8 reasons why you may need to build a side income

Every month you barely scrape through with your existing salary from a job that doesn’t excite you. Your salary has been stagnant for the past few years.

Time to look elsewhere if your goal is to have an interesting career and a financially independent life. Start now by building a side income.

Employment these days can be full of uncertainty. You would likely have heard of friends or family who are working one or more side income opportunities over and above their main job.

Why are they doing this? Is there something you’re missing out on? What are the reasons why you should consider a side hustle?

1. Rising living costs

The cost of living and inflation seems to be rising, except your salary. If you are unsatisfied with the salary from your main income or want more than the small raises you’re getting over the years, what better way than to supplement your income with a side hustle.

The opposite is true for the cost of living. The prices of key expenses like education, housing, and healthcare are rising faster. You’re paying extra; however, you’re not getting extra.

This situation is not going to alter anytime soon. It is sensible to seek out ways to boost your earnings wherever possible.

2. Be a boss

If you want to be wealthy, work towards becoming a full-time business owner. Unlike employment, how much you earn as a business owner is in your own hands.

In addition, being your own boss means you don’t have to report to anybody and have no office politics to contend with.

But, to start a full-fledged business requires many resources, specifically your time. It is also risky if your business does not guarantee a monthly income.

You may need to continue to keep up a powerful sense of self-discipline and work hard for your new business. Otherwise, your income will suffer.

3. Boldly experiment

An alternative to the point above, is taking on a side hustle first while maintaining your current day job.

Take bold steps to experiment with building a new career without quitting your day job. Then, take your time to build it as a new career.

You have a chance to understand the ins and outs of out a business. If the side hustle fails, your current lifestyle will not be affected since you still have your day job.

This is the safest way to decide whether you want to pursue your side hustle full time.

A few key pointers can be when your earn enough from your side hustle to replace the income from your full-time employment, and you are passionate and driven to success.

The choice is now in your hands to pursue your passion full-time.

4. Don’t live dangerously

It is not wise to rest your financial well-being on a single-employment income. In fact, that’s living dangerously.

If you lose your job with no immediate substitution, it will cause unnecessary stress. This is especially so if you are viewed as older, too expensive, or having overly niched skills.

Employers understand this concept of single-source reliance. To avoid it, their human resource strategy is to have many individuals who can deal with any given task.

So why is it that the majority of people have only one income? A single income means you’re stuck if that revenue disappears.

You have fewer choices, and are in a weaker position to negotiate. This is an unhealthy situation to be in. Granted, employers usually need it that way, because it places them in a position of power.

You need to avoid being the weaker party in any business negotiation. Smart individuals have many earning streams. You too need to have some streams, as well.

5. Value your time

No one knows better the value of your time than yourself. If you have an expertise in a niche field, you could be making way more per hour on your own.

For example, as an employee, your time is worth say RM30-RM60/per hour. But on your own, your skills can earn you RM100 plus per hour. Control is in your hands.

6. It’s awesome training

As a worker, you usually operate in a narrow range of duties. You most likely have folks telling you what to do with deadlines set and so forth. With a side hustle, it’s all on you.

You can consider a side hustle as an actual-world MBA. You will be exposed to the following:

  • Features of business and life that you will never learn from studying.
  • How to sell and market yourself and your brand.
  • How to negotiate anything.
  • How to write and read a contract.
  • How to set-up your own online site, run a webinar, etc.

A side hustle will get you out of your comfort zone. It helps you broaden your skills set. This makes you more valuable to any employer any place in the world.

7. Grow your network

You will gain many connections while hustling. This provides you with a chance to broaden your network. You’ll enter discussions with quite a lot of professionals and business owners.

Should you make an impression and meet their expectations, you can depend upon them as a professional connection.

So many jobs are discovered by word-of-mouth. Thus, a powerful professional network is important. A side hustle is often an excellent vehicle for networking. It provides you access to future opportunities.

8. Find purpose and fulfilment

Some individuals love what they do and never wish to retire. But most us only go to our full-time jobs so we can pay our bills, put food on the table, and get the well-being and retirement benefits that are associated with it.

If you’re unhappy, time to make some adjustments. Don’t chain yourself to a job you hate. Try to begin a side hustle that will provide you with a sense of achievement and excitement about your work. It’s simpler to do work that you love.

This article first appeared in https://mypf.my

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