion for photography. It’s tough to make a living doing it. But as a side hustle you can still do it as a job on the side with less risk.
    Full Time Finance recently posted…Confessions of a Manager: Tips For Getting A RaiseMy Profile

    • Par Compounded says

      January 20, 2017 at 5:54 am

      Good point! I actually have a friend that is a freelance photographer for bars. He basically goes around and takes picture of people when they’re out and about so the bar can post them on their social media pages. I’ve never asked him how much it pays, but I assume pretty decent!

  2. SomeRandomGuyOnline says

    January 19, 2017 at 9:48 pm

    Extra income is always great, especially if you have debt. But like you alluded to in your post, some of the other benefits of starting a side-hustle are non-financial. For example, if you’re really interested or passionate about some idea, you’re more likely to pursue it and be energized with subsequent successes. Also, you’ll probably have to pick up a few new talents or bits of knowledge, which is always good on a personal development level.
    SomeRandomGuyOnline recently posted…Real Estate Lessons From Mama and Papa SRGOMy Profile

    • Par Compounded says

      January 20, 2017 at 5:59 am

      Getting a side hustle really is amazing for personal development. I wished I had done it sooner 🙂

      Thanks for sharing!

  3. Mustard Seed Money says

    January 20, 2017 at 2:06 am

    I have to echo what Full Time Finance said about having a nice creative outlet that can generate some income. It’s always nice having a hobby/side hustle that can generate positive income 🙂

    I have to admit I’m not making any money with my blog but I am having a blast with it and hopefully one day it’ll turn into a side hustle.
    Mustard Seed Money recently posted…Guest Post on The Green SwanMy Profile

    • Par Compounded says

      January 20, 2017 at 6:08 am

      Yeah, I definitely agree with enjoying your hobby as well.

      Btw, I love reading your blog! It’s got very practical advice and easy to follow! I’m impressed with how much you’ve grown it in a short time.

      • Mustard Seed Money says

        January 20, 2017 at 12:44 pm

        Thanks for the kind words. I was actually telling some colleagues at work how you make an extra $1k a month. Needless to say they were intrigued.
        Mustard Seed Money recently posted…The Best Day To InvestMy Profile

        • Par Compounded says

          January 22, 2017 at 6:36 am

          Haha that’s cool! I’m sure a lot of people would be surprised.

  4. World Patent Marketing says

    January 26, 2017 at 4:57 pm

    Getting a side hustle really is amazing for personal development. I hope you found a few new readers who will appreciate your writing. =)

    • Par Compounded says

      January 28, 2017 at 6:57 am

      It really is!

      Thanks for stopping by

  5. Dyana says

    January 31, 2017 at 8:47 pm

    I honestly don’t know what I would do without my side hustles, and really don’t know how I got along without them! They are definitely confidence boosters! It feels so good to make extra money, and although I don’t make nearly enough to quit my day job an extra dollar is just that…an extra dollar!
    Dyana recently posted…How To Get Your Overdraft Fees Back and Stay out of the NegativeMy Profile

    • Par Compounded says

      February 1, 2017 at 3:11 am

      I agree! I’ve noticed a confidence boost when I started mine as well. There’s nothing better than knowing that you can make money without depending on an employer 🙂

  6. Dividends Down Under says

    January 31, 2017 at 11:25 pm

    100% agree I have to say! It can make a world of difference, to your mind and your bank account. If you’re already in a good financial spot then any extra income can be dropped straight onto your savings/investing or enjoying yourself.

    Tristan

    • Par Compounded says

      February 1, 2017 at 3:12 am

      Great points! I’ve been saving/investing most of my extra side hustle income. Will hopefully be finally looking to buy a first home in a few years! Thanks for stopping by 🙂

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