A side hustle is a job that brings in extra money beyond one’s regular full-time job. It brings supplemental income that is in addition to one’s main source of income. In other words, It is a flexible second job that brings in money, but it also serves as an opportunity for people to pursue something they’re interested in, or passionate about. Many people confuse this term with a part-time job, and that is incorrect. The main difference is that, in a part time job, the employer defines your salary, tax and work scope. However, in a side hustle you define it yourself. Therefore, side hustle allows you to earn an additional income with the freedom and flexibility to be your own boss and pursue your passions.
Nowadays the number of founders with a side hustle job, massively increased compared to two decades ago. Generating additional cash is the main motivator and goal for embarking on one. This is due to the need of money to pay off debts or save money for the future. Moreover, many people are searching for supplementary income to cover their typical expenses, pay for fun extras, or set themselves up well for retirement. In addition, other leading reasons people have a side hustle is to learn new skills and to start a business of their own.
Side Hustle Types
It should be flexible and it shouldn’t drain you. Therefore, it’s better if founders do it before or after work, on the weekends, or during any other break. Many side hustles can be grouped into these categories:
- Freelancer: which involves monetizing your skill set, setting your own rates and times.
- Gig worker: A gig worker trades piecework services for money, like delivering food or babysitting.
- Entrepreneur: selling products or services. There’s a greater risk and sometimes greater reward.
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