So recently I’ve been thinking a lot about creating wealth and what that really means.
People have a common misconception that creating wealth means that you want to be rich. That’s not necessarily the case.
Creating wealth is about having enough money for you to feel unrestricted in your decision making.
You shouldn’t have to choose between eating healthy and eating pasta every day just because it’s just cheaper.
The one thing that unites wealth and having freedom is the ability to create more money.
Without more money, you can’t necessarily create wealth or it will at least make it that much harder for you. But hey you might be in the very small percentage of people that make enough from just your day job.
If you’ve never heard about having a side hustle before, today is the day that your eyes will be opened wide because I’m going to show you why having a side hustle is important for your financial wellbeing.
I know it probably feels like having a side job on top of your main job will be a lot of hard work but it doesn’t have to be that way.
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5 Reasons you must have a side hustle
Believe it or not, side hustles are actually the way forward.
Times are changing really fast and people no longer have to go into an office to work a nine to five job role.
According to a study by CNBC 70% of the worlds professional population work remotely at least once a week. That’s massive!
Just look at how many people have the ability to work from home today compared to just a few years ago.
I’m not saying that having a good old fashioned 9-5 job is not good, just that if you want to really maximize your earning potential working a regular 9-5 is not going to get you there.
Sorry if I just burst your bubble but I’m all about telling it like it is (in a nice way)
1. Your earning potential is restricted without one
No matter how hard you work or how many pay raises you get at work your potential to earn money will always be restricted.
Because the company that you work for has to make a profit and you are there to help them achieve that.
You might be on a really good salary where you work right now and that’s great but for the number of hours that you put into work do you truly feel that you are being paid what you are worth?
No matter how high up the ladder you climb you can still only go so far.
Related post: How to build wealth and secure your financial future
2. The perfect option for the wannabe entrepreneur
If you are a secret want to be entrepreneur having a side hustle is going to be the perfect thing to set you on your way.
A side hustle gives you enough leverage to start a small business without having to fully commit yet.
It will allow you the breathing space to find your feet so to speak whilst learning the ropes of being an entrepreneur.
You won’t have the pressure of building contacts and trying to understand the business while trying to immediately make money to live off.
You will have the flexibility to keep earning money in your current position until you start making a fulltime income from your side hustle.
3. You can do what you truly love
Your side hustle doesn’t have to be boring, that’s the great thing about a side hustle it can be anything that you want so do something that you actually enjoy doing.
That could be dog walking, babysitting, blogging, building websites, even teaching others how to cook.
There are many solid businesses out there that started as side hustles and quickly grew into fulltime businesses.
The key about a side hustle is that you can start slow and just see where it takes you.
You might only want to keep it as a side hustle or you might find that you want to turn it into a full on business.
Only this week I was reading about someone who started a side hustle walking dogs only to find that he could quadruple his income by hiring others to help him walk dogs too.
He was making a good amount of money just by doing something so simple.
You never know where you’ll end up with a side hustle.
4. You can fast track your wealth creation journey
If you have had dreams of creating wealth for a long time now but no idea how to go about it because of the huge debts that you carry, side hustling is definitely the way forward for you.
Having a side hustle could help you to get rid of your student loan that much quicker saving you hundreds if not thousands of pounds just by the amount of interest you will be saving by paying it off sooner rather than later.
Once your debts are cleared you can finally start to think about your pension plans and anything else that your family needs.
You might just be able to get an investment fund going where you can triple your side hustle money and create even more money without having to worry about it affecting your household bills.
Don’t you just feel lighter knowing that you could potentially get rid of your debts simply by having a side hustle to help you make more money each month?
It doesn’t have to be a dream, you can actually do it.
5. More security in multiple income streams
If like many other people you have the fear that one day you could be called into your bosses office and leave with a letter telling you that you have just been made redundant then this is another good reason for you.
Once you have established multiple streams of income you won’t have to live in constant fear of losing your job anymore.
Did you know that most people are only 1 paycheck away from bankruptcy?
It’s a very scary thought but a reality for most.
Having multiple income streams gives you that little bit of extra security that if you were to lose your job your money would not instantly be cut off just like that.
The 9-5 job market is becoming even more fierce these days and I am hearing more and more stories about people being unable to get a new job.
Why wait for that to happen to you?
The one secret that most millionaires will tell you is that they stay rich by making sure they have multiple streams of income.
If you rely on one source only you are walking on a very thin line.
The rich don’t stay rich because they are smarter than you they get rich and they expand on their income to make sure they stay there.
Its a simple principle of money.
If you are not sure where to begin with a side hustle, here are some great starting points for you.
Transcribing – Make some extra cash on the side whilst working from home
Survey Junkie – You won’t get rich this way but you will at least be able to contribute to the household bills PLUS you can do these whilst watching TV!
Proofreading – Another great way to work from home!
Final thoughts on why you should have a side hustle
You might be thinking that having a side hustle is just not for you. I can assure you that’s not the case.
Your side hustle doesn’t have to be hard work. They can be simple jobs that you can do in the comfort of your own home.
If you want to do better then you have to do better.
Make the extra effort now so that in the long term you won’t have to work even harder for it.
Always think of your side hustle money in terms of multiplying it. Don’t just earn it then spend it. Invest it so it can grow and make you even more money.
That’s the secret to easy wealth creation.
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