Reasons Why Everyone Should Have a Side Income Source

On Mar 27, 2023

Most people look for some form of side income but never pursue the idea, either because they are too comfortable with a steady paycheck or lack the motivation to engage in an endeavor outside of the jobs they clock in and out of daily. Then there are others who need help figuring out how to kickstart their hustles.

For those considering whether to take the plunge with a side hustle, the Harvard Business Review shares some points to ponder over. Asking yourself these questions will make formulating a successful strategy to earn a side income easier.

Some people are confident they would like to acquire a side income to supplement what they earn from their primary jobs. There may be some fence-sitters or individuals who do not deem a side income as necessary.

Here are some compelling reasons to nudge them into building additional income stream(s).

1. Acts As A Personal Safety Net:

Your side income can be your personal safety net and protect you from the fallout of unemployment. As there is no guarantee your job will be safe, it’s advantageous to be prepared.

Having a good side income is better than relying solely on your emergency fund, as it will replenish your financial resources.

2. Helps Combat Inflation:

Your salary may be stagnant and insufficient and not be in tandem with the rising cost of living. Inflation is always on the march, and as it heads further north, you will feel the pinch. In a stagnant economy, you may not get a raise, or it would be lower than expected.

In this case, your supplementary income can bridge the gap between what you earn at your day job and your expenses. Adding a side income mitigates at least some of the recession’s effects on your household.

3. Frees Up Money For Investing:

While your primary income pays the bills and keeps the house running, you can divert the supplementary income towards meaningful investments. Any earnings diverted into investments will come in handy for discretionary expenses or when facing a liquidity crunch due to any unforeseen predicament.

Here are a few worthwhile side hustles worth pursuing, even if you are content with your current job. A valid reason for choosing among these side hustles is that job security is a pipedream. Having a Plan B that generates a secondary income should be on everyone’s radar.

1. Participate In Prediction Games:

Prediction games are also a venue to earn a side income, and indulging in them lets you predict and win real cash. Fantasy leagues are a form of prediction games where you put together teams in your chosen sport, and how much you pocket depends on the team’s real-life performance.

2. Driving An Uber:

This is one of the more popular means of side income with the emergence of Uber and other similar cab services. To get started, you should satisfy the company’s requirements, like having a reliable car and a valid driver’s license. Once that is sorted, you can register on the platform and offer your services as a cab driver unless engaged in your primary occupation.

3. Deliver Food:

If it’s one thing people love, it’s food. Come rain or shine; people are either eating out or ordering in. For exercising the latter option, food delivery agents are needed, and this is where you come in.

When hunger pangs strike, it’s you they will be calling! Once you clock out of your day job, you can hit the road and deliver hot food to the ever-hungry people of your city.

4. Become A Transcriptionist:

A transcriptionist is a person who converts either live or recorded speech into text. Professionals in the business, legal, or medical sectors often require transcription services.

In most cases, audio files are provided to the transcriptionist to convert into text suitable for printing, such as a report.

It can be a lucrative career option with appropriate training and networking skills. Being bi-lingual or armed with as many languages as possible will increase your chances of snagging transcription work.

5. List Your Home Or Spare Room In Airbnb:

If you have a spare room, or better yet, an empty home and love meeting people and making new friends, you can list them on Airbnb. There are travelers who prefer to give hotels a miss when they visit other destinations, and these people are your potential customers.

Airbnb takes care of the logistics, such as facilitating bookings and payments. If you fancy, you could even double up as a tour guide to the holidaymakers.

Side hustles are generally categorized by what you offer.

These may include:

Digital products such as eBooks and online courses.
Providing services like driving (Uber), graphic design, freelancing, and tutoring.
Selling custom-made products on sites that encourage small businesses like Etsy. Dropshipping is also an option, as is purchasing goods at wholesale prices and hawking them at marked-up rates.

Contrary to popular perception, building a side gig from the ground doesn’t take loads of time. The beauty about side gigs is that you commit to it how much time you can squeeze out of your day. Before you know it, you will have a successful second and maybe even a third income stream.

The most important thing is to take that all-important first step, with adequate planning, of course. Once you do that, it is entirely possible that your primary occupation will play second fiddle to your side hustle.