The benefits of a side hustle are that you can work whenever you have time. Most side hustles can be passive or at least somewhat passive. You can use the side hustle income to pay down your mortgage, traveling, entertainment, investments or whatever you find suitable to your personal life.
- Freedom – Creatively and work-life balance
- Peace of mind – Extra income, opportunities will be your friend
- Self Development and self-awareness
Having a side hustle is one of the best feelings in the world. You can use your hobbies and interests to earn some extra money. The side hustle can also turn into a full-time income if done consistently with the right dedication. A person I look up to is Jørgen Wolf at financiallyfree.eu, he has made a blog showing how investing has made him over €3.000 per month. While he does not show his income from his blog I think with the amount he invests compared to his income, he must be earning a fair amount of money while pursuing his passion. Watch how financial independence bloggers are earning from their investments and blogs:
If your hobby is baseball cards, and you have good inside to the baseball card prices you can start making money buying and selling them. The same thing goes if you have a special skill you can make a YouTube channel or blog on how to apply your special skill. One example of this is ChrisFix. He has made a successful YouTube channel with over 5 million subscribers just by making videos of common car problems (like changing oil or brake pads). There are multiple blogs that have made a lot of suggestions to side hustles that can generate you an extra income. One example of a good post is SideHustleNation, who has made a post on 99 side hustle ideas.
1. Freedom of a Side Hustle
Having a side hustle is one of the most freeing activities on your time off. Having an interest/hobby is all good, but sharing it with others can benefit your personal perspective on your hobby.
The best thing about having a side hustle is that you do the work on your terms and when you have time. Whether you collect baseball cards or have a blog, you do the work when you have the time. The benefit of a side hustle is that you can prioritize your own time. Unlike a 9-5 job you can stop for the day after two hours if you feel like it. However, unlike work a side hustle is most likely something you find interesting, so you can find yourself working 14 hours with no regrets.
Selecting A Side Hustle
The amount of freedom a side hustle can bring depends on the side hustle you select. Having a blog typically generate a lot of freedom, but requires a lot of work. Selling items such as baseball cards and watches gives less freedom as it requires you to strike when there is a good deal, but selling the items does not require a lot of work.
Therefore, selecting a side hustle is depended on the benefits you want. If you want to start a gardening business on the weekends to support your 9-5 job’s income, you will get some additional financial freedom. However, you will use more time working and not solely on your terms.
I have made an honest post about what it is like to blog.
I generally describe side hustles as active or passive.
Active Side Hustles
Active side hustles are when you exchange time for money. Like having a gardening business. You work for an hourly fee.
When having an active side hustle you can sell your skills or do the jobs that others will not which does not require a lot of skill. An active side hustle typically is time exchanged for money, like a regular job. Hence it is difficult to scale.
Active side hustle ideas: Fiverr/Upwork/PeoplePerHour, creating a business (eCommerce, gardening work, cleaning service, and alike), selling your stuff, and matched betting. There are multiple sites that offer a lot of ideas to side hustles like this post.
Passive Side Hustles
Passive side hustles are when you create something now that can generate an income later, like a blog.
A passive side hustle is not truly passive. The idea of a passive side hustle is that you generate some content/an automated system that requires some work, but can make you money without direct interaction like a job. Hence, it can generate a passive income and it is easier to scale than active side hustles.
Passive side hustle ideas: P2P lending, index funds, affiliate marketing, Amazon FBA, dropshipping, advertisement on blogs. There are also many posts that have suggestions for passive side hustles. You can have a look at this post to get some ideas for passive side hustles.
2. Peace of Mind
When working with a side hustle you can earn a bit of money and the best part is that you earn the money while doing something you love.
While side hustles do require a lot of work, either in the start or continuously, it will eventually give you opportunities. This can be opportunities to scale your side hustle or to take more time off your day job to use time like you wise to.
Having the knowledge that you can always lower your hours at your day job is so liberating. This is a goal in itself to work towards.
Like investing you never put all eggs in one basket. When you think about it that is exactly what you are doing in your work career. You put all your effort into one education, to one job title. With a side hustle, you can acquire some extra skills, or expand your skills to relevant sub-topics. This will make you more qualified for other work-related positions, and it will help you scale your side hustle. Eventually, you can even scale your side hustle to a full-time income. While that is not easy and not done by many, it is possible.
3. Self Development
While the talk of self-development is going left and right these days, it is no joke. Self-development can be greatly beneficial for you. Personally, I am educated as an engineer, which means that I will get paid for the rest of my life to learn. Therefore, it is no surprise that I like to learn different skills and expand my horizons.
When dedicating time to a side hustle you have a personal interest to, you will start to get a deeper understanding of your side hustles. Personally, I like investing, more specifically in P2P-lending. Since I decided to share my thoughts on my blog, I have learned multiple skills. I have learned SEO importance and how to better SEO, the legislation of P2P lending, understanding P2P lending, frugal tips to saving money, and much more.
This will not help me in my career. However, it helps me to better myself and the decisions I make.
There are multiple ways to increase your self-development. Using a side hustle to self-development will force yourself to become a better version of yourself.
Having a side hustle is beneficial in multiple ways. However, three benefits are far greater than others: Freedom, peace of mind, and self-development.
Having the freedom to do whatever you wish, whenever you wish. While the side hustle or your future site hustle will not replace your day job income, you can work on your side hustle whenever you want to.
Having the possibility to earn some extra income from a side hustle helps anyone. Whether you are filthy rich or completely broke, earning extra money is beneficial to every living person. The best part of a side hustle is also that most of the time it will not feel like work because it is your passion.
If you earn a livable income you can stop your day job and focus your full time to your side hustle. If your side hustle is more passive you can start decreasing your work hours, to spend more time with friends, family or the things you care about.
Using a side hustle for self-development is a way to force yourself to better the knowledge or skills you have around your passions. If you start to earn a good income you can eventually turn into working full time with your passion.