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5 Reasons for having a side hustle

The world of work has changed and so has the ways to earn income. A side hustle is not an unusual term for most people nowadays; it is the best way to earn some extra cash. But not everyone has tapped into the great idea of having a side hustle. Many people don’t consider it seriously but why to borrow from others when a side hustle can make you earn extra cash and allow flexibility to pursue what you are most interested in. It can be a chance for you to delve into fashion, travel, cooking, or whatever it is you like without giving up on your day job.

Following are few of the reasons that explain why you even need to have a side hustle:

  • Wages have been stagnant for long:

For people in most of the countries, wages are not growing. The rising inflation is making things expensive which are making it hard to survive in your usual pays. Therefore, you surely need something on the side to make some extra cash to live a decent life.

  • Raised cost of living:

The prices of most of the necessary products and services are growing. It is very difficult to keep up with the rising costs of education, healthcare, and housing. Since there is no way you can put up with everything with just one income stream, you need to start something to boost your income level.

  • Single income can get you trapped:

A single income means you can be trapped if the cash flow is stopped for some reason. One income failure means you will be in a weaker position and in a bad shape if the only income stream goes away. It might be the main stream for your income but it is not necessary to keep it one. This might not be in your best interest to stay in that position therefore you should have multiple streams that can bring you cash.

  • Your time is worth more on your own:

Many people with side hustle are known to make $250 per hour to $500 per hour and even more. This level of income does not come from years of experience; it comes from your expertise in any field. Initially it will not be easy to make your side hustle bring this much amount of money but with the passage of time you will start making more per hour.

  • It’s a learning opportunity:

When you work in an office, you hardly get any opportunities to know what happens in the real world. a side-hustle makes you learn some of the aspects of a business that you cannot learn otherwise. It can make you aware of the techniques of selling and marketing more clearly and how to negotiate your products and services.

Via: Entrepreneur

 

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