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.
I think you missed a big one. Side hustles can be aligned with your hobbies or other activities. Ie you may not even need to change your habits to pick up a hustle.
Yes! This is what i do so that i dont feel like my side hustles are a job! I choose hustles that i enjoy doing so I can make some extra cash while also doing something I love!
That’s a great point!
Side hustles are super interesting to me. I don’t think everyone needs one, though. A lot of folks aren’t wired for that kind of thing, and pursuing a side hustle – particularly if it didn’t pan out to something – would cause them more stress and disappointment. For others, focusing on full time work will have a much better ROI.
I think that there are obvious advantages to doing it though including income diversification and just income potential in general.
Once I’m FIREd I’d love to be a video game streamer part-time for a little bit of side money. 🙂 Buddy of mine used to play video games competitively for a while in college. Won a car, a few computers, and tens of thousands in cash prizes. If you’re good it can be quite lucrative.
Haha that sounds awesome on the video game streamer! I play zero video games now unfortunately.
Everyone definitely has more time than they think. This probably might be the most frustrating one that I hear a lot.
I see this everyday living/working in the D.C. area. If you drive anywhere in sight of 95 South (those leaving D.C. after work) around 4:30 – 5:30, you will see its bumper to bumper traffic. It’s a result of the majority going into work at the same time (around 8 – 9 am) and now leaving work. Granted some have families and other reasons that force them to get to work at that time, but ALOT of people can free up an additional 1-2 hours of their day by simply going to work an hour earlier! Not only will you get out of work earlier, but you will save additional time not sitting in traffic.
It all comes down to how bad you really want it. If you want anything bad enough, you will always find time for it.
So true. You can usually make time if you want to.
Side hustles are a great way to increase FIRE timelines.
I’ve been looking for side gigs to help with WordPress sites – they can really pay well per hour if you become competent.
Thanks for sharing!
There or may not be a course coming out for that in the future…. 🙂
Hi Sean any news on when your Facebook ad course will be going live? I think you had said mid march. Looking fwd to it whatever!
Who is Sean (auto-correct maybe)? But yes, we are re-launching next week!
I couldn’t agree with you more! Although if everyone was doing side hustles, that might saturate the market a little bit for those of us that love the art of the side hustle!
I love that you compared a side hustle to going to the gym. Everyone has the time, they just choose other things as a priority. I’ll gladly take 1-2 hours extra out of my day to focus on my side hustles so I can increase my income potential!!
Haha well the reality is that most people still won’t do a side hustle, so those of us who do won’t have to worry about market saturation any time soon! I saw that 4% thing in my gym…and it made me feel so lazy haha
I think flipping domains, a blog (Ive had three that all fizzled out) and a youtube channel based around blog elements as well as spirituality and finances and mens fashion (timeless not trashy) would be great. Starting seems right but where and how is what catches me off guard. 🙂
I think flipping domains, a blog (all 3 of mine flopped on their butt lol) and a youtube channel with a deeper look at FINANCE for younger generation, SPIRITUALITY, and mens FASHION, (timeless not trashy).
That sounds great! Very creative
See I’m a bit contrian on side hustles, they work really well for some people, especially at the lower end of the income scale, where the extra funds can make a massive difference. And where people are limited to their homes for childcare etc, it can be a goldmine.
However in my personal situation, I don’t think they really work for me. Or more likely, I have not stumbled upon one that would pay me anywhere near my day job that uses my skills. Since I’m only 3 years from financial independence, I’m happy to pass on side hustles, until that perfect one falls into my lap.
My current side hustle is fixing appliances. sometimes I take home a perfectly good washer and dryer that needed some deep cleaning. It is a passion of mine to work on them and I read up on new technologies. – I guess I would love to do something on the internet side of things, since my full time job is window washing- I’m physically exhausted by the end of the day.
Great article,
Was wondering when are you opening the facebook side hustle course again?
Thank you
Hey Christian! We are re-opening this Thursday (3-22) 🙂
I can’t wait. I missed the first one by a couple of days. And I agree about the side hustles. I’ve been finding ones that I can work into my schedule versus the other way around. I’ve been using my experience to do consulting. Other side hustles I have tried: Lyft/Uber and flipping furniture. I was recently turned on to the idea of selling on Amazon. I am researching now, but I think I am going to give it a try.
That’s awesome! Can’t wait to see you in the group – I think you’re going to enjoy this side hustle a LOT!
I’ve just recently started blogging but don’t have my aims on monetizing it yet. Want to try to build a foundation and readership that I can expand on in the coming months. But for now, my side hustling is podcasting and walking dogs. Both are really fun to do, so it’s easier to spend my “free time” working on them! 🙂
Yes to all of this! I love that my side hustles turned into my full-time gig. But even before that, they gave me the opportunity to earn extra cash, save more money, and pay off debt SO much faster than I would have otherwise.
Are there any good “set it and forget it” side hustle ideas?? 😀
Haha! Not that I know of unfortunately
Hey Great Article!
I was one of those who procrastinated always thinking I have all the time of the world but I soon learned that time goes by quick. I am now dedicated a couple of hours a day to do my side hustle!
Fantastic article! Side hustles are a perfect way to increase your income and get your debts paid off quicker. There are so many different side hustles that anyone can find one.
You really laid this out very well.