The old advice about writing goes that you should write about what you know, and that’s probably a good reason why we write about side hustling so often here at Young Adult Money.
YAM itself was started as DC’s side hustle. His first book, Hustle Away Debt, is all about using those techniques he learned from starting YAM and other side hustles in order to help pay off your debts.
But it’s not just DC who likes talking about the subject – most of the contributors on this site are either writing as a side hustle or have done writing as a side job turned full-time job.
We talk about side hustles here because it’s what we do; it’s worked for us and it can work for you as well. If you haven’t already, now’s a great time to start a side hustle and it’s not just about the extra cash – there are lots of benefits to starting a side hustle.
1) Pay Off Your Debts
As the title of DC’s book suggests, a side hustle or two is the perfect way to get rid of your debts from school or pay off a mortgage. That’s because a side hustle can fit around your 9-5 job in a way that traditional moonlighting can’t.
If you’re running your own blog, writing for someone else, consulting or any of the other various things you could do as a side job, then you have the luxury of being able to do these things when and where you choose.
You don’t have to worry about scheduling conflicts between two jobs or working late and then waking up exhausted for your day job. A side hustle is flexible. You can do it while you watch TV or sit with your family in the evening.
By putting 100% of your side hustle into paying off your debts, you’re going to relieve stress on yourself without burning out while you do it. Check out DC’s book, Hustle Away Debt, for more on how to use side hustles to pay off your debts.
2) A Way to Meet Money Goals
A side hustle is a great way to meet your money goals while still being able to enjoy a normal social life as a young adult. Use your side hustle to save for a vacation or pay into investment funds, and then you’re free to have more of an entertainment budget or eating out budget, if that’s what suits you.
Having an income on the side is a simple way to balance your money goals with general spending on the things that make life worth living.
3) A Stable Income
An underrated benefit of having a side hustle is how it can free you from being dependent on your 9-5. We all know that friend who complains about how much they hate their job and how they want to quit and do something else, and we sit there thinking, “Well, why don’t you then?”
Most of the time the answer is fear. We’re afraid to give up the security of a 9-5 for the uncertainty of when our next paycheck will be. I’ll admit, it’s a scary thing to do.
But if you have a side hustle it gives you the freedom to know you have another income, however small, while you’re in transition. A side hustle can quite literally give you the confidence you need to follow your dreams and brave some uncertainty to do it.
4) Self-Improvement
If you’re running a side hustle such blogging, freelance design or photography, consulting or any number of other industries perfect for side hustling, in all of these cases you are your own boss. It gives you valuable experience in managing – even if you’re just managing yourself!
You’ll get the traditional advantages associated with autonomy, such as problem solving, becoming self-reliant, and learning to market yourself – because, hey, no one’s going to do it for you! But a side hustle also has the sometimes overlooked benefit of building your confidence.
Watching your side hustle succeed, through no one’s effort but your own, is a huge confidence booster, and the best part is that confidence changes everything – it’s not just confined to your side hustle.
Increased confidence will begin positively affecting your day job and your life, because confidence it’s the way you feel and view yourself.
Knowing your value and ability to succeed could ultimately benefit you just as much in promotions in your 9-5 as the monetary gain you make on the side.
5) Relieves Pressure at Work
While a side hustle will no doubt mean more work – a lot more if you’re going to make it profitable – on the other hand it also has the potential to do a less-obvious thing, which is to relieve pressure at work.
Everything has a learning curve at first, but after a while things get easier. A side hustle can begin as a chore and end up being a form of escape from your 9-5.
When you have something other than work that you can draw value, confidence, and identity from, it can help to put problems at work into perspective – not that they aren’t important, but that the problems often aren’t worth all the stress we cause ourselves.
If things aren’t great at work, it can help to have a job on the side to take our minds off of it.
6) A Side Hustle Can Become A Full-Time Business
Something that starts out as just a hobby you do on the side could one day turn into a full-time business if you want it to. Sure, it’s not a guarantee that your blog or freelance venture will be a success, but there are plenty of strategies for growing your side hustle into something profitable.
For the more creative and entrepreneurial types, a side hustle and the excitement of growing it into something large enough to live off of is a great goal. It’s perfect for those who would prefer to be their own boss, set their own hours, all while doing something they actually matters to them.
7) Opportunity for Creativity & Fulfillment
Most of us have jobs that at one point or another we find unfulfilling; expectations we have before entering a field are often hard to match in reality. We go to work, do our jobs, go home and repeat in an endless cycle that’s sometimes hard to see the good we might be doing or the impact we’re having.
One of the greatest benefits of a side hustle is that it provides an opportunity to find fulfillment. DC started Young Adult Money to make a side income, yes, but also as an outlet for his love of writing and finances.
A side hustle can be an outlet for your creative and entrepreneurial sides that might not be realized in your regular 9-5.
While you’re probably not going to start a blog this week that’s making hundreds of dollars in ad revenue by next week, you can start a blog in an area you’re passionate about, enjoy the process of it, and eventually work towards making it profitable.
If nothing else, within a few short years you’ll most likely find yourself an expert in your field.
Start a side hustle in an area you find fulfilling and interesting, use it as a creative outlet and a way to find meaning outside of your 9-5. If you stick at it, keep improving and streamlining, you might make money or you might not, but if you’re lucky it might not matter much in the end anyway.
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There are so many opportunities to make money online today that it’s really only a matter of picking the one that suits you best.
If you want to blog then here’s a list of ways you can make money doing it and here’s how to start a blog today. If it’s another type of side hustle you’re interested in then here’s DC’s ultimate guide to it.
The benefits are both personal and monetary, and if DC can do it and I can do it, then with a little effort so can you.
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These are all great reasons to start a side hustle. I’m planning for the income from my side hustle to replace the income from my full-time job within the next three years.
I haven’t read DC’s book yet, but one important thing to consider when finding a side hustle is where your skills intersect with the market. You want to make sure that there is adequate demand for what you plan to do.
Great article!
I know that I feel the most productive and satisfied when I have multiple income streams – it makes me feel more controlled and more balanced.
I definitely want to explore some of the different options you mentioned.
Personal development is such a great reason to start a side hustle, as is career transition. It’s much easier to make a big change if you can start “working your way up” before you make the transition.
Love all of these points Mike. I think side hustles aren’t a ‘normal’ thing to do which is why some people don’t even think to do so! Hopefully more people will start their side hustling journey :-)
All good reasons. In this economic environment, it’s in the individual’s best interest to develop as many skill sets, and streams of income, as possible. Definitely a case of more is better.
I think one of the best reasons for a side hustle is to relieve some of the pressure at work. We all can be too dependent on that paycheck so if it disappears, we find ourselves in trouble. Having a side hustle can help minimize that risk! Nice list!
Great post Mike. These were all valid points and I especially like how you said it can turn into a full time job. It can also be a job that you enjoy! One pitfall with side hustles is that if you are no well equipped with an adequate skill set you may find it very hard to make money.
Great list and I must say, this is exactly why I did it – and now it is a full-time business! After doing content marketing on the side I finally decided to leave my full-time finance job to work as an online blogger for businesses! I love the freedom and flexibility of my own job, and I have the ability to ultimately decide how much I make. It’s well worth it and I tell everyone i meet that they should do something on the side that can keep them mentally sharp and earning. Thanks for sharing!
I’m a big fan of the side hustle, especially as a way to improve current skills and learn new ones. I have tried so many new things as side hustles that have given me experiences unlike anything I have encountered in my own education and career. It’s shown me some new things that I am good at and enjoy, and that some things are not necessarily my cup of tea. It is a great way to get some learning opportunities that might otherwise pass you by.
Great one, Mike!
Being a tail-end Baby Boomer, I also believe these reasons fit us oldish folks. I’ve been Side Hustling since the ’90’s when I needed money to earn my pilot’s license and build my airplane. Back then it was mainly production. Now my SH income comes from writing for a woodworking website.
Although retired, I began looking for something creative to do, then for something to make a little money. I discovered YAM and David Carlson, then his book Hustle Away Debt, Have read it a couple of times and recommend it highly.
I always look forward to great posts like this one, so I’ll keep my eyes open for more.
Shin