Extra income is one benefit that can come with working a side hustle. Here are some other great benefits.
Side hustles are becoming more common. Many people are going to a regular job during the day and then working a part-time job, gig, or other opportunity that brings in additional income. Some people choose to do freelance work or start their own business, while others work a part-time job.
The nice thing about working a side hustle is it allows you to bring in more money. If your regular job doesn't offer the chance to work overtime hours or pick up extra projects, working a side hustle may make sense.
According to Zapier, one in three Americans works a side hustle. That number could rise significantly this year as more people explore new gigs and opportunities. The survey also found that 24% of Americans plan to start a side hustle this year. These stats show the popularity of working extra gigs and exploring new work opportunities while working a full-time job.
Why is this kind of lifestyle so popular? It's likely because of the benefits that side hustles offer.
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Increase income
Unless you work a job in sales or have a position where you get regular yearly raises, it may be difficult or impossible to increase your income. Many employers pay a set salary and don't offer the opportunity for money growth.
If you're trying to save for a larger purchase or your living expenses have gone up, it can be hard to continue on the same salary that you've always had.
Luckily, a side hustle can give you the chance to bring in more money. If you were to work a side hustle that provided an additional $200 per week, that would result in $10,400 of extra income each year.
Pay down debt faster
Some people choose to work a side hustle to pay down debt quickly. Whether you're sick of staring at piles of bills or credit card debt, there may be a solution.
Working a side hustle can help you increase your income. This can, in turn, give you more of an opportunity to pay down your debt faster. Paying your debt off sooner can result in less interest paid over time and can help you improve your overall financial situation.
Save more
Having a side hustle also provides another benefit: You can put more money into a savings account. This can help you prepare for a significant future expense, like a down payment for a home or a new baby. Another option is to work on increasing your emergency fund so you're prepared for the unexpected.
If you worked a side hustle that brought in an extra $1,200 a month and you made a plan to put 100% of it toward a mortgage down payment, you'd have $14,400 after one year. Make sure to put that extra money in a savings account so it earns interest
A chance to explore other opportunities
Learning new skills is never a bad thing! Working a side hustle gives you the chance to explore other opportunities. When you explore new interests, you may even open up new doors in your career and personal life.
If you've been thinking of working a side hustle, you're not alone. It's a popular way to bring in more money, and it can have many advantages. You may find that a side hustle allows you to reach your personal finance goals sooner. Plus, having more financial freedom can reduce stress and improve satisfaction.
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July 24, 2021 at 10:00PM
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1 in 3 Americans Have a Side Hustle. Here Are the Benefits to Having One - Motley Fool
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