Whether you call it a second job or a side hustle, the truth is you can earn extra income in your free time with the skills you have now. What you do doesn’t have to be complicated–sometimes you can even have more fun than your “real job.” But most importantly, a side hustle can help eliminate debt and launch you toward Financial Freedom.
The beauty of starting a side hustle is you don’t have to quit your full-time job. You can continue to enjoy the consistent income and benefits of your current work situation while pursuing your dreams. Many entrepreneurs start this way and eventually turn the side gig into their main gig. Don’t think you have to choose one over the other!
We talk about earning extra income to eliminate debt faster in Financially Fit Bootcamp, but what does that look like in real life? Can an average person really create lasting change from taking on a side hustle?
The answer is a resounding ‘YES!’ And getting started is easier than you think.
Take A Skills Inventory
Take 15 minutes of uninterrupted time to write down every skill you have. No skill is too strange or too unimportant. This list is just help you generate ideas that could lead to a profitable side hustle.
Can you tutor students in a specific subject? Dust off those Organic Chemistry skills you learned in college to help other students get ahead in their classes. Check out online platforms such as Tutor.com and Wyzant.com to offer your skills to people ready to pay for your expertise.
Are you bilingual? Great! Even if you’re not, there are multiple services that need native speaking tutors to help language learners. Explore more options on sites such as Learn4Good, Remote.co and Cambly.com.
Still feeling stuck? Ask your three closest friends what skills you have that they would pay you for. The answers might surprise you.
What Do You Love?
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Maybe you don’t love the career path you’ve chosen. Maybe the skills you have in your current job, while profitable, aren’t what you really want to be doing with your life. We always talk about starting our dream business someday. But what if someday could be now?
If there’s a field you’ve always been interested in exploring, consider seeking out a side hustle in this area. You can explore your potential dream job to see if there’s potential there.
Have you always wanted to be a writer? Freelance sites let employers post jobs for a variety of needs from website design to business writing. The beauty of these sites is that you can bid on the jobs you want, instead of waiting for them to come to you. This means you can work on your schedule and when it’s most convenient for you.
Reach Out
Let your network of friends and business associates know you’re branching out to pursue your passion and pay off debt. You’d be surprised how many of your associates might be interested in hiring you for your skills. Even if they don’t need what you’re offering, chances are they know someone who does. Never underestimate the power of word-of-mouth advertising.
Getting Down To Business
How much time do you have a week to devote to this side business? How will this new venture fit into your life? While we would all like to imagine a life where we finish our day job and come home to work an equal number of hours on our side hustle, this may not be realistic.
Would two hours a day, five days a week fit into your life? Can you devote blocks of time to your business-related tasks on the weekends while still getting the rest you need? Only you can decide the schedule that will work best for you. But you must create space in your life for this new business to be more than a hobby.
How much do you need to earn from this business for it to be successful? Price yourself accordingly. When you start this side hustle, your income goals will probably be pretty low. But as we teach business owners in Cash Flow Cure, you need to charge what you are worth.
There’s nothing wrong with charging low prices initially. Just don’t forget your main reason for starting your side hustle is to pay off debt. Put that number in a place where you can see it often. Create a chart showing your progress towards eliminating that debt burden from your life. Visualizing progress toward a goal goes a long way to helping you reach it.
Hustling To Freedom
Starting a side hustle comes with far fewer risks, because you have the security of your day job to keep you going financially while you pursue your other interests. But that doesn’t mean you shouldn’t take it just as seriously. Economies the world over can be shaky, and lifelong employment is not a guarantee for anyone.
Having a side hustle can not only help you eliminate debt and reach Financial Freedom, but also fund your Freedom Generator years earlier than you ever thought possible. How would it feel to see that debt gone in record time? How would your life be different if you were able to fund your Freedom Generator years earlier than you planned?
You have it within your power to use the skills and talents you already have to build your dream life. And you don’t even have to quit your day job to do it!
Community Question: What’s the best idea for a side hustle you’ve heard of? The worst? What about the strangest? Share with the group in the Financial Foundations Community!
image credit: Bigstock/fizkes
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Dr. Tony is the co-founder of MindShift.money and the best-selling author of three books on personal and business finances. Having achieved Financial Freedom at 27, Dr. Tony believes that through Financially Fit Bootcamp and Cash Flow Cure everyone can get there. He has made it his life’s mission to help others live a life where their money works for them—not the other way around.