Before we answer this question, let’s first agree on a definition.
A side hustle is not a new idea but a term that seems to be to the latest craze. According to Merrriam-Webster dictionary, “’Side hustle’ appears to have entered our language in the 1950s, when it was used to describe both scams and legitimate jobs.” The current definition is a little vague. My understanding is “A side hustle is an additional source of income other than your main source of income.”
Reasons to start a side hustle
- Add balance to your life. Pursuing a side hustle gives you a chance to do something different from your main source of income. For example, a hobby you enjoy could bring in extra cash.
- Offer an outlet because your job is very stressful and you want to use your off-time to good use.
- More than one source of income is desirable. It is a good strategy to have several sources of income because it provides stability.
- Extra income is needed. You may have falling behind in your bills and need extra money to pay off your outstanding credit card debt. It will offer you a chance to get ahead of your bills.
- You want to save for specific goals. Your current job may be adequate to pay your current bills, but you don’t have enough to save towards your next vacation, next car or retirement.
- You are working at your dream job, but it is not completely paying your bills.
- You have wonderful idea(s). You are willing to experiment but do not want to be a full-time entrepreneur.
- Pursue your passion without risking the security of your day job.
What to consider before beginning your side hustle
You may be ready to jump in and start your side hustle immediately or you may wonder whether you should it at all. Here are few things to consider before you begin:
- Time commitment – How much time do you have outside of your work, family commitments, and other obligations? You may be surprised to find out you have more time than you think. However, the extra time may not be the best time of the day or evening for your intended side hustle.
- Money commitment – Many side hustles don’t require any cash outlay or only a small amount, such as purchasing a domain name. If your side hustle requires cash, decide ahead of time how much are you willing to spend. Avoid going into debt to pursue a side hustle.
- Write down your goals along with the time and money commitments. Your goals should include what you consider a success and when you should stop working at it.
A side hustle is a way to have additional income and a chance to explore money-making opportunities beyond your main source of income. It gives you a chance to have extra income and feel less-financially pressured. Some say it is the wave of the future where people are less reliant on one source of income.
Do you have a side hustle? If so, what is it?