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- The ability to add more money to your bank account. This is the number 1 reason that I side hustle. The main thing I’ve been doing to make extra money is by using Amazon’s Mechanical Turk since mid-September. Spending only a few hours a week I’ve already earned $314.73. This isn’t chump change. Some of the surveys and other tasks I’ve completed have been interesting, some not so much. I’m a happy Turker!
- The chance to earn new skills. This comes in at a close second. I am currently taking classes online for a Professional Writing Certificate through UC Berkeley Extension. My goal is to parlay the information I learn in those classes into a part-time (at first) freelance writing career. I am excited to learn new skills, create a new income stream for myself and develop my writing career. Other skills that can be learned are blogging, and eventually monetizing a blog. Initially I thought I wanted to monetize my current blog, but now I really would like to focus on the freelance writing. It’s where my passions lie.
- The chance to pay off debt sooner. Make Dave Ramsey proud. If you have outstanding student loan debt, credit card debt, or just want to pay off your mortgage early, side hustling is the way to go!
- The chance to potentially retire earlier. Any extra money you can add to your 401 (k), brokerage accounts, work retirement accounts, IRA or Roth IRA will enable you to retire earlier; it depends on how much you are able to save. Some personal finance bloggers aim to save 50% of their incomes! While that’s a stretch for me right now, it’s a great goal to aim for!
- The chance to turn your side hustle into a full-time job. Lots of bloggers have done it, including one of my favorites, Making Sense of Cents. Her blog regularly earns 50K+ per month, sometimes as much as 100K! Also, if you are interested in becoming a freelancer (writer in my case), you will need to start freelancing in your area of interest in order to build up a clientele and develop a portfolio. Looking for more inspiration? Check out the blog Side Hustle Nation for more inspiration.