There are plenty of side hustle ideas floating around out there that have the potential to earn you some extra cash. But they aren’t all created equal!
There are some side hustles that you can earn from almost immediately and others that will take a while.
In this post I will discuss:
- what a side hustle is
- why you should start a side hustle
- the income you can earn from a side hustle
- the drawbacks of side hustling
DISCLAIMER: If you are looking for get rich quick schemes that promise $5,000 a month for doing absolutely nothing, this list is NOT for you. That is not a side hustle, that is most likely a scam!
Let’s get started!
WHAT IS A SIDE HUSTLE?
In simple terms, a side hustle is anything that allows you to earn money in addition to your normal 9-5.
Some of the more popular side hustles are bartending, consulting, waitressing, selling products online and blogging. However, your side hustle can be whatever you want it to be, providing it earns you money.
WHY START A SIDE HUSTLE?
Different people have different reasons for wanting to start a side hustle. It could be that they are looking to get out of debt, or because they are barely making ends meet with just their day job. Maybe they want to save for a big vacation or save enough for a down payment on a home. Whatever the reason is for wanting to start a side hustle, it’s never too late and never a bad idea to have additional income!
HOW MUCH CAN A SIDE HUSTLE EARN YOU?
The amount you earn from your side hustle can vary greatly on what it is you decide to do and how much time you are willing to invest.
CNN Money reports that of the 86% of people that earn money from side hustles, 36% make $500 or more – that’s no pocket change!Think side hustling is only for the millennials? Think again!
CNN Money also reports that older individuals (53-62) most likely earn $1000 a month from their side hustles. Once again, that is no pocket change!
So if you think you are too old to start a side hustle, you’re not!
DRAWBACKS OF SIDE HUSTLING
So we know with all the good, there has to be some bad to balance it all out. It wouldn’t be life if it didn’t right?
One major drawback of starting a side hustle is time. Side hustling is guaranteed to take up a big chunk of your free time. If you are only working one job, and the rest of the time is dedicated to your kids, your significant other or leisurely activities, you should realize that you may have to limit those activities you have become accustomed to.
Start slowly and weigh the options. If you have kids and/or a significant other, you should discuss your idea of starting a side hustle with them and make any necessary arrangements.
Lastly, you may luck up and do so well with your side hustle that it could potentially replace your day job!
After all, that is the goal, isn’t it?
Do you want to start a side hustle of your own? My post, 10 Simple Steps to Starting A Side Hustle, will help you do just that!