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7 Indicators you are ready for a sideline job

May 11, 2020 | Mike Togle

In today's fast-paced world, many individuals are exploring the idea of having a sideline job to add to their income or pursue their passion. A sideline job can provide additional financial stability, personal growth, and many more as I shared in my previous blog (Read: "5 Eye-Opening Benefits to having a Side Hustle").

However, before diving into this venture, it's important to assess whether you are truly ready for a sideline job.

Here are seven indicators that can help you determine if you're prepared to take on a side hustle.

Financial Stability

One of the most crucial indicators that you are ready for a sideline job is having stable finances. Take a closer look at your current financial situation to ensure that you can comfortably manage your expenses, savings, and investments without relying solely on your primary income.

This is crucial especially if your sideline will require some capital.

Remember, a sideline job should be an addition to your income, not a means of survival.

Time Management Skills

Like I always tell my mentees: "If you don't have plans to be successful in that sideline of yours, don't start it in the first place." With that out of the way, sideline jobs still require a significant investment of your time and energy if you want to be successful at it.

If you already struggle with managing your time efficiently, it may not be the right moment to take on an additional commitment. Evaluate your current schedule, commitments, and responsibilities. Gauge whether you can realistically dedicate enough time to a sideline job without neglecting your main career, personal life, or self-care.

A lot of people experience burn-out when they take on a sideline job, for the simple reason that they were over-eager and didn't consider everything on their plate.

Passion and Interest

A sideline job can be an excellent opportunity to pursue your passions and interests outside of your main career. Assess whether you have a particular hobby or skill that you are not only passionate about but can also potentially monetize. Having a genuine interest in the sideline job you choose will make the experience more fulfilling and enjoyable.

Combining your passion with an additional income stream can provide a sense of purpose and satisfaction. But, be careful, as there are also downsides to turning your hobbies into a business or career.

Pursue Your Passion and Interest (Image)

Clear Goals and Objectives

Before starting a sideline job, it's essential to know how to set clear goals and objectives. Doing something on the side, doesn't mean you're just going to do it passively. If you do it this way, you may find yourself disappointed and frustrated down the road.

In setting your goals, determine what you hope to achieve from this venture, whether it's financial growth, personal development, or testing a potential career transition.

Having a clear vision will help you stay motivated and focused on your journey. Break down your goals into actionable steps and create a timeline to track your progress. Regularly monitor, revisit and reassess your objectives to ensure you're on the right path.

Sideline Jobs Need a Supportive Network

A strong support network is crucial when pursuing a sideline job. Share your plans with family, friends, or mentors who can provide guidance, encouragement, and even potential opportunities. Surrounding yourself with a supportive network will help you navigate challenges and stay motivated during the ups and downs of your sideline journey.

Seek advice from those who have successfully pursued sideline jobs and learn from their experiences. I have mentored and are mentoring more than a handful of clients who are growing a sideline job or a sideline business.

Sideline Jobs need a Supportive Network

Willingness to Learn

Embarking on a sideline job often involves stepping out of your comfort zone and learning new skills. Assess your willingness to learn and adapt to new challenges. Some people don't have the appetite for such anymore, especially if they're nearer to retirement.

Why is this important? Having a growth mindset is vital for success in any sideline endeavor. Embrace the opportunity to expand your skill set. Because in having a sideline, you have to stay updated with the latest trends and practices in your chosen sideline field.

Work-Life Balance

Maintaining a healthy work-life balance is essential when taking on a sideline job. Evaluate whether you have the capacity to manage your time effectively and avoid burnout. Create boundaries and allocate dedicated time for your main career, personal life, and your sideline job.

Remember that your main career and personal life should not suffer due to your sideline job, even if you're main objective is to shift away from a regular job. Strive for a harmonious balance that allows you to enjoy the benefits of both worlds.

Conclusion

In conclusion, a sideline job can be an exciting and rewarding venture if you're prepared.

Assess your financial stability, time management skills, passion, goals, support network, willingness to learn, and work-life balance. If these indicators align positively, it might be the right time to embark on a sideline job that can bring you new experiences, additional income, and personal fulfillment.

Remember, success in any endeavor requires dedication, perseverance, and a clear vision of what you hope to achieve.

I have several clients who have started their sideline jobs, and we regularly collaborate to tap our corresponding networks. If you want to be part of it, reach out to me for consultation and let's see how we can work together and align our businesses and sideline jobs.

REALIZATION

"Having a sideline job shouldn't mean sacrificing your main career. But if you want to have a sideline, you have to decide 'why'."

Mike Togle, Retirement Coach

10F Ayala North Exchange Tower 1
Ayala Avenue, Makati City, PH
[email protected]

GET IN TOUCH!

Mike Togle

Retirement Coach

As a financial consultant, I help you achieve your financial goals.

How I Do My WorkContact Mike

Hi, I'm Mike! I'm here to help you with your finances so that you can achieve your life goals.

How I Became a Financial Consultant

I'm a family man with a loving wife and a beautiful little girl. I worked in the IT-BPM industry for 19 years as a UX Designer and I set up my own wedding photography business in 2011 before becoming a retirement coach in 2019.

But my story became interesting (and intense) in 2014.

When our little girl was born in 2014, it was a dream come true. We had one miscarriage, and we looked forward to having our own baby. So, imagine our excitement when she was born healthy and beautiful.

Sadly, nine days after giving birth, my wife suffered a major stroke at 5AM. When I picked her up from the bed to bring her to the hospital, her left arm and left leg were already limp, and she had a slur in her speech. At the hospital, she was forced into a coma and was brain was scanned.

We then learned that she suffered from a hemorrhagic stroke due to brain aneurysm. The amount of blood in her brain was around 11 mL above the threshold. It was bad, and she went through a craniotomy. 

She survived after 21 days in the ICU, and I was in the hospital with her every day while our little girl was at home being cared for by her grandparents.

After being discharged from the hospital, she had to take a slew of medicine, and we went to therapy almost every day until she could be more independent.

Why am I sharing this story?

Because it's the reason why I shifted from IT and Photography, and took a dive into a career as a Financial Consultant and Retirement Coach. It was more than a side hustle for me.

My wife didn't have Life and Health Insurance when she suffered a stroke. Because of that, our savings were severely affected, and we still owe our parents for the financial help they provided.

I don't want other families and their savings to suffer the same fate. It is my desire to help people be financially prepared to get through similar crisis. This comes with also educating them how to effectively save and invest for their retirement or other financial goals.

 

My Beliefs as a Financial Consultant

We will all retire whether by chance or by choice.

Retirement is a fact of life as much as life itself. Many retire by choice, and it is usually at the mandatory retirement age. Some are even forced to retire earlier than others. But, we will all eventually retire when we pass away.

Retirement by Choice Needs more Preparation

When people choose to retire at a certain age, that means they want to get away from the need to earn for a living. Since the bills and expenses continue, people need to make sure their money can work for them by the time they retire. As a Retirement Coach, I help people see the gaps as well as the options to fill them.

We all need to protect our income from retirement by chance.

We cannot forecast when we will be forced to retire. It may be due to disability, critical illness, or even death. When that happens, no more income will come in. The family left behind will then have to find means to cope with all the expenses. This is where a Financial Consultant comes in.

Critical Illness can lead families to poverty.

Breast Cancer in its early stages will need at least PHP 360,000. Stroke can cost up to PHP 2 Million. Transplants cost up to around PHP 5 Million. Those with money may be able to afford it, but even they have insurance to cover the costs. Everyone can have critical illness protection. As a Financial Consultant with PruLifeUK, it is my duty to provide critical illness coverage to my clients.

The average Filipino knows how to spend, not save.

Filipinos love to try and outdo their friends and neighbors. This is the underlying reason why many spend so much on needless things just to be better than others. But they know they have to save and they have to start sooner than later. This is where this website and my being a financial consultant becomes useful. By sharing helpful information, I hope Filipinos can find more meaning in saving up for the rainy days and for their retirement.

10F Ayala North Exchange Tower 1
Ayala Avenue, Makati City, PH
[email protected]

GET IN TOUCH!