I live and breathe side hustles. It’s an awesome way to grow new streams of income. I also enjoy learning new skills. It keeps me sharp.
Luckily, you don’t have to deliver the newspaper in your neighbourhood anymore (yes I did that) to earn some extra cash on the side. The internet has made it possible to start a side hustle from anywhere, anytime.
And anyone can do it.
In fact, everyone should do it.
If you’re a millennial, you like money and you don’t have a side gig yet, 2020 is the perfect time to start one online.
Here are 5 reasons why:
1. The Status Quo is Changing
Gone are the days of going to school, getting a degree, landing some corporate job and getting a gold watch after 40-years of service. Say hello to the gig-economy. Fast becoming the digital gig economy (I probably don’t need to remind you of COVID-19).
The entire way we make money is changing. Check out these stats recently reported by The Guardian.
- 60 million people freelance in the US alone. This number will reach 100 million by 2027.
- 50% of millennials have a side gig
- 70% of those need the extra cash, while 30% do it for enjoyment.
Research has shown that up to 60% of the jobs that exist today will be fully automated by 2040. Robots don’t get tired. It’s not all doom and gloom though. Jobs will always be around, they will simply be redefined.
A side hustle ensures you always keep ahead of the curve.
2. Growth Mindset, Diversified Skillset
I knew absolutely nothing about real estate investing back in 2017. Nor did I have a clue about online marketing, SEO, or Google Analytics before I started the beginner’s guide to freedom.
But I had goals. Learning the skills to get there just became part of the journey.
It takes an incredible amount of personal development and self-growth to become an entrepreneur. Learning new skills and strengthening your inner game will give you the confidence to adapt to whatever the future holds.
In times like these, a diversified skill set has never been more valuable.
Some would say it’s essential.
3. Multiple Streams of Income
The average multi-millionaire has 7 streams of income. Seven!
It’s the most efficient way to build wealth.
Let’s face it, your salary at your day job is capped. Instead of spending all of your time and energy to slowly work towards your ceiling, why not blow the roof off and create a whole new stream of income?
Robert Kiyosaki, best-selling author of the now-famous Rich Dad Poor Dad, talks about the difference between your profession and your business. Think about your day job as your profession and your side hustle as your business.
Everyone should have a business, including you.
4. You Get to Make Money From a Hobby
Do what you love and you’ll never work a day in your life. The old cliché rings true.
Never before has it been easier to display your skills to a global audience.
Crafty artist? Start your own e-store.
Proficient English speaker? Provide online lectures.
A side hustle is the perfect opportunity to get back to that old hobby and actually earn some dough. Get back behind the lens, pick up the guitar again.
Start small and soon you’ll fall in love with the reason you took it up in the first place. Only this time, you’ll profit from it.
5. Time Freedom
Imagine waking up somewhere in Bali and switching on your laptop to start your “workday”. Perhaps you prefer a coffee shop in Paris, an Airbnb in Lisbon or simply the comfort of your own sofa.
Starting and growing a side hustle online to replace your full-time income can allow you to
- ditch your desk,
- avoid peak-hour traffic, and
- never having to stare down the clock on Monday afternoons again.
It might take a year or two to entirely replace your corporate earnings, but the freedom gained from not having to trade your time for money is priceless.
This type of freedom is not reserved for the tech-savvy or online gurus among us. You also don’t need a boatload of cash to get started. You only need to bring you and your vision. And a lot of hustle.
What does freedom look like to you? I help people start, grow and scale an online side hustle so they can grow their income and live their own form of freedom.
Don’t know where to start?
Take my Find my side hustle superpower quiz to find out how you can start earning an income online today, even if you can’t afford to quit your day job… yet.