What’s going on my friends? Today we have a great topic on the blog, and it is to renounce the side hustle mentality. Why would I, a personal finance junky tell you to forget the side hustle? Because 1- it is a bit overrated, and 2- because you really do not need it if you focus on the personal finance basics from an early age.
Let me explain a bit more before some of you go crazy in the comments below. The side hustle is only needed if you are in need of cash to cover you for a variety of financial stresses. Like paying off debt, saving for a down payment, or to finally build up an emergency fund. Obviously the side hustle is important if you are facing a scenario I just mentioned, but keep in mind it will take away from much needed free time.
Life is a balance and if you work 40 hours a week at the full time job and then clock in another 20 hours per week at the side hustle it will diminish all the fun things you can be doing to live life. Granted if you are a single person and have gobs of free time then by all means go at it and hustle your heart away. Keep reading below to fully understand the meaning of forget the side hustle.
Forget the Side Hustle
If you begin from your very first job, saving 25% of all income you will be a ahead of most people. By doing this you will naturally take a percentage to fund investing and to fund emergency funds.
Avoid Debt by all means necessary as debt is the number 1 reason people get a Side Hustle in the first place. If you do not have debt your income should be enough to fund lifestyle and saving goals.
Slowly and Gradually build passive income sources to help you in the future. Extra income is nothing to laugh at and it will have your back if and when the time comes that you need it.
Well these are the basic principles why I think many millennials can forget the side hustle. By planning prior to getting trapped in the average American’s whirlwind of financial stress. As widely publicized the average student loan debt is 25K and the average credit card debt is around 8k. To happily say you avoided these financial norms is a feat you can be proud of.
If you happen to be 1 of the lucky few who already is going above and beyond the 3 personal finance tips above. I foresee an early retiree, if the person continues on the right path for 10 plus years. Money management is meant to be executed in this manner. Do not let others steer you wrong.
If anyone reading this is 21 years old and can effectively follow the steps listed within this post, I applaud you and congratulate the hustle you will make to avoid the forced side hustle in the future. Because the point of life is to live free without restrictions and by following the steps above you will set yourself up for freedom.
If you tackle all these 3 things you will automatically be able to forget the side hustle for life.
Comment on the Forget the Side Hustle Topic.
Rich Uncle EL
If you start early and save often there is no need for the side hustle at all. A great reminder to all those kids heading back to college soon. Build your money plan!
If they start early, life will be easier and not as difficult financially speaking. That is why we are spreading the word Brian. Thanks for the comment.
I wish I was smart and made good choices when I was younger so I didn’t have to side hustle right now. I won’t be side hustling once all my debt is paid off though! Great post!
The choices you make now going forward will pay off soon, and you can finally leave the side hustle. Keep up the hard work, and the future will be brighter.
I like side hustles, but only if I am truly interested in the work. I wanted to learn taxes and had the spare time, so I did tax prep work and then became a tax advisor on the side. I like learning about different businesses, so I advised small businesses. Side hustles tend to pay so much less than your day job that it is not usually a good use of time if you don’t like the work.
I also keep in mind that if it gets overwhelming or too busy, then I can quit. I don’t need the money. (Generally I put 50% of side hustle money straight into investments and set aside 50% for charities).
Side hustles work if you really need to fill empty time or have money goals. But overall if you can plan early to avoid side hustling and have a desire to live more, I would recommend to avoid side hustling. In your situation it seems like your adding experiences which is a great thing. Keep it up.