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Side Hustle Leads To Debt Free Lifestyle

According to recent report by Schwab, 59% of Americans live paycheck to paycheck.  It is stressful way of living as one crisis could start financial doom.  But it is the norm for most people in the United States.  It is crucial that if you are in that predicament, you break that cycle before you get sucked into debt hole. Believe it or not, you need not get there.

One of the necessary steps to take is to cut down your spending, but that is not possible as you are accustomed to spending your entire paycheck.  You will need to boost your income to build savings for added protection against unknowns in life.

How does one boost income, you ask.

There are several ways- start a side business, get part-time job, or cash-in with your hobby.  As per a study of 2000 full-time employees showed 27 percent of them turn their hobby into a side business while 55 percent of them said they were considering a side gig (side hustle).  The income generated is substantial.  According to the research commissioned by Vistaprint, the average income due to side hustle is $14,000 per year after tax.  Ironically, these side hustles provided the needed cash flow, but employees gained professional and personal fulfillment that was not present in their main job.

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As I'm an advocate of earning more money, I think everyone should have a side hustle. Side hustling can allow you to earn extra money that can help you achieve your financial goals faster.  

The most sought out side hustles are engaged in areas of health, wealth and personal service areas which make people happy.  There is misconception that you need to be in business to earn extra income- especially online.  That is not the case at all.  Following are the side gigs that will allow you to earn without interfering in your lifestyle or your current job.

  • Teacher ($15-$25/hour) - Teach online or in person
  • Translator/Interpreter ($20/hour) - Fluency in other languages or sign language
  • Driver/Delivery ($16-$27/hour) - Flexible scheduling, tips
  • Photographer ($15-$20/hour) - No camera needed- smartphone will do!!!
  • Customer Service Representative ($15-$20/hour) - Flexible hours
  • Social Media Specialist ($15-$35/hour) - Perfect for those familiar with Facebook, Twitter, etc.
  • Virtual Assistants ($15-$25/hour) Helping clients remotely, flexible hours
  • Writer ($15-$60/hour) Need for content writers, flexible hours

As you consider the best side hustle, scheduling will be a major consideration.  Most side hustles can be done between 5pm to 9pm weekdays and on weekends.  Many of the side gigs can be performed as a paid worker. 

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In many cases, you can turn that into a business venture.  In some cases, it is possible for you to earn more than what you earn at your job.  If you have the time to invest in your side hustle, you can likely grow your earning potential over time. However, if you need immediate income today, you likely won't have huge growth potential.

This article was published on 05.08.2019 by Prakash Kunjeer
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