Creating Multiple Incomes Through Your Side Hustles

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Sometimes, a monthly, or even a bi-monthly paycheck just doesn’t cut it. So, you begin to outsource: you find another job. Perhaps this other job is a simple coffee-shop part-time. Perhaps it’s an investment on a long-awaited passion project. Whatever your reason may be, the facts speak: more jobs means more money, more money means…fill in whatever you’d like. That said, before you dive into the world of ever-turning multitasking, there are some things to think about. 

Pros

It’s payday (almost) every day. Who doesn’t love a good addition to your already-existing paycheck. When payday comes around, it’s usually a holiday. But when that side-hustle money hits, it’s like Christmas in July. Scraping will feel like a thing of that past, and you can get those shoes just because. It’s just nice. 

Moderation habits. When you become accustomed to money flow on the regular, you have the opportunity to learn to spend in moderation. This does come with the immediate demand of self-control, but at least with that second income, it’s possible!

Passive saving. If this term isn’t familiar to you, that’s likely because it’s not already a habit. With another set of cash coming in, and more frequently, you’ll be able to start putting money away more than once every few months. You can go from a monthly savings, to weekly, to even micro bits daily. Keep this consistent, and in just a few years, you won’t even recognize that account of yours. What a feeling!

Cons

Time management. This is probably the biggest factor to recognizing in the busy-ness that automatically comes with having multiple jobs, a multitude of extra responsibilities. When it comes to multiple jobs, it is of crucial importance to recognize your tipping point. Unfortunately, many don’t, which results in lower quality work. 

Over-spending. Again, we love consistent and constant cash flow, but if that money’s coming in without an understanding of moderation, there’s a good chance you’ll start having a difficult time keeping up with even the basic needs—that’s a problem. 

Company loyalty will always be questioned. No one wants a suspicious boss, let’s just say that. However, the reality of split time means that may be inevitable, especially if you become particularly invaluable at said side-hustle. But who knows, that primary job might not even notice!

Take away

Make sure you’re ready, but if ever there was a time to try, it’s now.