A side hustle is any type of employment or a business undertaken in addition to one’s full-time job. A side hustle is generally freelance or piecework in nature, providing a supplemental income. Side hustles are often things a person is passionate about, rather day a typical day job worked in order to make ends me
Its not the same as a part-time job. While a part-time job still entails someone else (your employer) calling most of the shots (including hours worked and what you’ll be paid), a side hustle gives you the freedom to decide how much you want to work and earn.
Your side hustle doesnt really guarantee financial freedom ,there are so many factors that genearally determines that . if your full time job and side hustle do not cover up your expenses and savings then its safe to say you are not financially free and needs a re check.
how do you balance this? firstly lets assume that what you getting from your full time job is 50% of your total expenses including savings means whatever you`re getting as a profit from your side hustle has to be equal to your expenses ( that is after you must have filtered your expenses to the minimum)The easy way out of this is to get a less time consuming and profitable side hustle ( few tips below)
BELOW ARE FEW TIPS TO PICK A SIDE HUSTLE
Think about your side hustle options
Do you have any hobbies or special skills that have earning potential? Think about turning them into income-generating opportunities. For example, if you enjoy baking or cooking, you might be able to find catering gigs for local events or organizations. If you’re talented at knitting, making jewelry, or crafting another kind of item, you could look into selling your goods using an online e-commerce site.
Perhaps you’d like to work a side hustle that doesn’t involve formal education or specialized skills. In this case, you have plenty of options that are still profitable.
Know the benefits…
Working a side hustle also gives you the opportunity to explore your passions without giving up the financial stability that your full-time job provides. So not only will your bank account benefit from extra cash flow, but you can pursue your financial goals faster. And your overall life satisfaction might get a boost from knowing you’re doing work that you care about and/or fills your time.
…and the drawbacks
Working a side hustle could conflict with your day job. Some companies have policies that prohibit moonlighting, but this is typically true only in cases when you’re performing work that is similar to what you do for your employer. Avoid potential issues by checking with your company’s HR department to find out whether your employer allows you to pursue outside work.
If you put all of the tips above into proper consideration .who knows , you might just be on your way to financial security.
Moreso, apart from your finance , there are so much more to gain in having a side hustle and of course a lot to lose if not properly planned. its not an instant solution to your financial crisis and definately not for everyone . If you know you have what it takes . GO AHEAD and if you don`t maybe you just need to focus on your full time job.