It seems like everyone and their mother has a side hustle these days. With the dawn of social media and the internet, the world of potential customers has bred a new wave of entrepreneurs. And we, at the TL Podcast, couldn’t be more excited!
It can be uncomfortable or intimidating when it feels like everyone you know is following their passion through some sort of side hustle and you haven’t started yet or don’t even know which path to go down. So do you really need a side hustle?
In short… yes, but not because everyone has one. Unless you’re in the minority where your job pays you multiples of what you need to live on and you’re currently living on a fraction of your income, then you need to find another source of money. Now, just to be clear, this isn’t about trying to be a millionaire and making so much money that you can buy a mansion in Bel-Air (if that’s your thing then honestly go for it!), but its about building and maintaining security.
Too many people place their efforts into getting a job and hopefully working their way up, if 2020 has taught us anything – it’s that relying on just your job is the riskiest way to go. Gone are the days of graduating and landing a role in a company you’ll be working in for the next 40 years – most industries can’t take care of you like that anymore so it’s time for you to have your own back. The vast majority of us wouldn't be able to survive more than one month if we suddenly lost our jobs today. It’s easy to get used to using up the monthly budget each 30 day cycle which gives a false sense of security. Trusting that you will get paid regularly for as long as you work at that company until you choose to leave, but that’s sadly not always how the story goes.
Even if your current income is sufficient for you to live a life you’re comfortable with, most people usually want a little bit more. Instead of being able to go on one holiday a year, two would be great! Or the same holiday with a first class ticket and nicer hotel.
You can actually go beyond the desire to afford things you like, and just be satisfied with the sense of safety that comes with having an income that takes care of your needs and then some! Money is the second biggest reason for divorce after infidelity, so imagine how you’d be in a much better place if you knew you didn’t have to worry too much about it. Simply put, it’s too stressful having less than you need and want! Additional sources of income will beef up your bank account and give you the freedom to make more of the choices you want to make. It’s not necessarily all about aiming to quit your job and live on your private island, but being in a place where you can choose what type of work you want to do – and if your job ever gets to that soul sucking place (we all know it) then you can decide you want to leave because the regular pay check isn’t holding you back. Let’s face it, life is more fun the less trapped you feel.
The question is, when it looks like everyone has found their passion and you haven’t – what then? We’d recommend you try a little bit of everything. It’s easy to procrastinate for years and tell yourself “I just don’t know what to do” but it usually takes a genuine passion for the goal to put most of your spare hours into a project or a business. So if you don’t know what to do right now, don't be afraid to explore it all! Try that class that your friend recommended, find that book club online; speak to and learn from the other members, go to that dance class because it might be your hidden talent, look for that chef on YouTube and see if cooking along with them excites you, put some effort in your social media and see where it takes you, write the first page of the book you have inside you, go on that spontaneous trip with bae/friends, you might find something random that really interests you.
The point is, yes, you absolutely need several streams of income not only for your security but so you can afford a life that makes you happy, and if you don’t have one currently then there’s no need to stress – just make sure you are putting in a little effort to getting there. One day that side hustle you did for fun or for a little extra cash might become your main hustle.
As always, let us know your thoughts on this in the comments section or in DM’s. What’s your side hustle and If you don’t have one, do you feel like you need to get one or are you happy as is?