There are more ways to grow your wealth than ever. For many, a salary alone won’t cut it. You need to unlock additional liquidity or invest your money to grow it further.
Luckily, the nature of remote work post-pandemic allows people to open up additional income streams since their day is flexible and they can find time for more money-making opportunities. One of those opportunities is creating a side hustle.
Side hustle culture has grown significantly over the years as more folks look to break from the traditional 9-5 schedule or create additional income. But is a side hustle for everyone? We look at reasons why you should start one and the benefits of doing so.
Why you should start a side hustle
You’ll be able to pay off debts.
For many, creating additional income is a means to helping pay off prior debts like credit cards, student loans, or other personal debts like an auto loan. Once you have debt out from under you, you can divide up your income in other ways.
You’ll have more money to invest.
Whether it’s in the stock market, cryptocurrency, NFTs, or in other investment opportunities, a side hustle can unlock liquidity that you can turn around and invest in other areas of your choosing. Some are riskier than others, but many start side hustles solely to then invest (instead of using it for personal expenses like housing and food).
You can bulk up your personal or retirement savings.
In addition to investing your money, saving it to add to your 401k or an emergency fund is a great way to use money earned from a side hustle. You could even save for larger ventures like home ownership or global travel.
You could make it your full-time job.
A side hustle could become a means to an end and, if you enjoy it enough, your full-time gig. Side hustles can be quite flexible, so plenty of people opt to turn their side hustle into their main hustle, especially if it means working on their own schedule and making more money.
Now that you know the benefits of starting a side hustle, here’s how to do just that.
How to start a side hustle
Some side hustles come naturally given the nature of your current job or other skills or passions you possess. Others are learned and, over time, able to be made into a side hustle.
Start by learning a new skill.
There are plenty of skills to be learned that could eventually become a side hustle. Learning anything from sewing and knitting to graphic design to coding can become a paying venture. In many cases, you can learn these skills affordably if not for free, so the only thing you’ll need to invest in advance is time.
Find something you can sell online or IRL.
You don’t have to be crafty or come up with the next big idea to get into the ecommerce gig. In fact, you don’t even need to sell a physical product to sell online. Digital files and downloadables can also net you money — think of resume templates, art printables, or courses you create to teach a skill you’re familiar with.
Do gig work.
Don’t knock driving for Uber, Lyft, DoorDash, Postmates, or other versions of gig work. The gig economy is booming and many do gig work in addition to other work.
Freelance for work you already do.
Plenty of industries have freelance opportunities to earn work for clients who need your expertise — just not in a full-time capacity. Joining talent marketplaces in your industry or niche can also put you in front of those companies. Freelancing in addition to a full-time job is a big undertaking, though, so ensure you have the time and energy to dedicate to more work.
Start your side hustle today
If you’re looking for ways to create additional income, grow cash liquidity, and achieve financial freedom faster, a side hustle is a no-brainer.
Should coding be on your radar — and it should be, considering the earning potential — App Academy Open is our free coding course with 1,500 hours of curriculum for you to learn.\