What are the benefits of having a side hustle, you ask? Well, that’s a good question. You’re already working on your eight hours a day job. And it’s hard work! Why would you want to add more work – and more stress – to your plate? Will you still be able to achieve a work-life balance if you have an additional job? Is a side hustle worth it?

Well, I agree with you: having a side hustle while holding down a full-time job can be very exhausting. But all you need is some time management to pull this off. And in exchange, you’ll also get plenty of benefits. In fact, you might soon find yourself wondering if you can follow the footsteps of those who quit their day jobs and just hustle full time!

But let’s not get ahead of ourselves. In no particular order, here are some of the excellent benefits of a side hustle.

Side hustle benefit 1: You’ll get extra income.

This is probably the most important benefit, and the usual reason to get a side hustle. In today’s economy (and in the light of the recent pandemic), who doesn’t need extra money, right? And side hustles can provide exactly just that.

It’s very empowering when your earning potential is not limited to your current job, wouldn’t you agree?

Side hustle benefit 2: You’ll learn new things.

benefits of a side hustle mike togle

Not only will you earn more, but you’ll also get the benefit of learning new skills as you take time to do your side hustle. You’ll learn how to market yourself, how to do your own accounting, and, depending on your clients, you might even have to learn new languages!

Side hustle benefit 3: You’ll be able to pay off any debt you have.

debt free benefits of having a side hustle

Earning extra is not the only benefit of another source of income. You can use the extra income you have to pay off debt. If you have multiple credit cards and you owe them all money, you’ll worry less because you’re earning extra. And even if you have just one credit card, paying off debt is always good for credit scores. Banks will have no problem giving you home loans or personal loans because they know you’ll pay them back.

Side hustle benefit 4: You’ll have more money for investments. 

investments benefits of having a side hustle

Building an emergency fund? Turning your checking account or savings account into a house fund or a wedding fund? Saving up for travel for a month to, say, Europe or New Zealand? It will be much easier to reach your financial goals because you have another source of income!

Side hustle benefit 5: You’ll get a creative outlet.

creative outlet

Here’s one of the less obvious advantages of having a side hustle. Your current job may be giving you money, but it may not be doing it for you creatively. Turn one of your passion projects (painting, carpentry, etc.) into another career or an earning project, and do something you will truly care about and enjoy.

Is it okay to get a side hustle even with a full-time job?

As you’re reading this, you might be Googling “is side hustle legit?” You’d love to have multiple sources of income. But at the same time, you don’t want to step on the toes of your boss at your full-time job. You’re scared that you might get fired if they find out that you got a part-time job. Will you still be able to experience the benefits of a side hustle this way?

Well, the first thing you need to do is read your contract with your current company. Or you can check with your HR department and wait for them to provide feedback. If there’s no clause there that prevents you from taking on other sources of income, you’re good to go!

Also, keep in mind that generally, as long as your hustle or hustles that provide you with extra money do not interfere with your full-time job, your employers won’t really care.

Just make sure that ethically, you’re also good to go. For example, you do graphic design at a pharmaceutical company. Don’t go doing graphic design for a competing company!

What is a good side hustle to make money?

benefits of having a side hustle

Now that you know why a side hustle is important, you might now be wondering what’s the best side hustle to make money. Google will give you plenty of answers: graphic designer, real estate agent, social media manager, virtual assistant, and so much more.

For my part, I can’t really give you one definite answer, but what I do know is side hustling as a financial consultant more than increased my earning potential. In fact, I have turned it into a full-time job. Not only do I earn, but I can also set aside money for travel goals and my passion projects.

Want to become a financial consultant too? 

Contact me today and let’s get started!

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