Problem #47: I need some extra money. How can I earn more to achieve my financial goals?
Do you ever wish you had some extra money? Maybe your income is not sufficient to meet your expenses monthly. This is a PROBLEM. The solution is a side hustle. You might be thinking – What?
What in the world are you talking about? I’m talking of course about a side job. That’s what a side hustle is – an extra job to create extra money that you can use to achieve some of your financial goals. Want to go on a great vacation every year, but you don’t have the money? Get a side hustle.
Want to pay down your debt (student loans, car loans, or credit cards), then lower your spending and get a side hustle.
You can even use your side hustle to increase your “money gap“. In fact, I would urge you that this is one of the best ways to get your “money gap” up. But first . . .
Why is it called a “side hustle”?
Well, because it’s a job “on the side” of your regular job. It’s in addition to your full-time job. And this is an important point. Don’t give too much emphasis to your side hustle. You should put your primary focus on your career to maximize your earning potential. This career/full-time job probably – though not always – has much more income potential anyway.
The hustle comes in because usually you have to “hustle” to make it work. It’s usually on off hours. Think: nights and weekends. It’s hard – it really becomes a hustle.
I played sports in high school, and one thing I always did was hustle. Even when I wasn’t the biggest, strongest, fastest, or most skilled, I still hustled. Some call it heart.
It’s more of a mindset. That never give-up, play to the whistle, always running attitude. I’m sure you’ve seen players like that in any sport. They are scrappy, and the crowd usually loves them. The opposing team hates them, because those players really make them work.
That’s what your side hustle is like. Especially if you need money to get out of debt or save for emergencies or retirement. You should be hustling and always running to get rid of your debt. Don’t give up. That attitude more than anything is what will help you to destroy your debt.
Related: How to pay down debt fast.
How do I start?
First, what do you do in your full-time job? Are there skills that you’ve developed at your work that could translate to an extra job?
For example, are you a teacher? Do you speak English? Thought so – you could teach English as a second language to kids or even adults in other countries. Check out Englishkey to start. There are others as well.
Are you in finance or accounting? You could offer to help a small business or non-profit with their bookkeeping on a part-time basis.
Second, what are your hobbies? Can you monetize any of the things you do for fun? Of course you can.
A hobby is something you enjoy doing – right? You wouldn’t do it otherwise. For instance, my wife loves crafting and scrap-booking. She’s been able to earn some extra money on the side by publishing some of her art journals in crafting magazines. It’s not a lot, but a little extra here or there can be a big help to take some pressure off your budget.
If you’re interested, you can check out her blog about crafting below.
Related: Kate’s Scrapyard Blog
Are you a woodworker with a modest assortment of tools, jigs, and fixtures? Obviously you could sell some of what you make. You could also sell your plans of that unique piece that everyone is always asking about in your living room.
There really are no limitations to what you could do to make some extra money. Use your imagination and you might be surprised at what you come up with.
Just remember, don’t focus so much energy on your new side hustle that you neglect your full-time job. Your full-time job probably has the potential to earn you more money than your side job. Remember to work hard and strive for those beneficial promotions and benefits. If you spend all your energy on your side job, to the detriment of your full-time job, the result will be less income than you started with.
A side hustle can be a great way to earn extra money to achieve some of those financial goals that seem tough to complete. Get that scrappy attitude and work, work , work!
Do you have a side job? Let me know in the comments below.