Building Wealth Using a Side Hustle
This post was written in collaboration with the wonderful Allie Chang of The Teen Trillionaire. The platform is a youth led non-profit organization that offers teens free financial consulting, conducts podcasts, writes books, and runs a blog. The Teen Trillionaire's goal is to help teens become more financially independent! You can check them out at Theteentrillionaire.com
Are you thinking about going to college in the next few years, or just want to earn some extra cash on the side? Side hustles are a great way to earn money while cultivating your passion for your hobbies.
So what is a side hustle? A side hustle is a side gig or hobby that earns income. Freelancing is a popular option for some side hustlers. Other examples of side hustles include tutoring, baking, babysitting, creating online courses, coaching, photographing, selling clothes online, starting a YouTube channel, taking surveys, and more. Some side hustles, for example, taking surveys, may be a scam, and you should always do some research before you take the job. Side hustles can be anything you want to do. However, not all side hustles generate enough money to be your sole income.
Now, you may wonder how side hustles work and how you can start your own. They are generally worked on outside regular job hours (9-to-5) or school hours. It’s a great way to test ideas in a low-cost fashion, for example, a product you are planning on launching in a startup. Also, the cost of starting a side hustle is little to none, depending on what you want to do.
Lastly, there are many benefits to having your own side hustle(s). First, it’s extremely flexible. You can choose when, where, and how you want to work. You can also choose how to charge any clients as well. Next, it’s very adaptable. You can change your side hustle to adapt to new situations like the need to bring in more income than before. Getting an extra stream of income is also an attractive benefit, especially since you never know if you will suddenly lose your job or need cash. Besides income, working for yourself is also a great quality, since you don’t have to listen to a boss. And the best part of side hustling is, you can have as many as you want or are willing to do. There’s no limitations!
In the end, side hustles can be a great way to find monetary value in your passions. They are meant to be enjoyed. So if you want to have one, starting doing some market research on your industry or competitors!
Written with Allie Chang