Side hustles. They sound so cool, right? The problem, obviously, is that you have to do them in addition to all of the other stuff that you have going on in your life.
I have so many M$M readers that constantly ask what type of side hustle they should do, if side hustles really work, how people manage to do them, etc.
My fear is that a lot of people ask about them, but never end up actually pursuing the idea. It's the same thing that happens with people who want to pay off their debt or invest more.
In my opinion, nearly everyone should have a side hustle. Seriously. Everyone (unless you make a ton of money or something…but even still, they're pretty sweet).
This is why you can and should have a side hustle:
1. Extra money makes everything happen faster
You all know that I'm a huge fan of paying off student loan and consumer debt as fast as possible. There are a lot of people out there that argue that investing instead is the better route, and to a degree, I agree with that (especially if you have a low-interest mortgage).
But what I think isn't taken into account when other personal finance enthusiasts say “do what the numbers tell you to” in regard to paying off debt vs. investing is the mental effect of having tens of thousands of dollars that you owe to someone else sitting over you like a dark cloud.
Debt sucks. It's not just a number. It's a feeling, and one that a ton of people out there aren't comfortable with. It causes stress, anxiety, etc.
That's why I truly believe that having a side hustle to pay off your debt faster is immensely valuable.
Yes, you could invest instead and possibly beat your interest rate (although that is never guaranteed, as we so often seem to forget).
But what if you could get rid of the debt and just feel better sooner? I know a lot of my readers are excited about that idea.
So how do you do it?
Make more money. It really can be that simple.
I've always said that you can either spend less money or make more to reach your financial goals, and if you can do both, you're a rockstar.
2. You probably have more time than you think
One of the biggest objections I see from readers is that they don't have enough time.
Maybe that's true. But I'd argue that in most cases it's not.
Here's a great example – working out for one hour is only 4% of your day.
What if you could work on your side hustle for one hour per day? That's only 4%!
I skip going to the gym all the time because “I don't have time”, which is total BS. I could figure it out if I was motivated enough, just like anyone else that feels like they don't have time to work on their side hustle.
If you are worried about the time thing, just sit down, map it out, and be real with yourself. Could you squeeze an extra 4% out of your day?
Yeah, you probably could.
3. Side hustles are achievable for everyone
No, you do not have to be some type of special super-human to start side hustling. You just don't.
We have plenty of people in the Facebook Side Hustle Course that are figuring it out right now. They are working full-time jobs, and even multiple jobs in many cases…all while figuring out how to get clients and start making some killer money.
Here's the deal:
There are so many side hustles out there. You can find one that fits your skill set if you really want to.
My mother-in-law flips furniture in her spare time. I have friends that make money creating websites and flipping items on eBay.
I don't even have to do marketing work anymore if I didn't want to, but I still do it because the extra income makes me sleep better at night.
So please, don't talk yourself out of a side hustle because you aren't sure you can do it. You definitely can find the right thing for you if you commit to finding one.
4. The way that we all make money will continue to change in the future
Maybe you've noticed, but the gig economy is the way of the future. The reason I was able to start running marketing for local businesses is that traditional marketing firms are too expensive for a lot of small businesses.
There are a ton of moving parts with larger companies like that, so local businesses are overlooked because they don't generate enough revenue to make the small profit margins worth it for a lot of marketing firms.
But what if a person like me could do some great work from their laptop at a fraction of the price?
That's the way things are headed, at least in the online services space. Why would a business pay more when they don't have to? It just doesn't make sense, especially when most marketing companies just farm out the work to an independent contractor anyway.
This is a trend that I believe is just beginning, which is why a lot of my efforts right now are geared towards finding online side hustles for M$M readers to master.
5. The internet has made so much more possible
Here's a map of some of the people in the Facebook Side Hustle group.
We have people running ads from Puerto Rico, overseas in the UK, and even Australia.
My business partner on the course runs ads for people across four continents and doesn't have any clients that are local.
My web developer for this site is an American that works on M$M while living in Thailand.
Another web developer that I'm working with for another project is in the UK, and we chat back and forth all the time during the day.
When you're thinking about a side hustle – think big. We aren't all confined to our local areas anymore.
6. It could become your full-time gig
I started M$M on the side, and look at where it is now! I never had any idea that this site would turn into my full-time job.
I've seen countless stories from readers that have left their traditional job for their passion on the side.
That certainly doesn't mean that it will happen for everyone, but it's always a possibility, right?
But maybe you aren't interested in turning it into a full-time gig…and that's OK.
After all, it is called a side hustle for a reason. I've worked with plenty of people in the online space that work normal 9-5 jobs with awesome benefits, and then sit down on the computer when they get home to make some great extra cash.
There's something to be said for quality insurance and a 401k, because I have neither of those haha.
7. If you don't start one, someone else will
The people that you know who have a side hustle aren't special. They aren't doing anything crazy.
They just took the hardest step, which is ALWAYS the first one. Once you take the leap into whatever type of side hustle you want to do, everything is smooth sailing (relatively) from there.
If there is an idea for a side hustle that you want to try and are avoiding it out of fear or any other reason, just realize that there is another person out there who is probably going to jump on the opportunity and start making money that you could have made instead.