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There are so many options out there for side hustles and at this point it feels as if they’re necessary for most people.
Side hustles have become the norm for people who want to make progress on paying off debt, saving, and investing.
Here are the benefits I have experienced with side hustles:
Earn more money
The amount earned from side hustles will look different for everyone. It could be $50 or it could be $1,000 or more.
Personally, at this point in my journey I make a few hundred extra each month and it makes such a huge difference.
No matter what you earn, I think it’s important to be proud of that and continue to work on increasing it.
The money I earn has allowed me to pay off more debt, save more, and invest more. It has also allowed me to feel more comfortable living in a more expensive apartment.
Even if it’s a small amount to start with, you can look at it as enough to cover your electricity bill or grocery trip.
Gives you purpose and fulfillment
This may not apply to everyone, but starting a side hustle you’re passionate about is very fulfilling.
For example, I love personal development, health, fitness, and finances. ALL of which I create content for. At my full-time job, I don’t discuss/learn about any of that, so I love that I can come home and share things I truly love and enjoy.
It makes me very happy that I can help people to improve their lives!
The ability to monetize your passion is a huge privilege.
This is one of the best benefits.
I’m not a tax expert so PLEASE make sure you work with a good CPA, however, I know that there are a lot of things you can write-off when you have side hustles.
The bulk of the online income I earn I do not pay taxes on because I deduct my wi-fi, investments, and services related to my side hustles.
I don’t even have an LLC and I am not a sole proprietor yet, and I’m still able to do this.
When you start earning more money you’ll want to make things more official, but to start it is not necessary. Just keep track of every dollar that you spend and earn for your side hustles.
Without my side hustles I never would have connected with so many people!
I have viewers and readers all over the world who I can interact with and it’s so incredible.
If your side hustle is related to your career OR involves a skill related to your career, you could build up your resume and meet the right people through networking. It can benefit you in so many ways.
You also just talk to more people and I think that’s a good thing.
I’m an introvert, so having the opportunity to make connections online is huge and exciting for me.
There are definitely more benefits of a side hustle, but overall it will really help you financially and as an individual!