What’s your Side-Hustle?
Have you heard of this? The concept of a Side Hustle is really exciting to me. I recently heard the term at a meeting I attended and I was so intrigued that I Googled it when I got home. Low and behold, the “Side Hustle” has been around for a while. The expression Side Hustle was first used in 1950, which makes the term much older than many realize. The term became popular during and after the last recession when traditional jobs disappeared and enterprising people had to make ends meet.
Now, its been a decade since the Great Recession. Do you need a Side Hustle? A recent study published in December of 2018 by Yahoo Financestates 58% of Americans have less than $1,000 in savings. The U.S. economic recovery has gone on for nine long years, and the unemployment rate is at a low 3.9 percent. But wage gains have barely budged. Some experts say that minimum wage is worth less than 50 years ago and that’s why some states have recently taken minimum wage to the polls.
You may ask yourself, what exactly is a Side Hustle? Definition of a Side Hustle: A Side Hustle is any type of employment undertaken in addition to one's full-time job. ... Side Hustles are often things a person is passionate about rather than a typical day job worked in order to make ends meet. A Side Hustle is not the same as a part-time job. A Side Hustle can earn you an extra $500 per month or it can become something significant… life changing. You just never know how far it will take you. Compared to adding a part-time job, the Side Hustle has the potential for growth and autonomy. You won’t have another boss telling you what to do and when to do it. Success guru Jim Rohn says, “Work full time on your job and part-time on your fortune.”
I didn’t realize it at the time, but I started my Side Hustle back in 2006. I joined my company as a customer and the program worked so well I started referring it to my friends and family. I guess you could say I was working it part-time, but it didn’t feel like work and at 5 hours per week, that hardly counts even as part-time. Although I am part of a large 21-year-old company, I am an independent marketing director and have my own business, set my own hours, and work along-side people I choose. Three years into it, when my traditional businesses were struggling, this part-time thing was actually making money. Enough so, when we closed our retail businesses at the end of 2009, my Side Hustle allowed me to work from home, earn an income and raise my family for the past 9 years. One 5 minute illustration video I appreciate that outlines the benefits of a Side Hustle is based upon Robert Kiyosaki’s Cash Flow Quadrant. Kiyosaki suggests looking for a business with a system in place so that as you build it, it starts to take on a life of its own and becomes residual.
What kind of Side Hustle would be best for you? Only you can answer that. Some Side Hustlers teach guitar lessons. Others design and sell jewelry on Amazon. Some start a house painting business while others start consulting businesses using skills from their day jobs. In my opinion, you should find something you enjoy or something you are passionate about. The Side Hustle hours are normally when you would be catching some R & R, so look for something that fills your tank. If you get to work with others, choose wisely. Find like-minded people who energize you and have similar goals and make sure you have fun.
If you find this topic interesting, I would love to hear from you! Here’s to the Hustle! Brenda Ridgley www.brendaridgley.com