A side hustle is a way to make some extra cash from a source other than your main income. A side hustle can come in many forms, a part time job, selling stuff on eBay or Etsy, online surveys, driving for Uber, starting a blog or many others. In fact if you have a hobby or a talent there is more than likely a way you can monetize it to earn some extra cash.
Why start a side hustle?
There are many reasons one might start a side hustle, but I would recommend tying it to your goals. Earning some extra cash to certainly help achieve your goals quicker. Maybe you want to earn some extra cash to boost your Emergency Fund or invest or pay off debt? Perhaps you want to save towards a big holiday? Heck, you may even want to start your side hustle to fund your weekly latte and smashed avo! The choice really is yours.
Additional payments on my mortgage is the reason I side hustle, every extra dollar helps reduce the loan term, inching me closer and closer to financial independence.
How much money can you make from a Side Hustle?
There are a few factors that will control how much money you can make from your side hustle:
- How much time you can/are willing to spend on your side hustle
- The side hustle you choose to undertake
- How much you charge for your product/services
Generally it will come down to the time you can put in but it is not unusual for people earn hundreds or even thousands from a side hustle. Sometimes a successful side hustle can become your main source of income. Take Michelle Schroeder-Gardner from Making Sense of Cents for example. She turned her blog about personal finance in a business bringing in +$100,000 a month! Obviously A LOT of hard work went into creating a successful business but Michelle proves it is not impossible to turn a hobby into your main source of income.
Why shouldn’t I start a side hustle?
The obvious down side to starting a side hustle is the time you need to invest. Depending on the side hustle you choose it may take some time to see some return for your efforts. Blogging as an example can take quite some time to build up a following before you will see income from ads or affiliates starting to come through, however it can also be one of the most rewarding down the track. Something like driving or Uber or completing jobs on Airtasker can give you immediate result but may not be as scale able and will commit you to perform tasks at a particular time.
A side hustle is a fantastic way to help you get ahead, let me know the comments below if you are currently undertaking a side hustle?