Unlike many financial pundits, my philosophy around money does not focus solely on living below your means. I believe in creating financial freedom by building, buying and investing in assets that generate income to pay for your expenses. I call this expanding your means. If you are tight on discretionary income to earmark for assets, here are 4 reasons to consider a side hustle to generate money you can then put to work for you.
Stressing about money causes health issues
Although science has proven that stress causes health issues- you probably know that because of your own experience or the experiences of someone close to you. Recent studies show that the number one cause of stress over money is when income exceeds expenses. And it’s no wonder because this is how debt issues are created. By creating a side hustle, you improve your physical health as well as your financial health. By taking control and creating opportunity for yourself, your confidence and satisfaction will also improve
You get to call the shots
While not everyone’s primary source of income comes from doing something they love- a side hustle can be anything you want it to be. If you love being creative, you can sell hand made products online, offer your services through one of many sites that connects customers with designers or write and offer your own content online. For the more analytical type- write down the 5 questions people ask you most and start networking with new people who will pay you find the answer those questions. If you like to work with your hands and have a specific trade skill- put it to work helping people create beauty or features they can enjoy well into the future. The sky is the limit on what you can offer and how people can find what you sell.
You create something for yourself
As an employee, anything you create or any ideas that you have become a part of the business where you are employed. That business is leveraging your talent and ideas to grow. There is nothing wrong with this arrangement. You are compensated for your contribution and the company benefits from that contribution. When you take on a side hustle, you can create for yourself. You can build content, an audience and your own personal credibility as an expert in your field outside of your employment.
It has never been easier to get a side hustle
Do you like working with people? Perhaps you are great at marketing. Are you the type of person that likes to build and create? No matter which of these questions you answered “yes” to… there is opportunity for you to make money doing those things. The internet is the great equalizer when it comes to creating a side hustle. Use it to find customers, connect with those customers or simply create your platform. It has never been easier to stand up and declare how you can help others through your side hustle.
Assets create financial freedom
Financial freedom is when your assets are generating enough revenue to pay for your expenses. For some people, this may be $50,000 per month. For others, it could be $2,500. Once you have achieved financial freedom- your time is truly yours because you are not your only asset. Whether it is to grow into to be a business that generates passive income or you take the money you earn to invest in other assets such as real estate…it is no wonder that more and more people are taking up a side hustle.
The Take Away
Whether you are a millennial or a baby boomer- there is opportunity for you to expand your means by creating a side hustle that funds your asset column. Not sure where to start? Check out this list of ideas and decide to take action today.