I’ve said it before and I’ll say it again — the average millionaire has seven streams of income. Seven. Not just a 9-5 day job, guys — seven streams.
Let’s take a moment to let that sink in.
I often get asked, why not go back to work if you want an income? Why take on “side hustles?” I answer this question in my blog bio, but the long and short of it is the following:
- I love being a mom. I love being home with my babies and working around their schedules. Having one parent home has really improved our lives more than I can even say, but that’s a whole other blog post.
- I don’t like working outside of the home for others. This is something that I’ve learned about myself early on. I don’t like the confinement of having to show up at a specific location for a specific number of hours, day in and day out. I also don’t like other people telling me how many vacation days or sick days I’m allowed to have. I’m aware that this is my own personal flaw — trust me, I have many.
- I make a full-time income on part-time hours with side hustles — I have great ambitions to increase that amount even more as the years pass. It really just works for our family.
I’m a big proponent of having something for yourself — if anything, having something to call your own is good for your soul. The beauty of the side hustle is that it can look different for you depending on your passions and strengths. You can start a blog, open an in-home daycare a couple days a week, or join a network marketing company. You can quite literally work your side hustle around everything you have going on in life, whether it’s kids, a full-time job, or a little of both. I’m also sure you’ve heard other people talk about their “why” for having a side hustle — here is mine:
- To throw more money at my student loans above the minimum monthly payments
- To grow my kids’ college funds
- To have the freedom to splurge when I want
- To be able to travel more and have more date nights with my husband
- Because it feels really awesome to have my own income and be able to contribute to our expenses
Your reasons for wanting a side hustle might look different from mine, and so might your background and strengths. Since it’s pretty obvious that I’m a huge proponent of them, here are three key reasons why I think you should consider having a side hustle:
1. It’s Financially Smart. Remember above when we talked about the seven streams of income? I don’t know many wealthy people in real life that make their money from a single source. Sure, there are exceptions, but generally, a lot goes into that financial stability. There is passive income happening, too, often in the form of investments and other money that contributes to their bottom line. I also believe that you should never place all your eggs in one basket. When I was 13, I lost my father to pancreatic cancer. I watched my parents’ comfortable lifestyle deteriorate as my mom was left to raise me as a single parent. Life happens, and streams of income can shift. Sometimes they’re stagnant, sometimes they trickle, and sometimes they dry up altogether. We hear it all the time — jobs are lost, and life moves in a different direction. Side hustles are a fiscally responsible choice that help contribute to your family’s stability and financial freedom. They often don’t require much to start-up, either, so if one fails, you can always try another without too much of a loss.
2. They’re a great outlet to channel your passions. I have some incredibly smart, driven, and savvy mom friends who have their own great side hustles that are based around their passions and schedules. If you’re an esthetician but want to primarily be home with your kids, why not have your own side business? If you have a marketing background, consider freelancing and helping small businesses build their brands. Are you creative? Open an Etsy shop or other small business where you can work with your hands and your heart. Want passive income but don’t want overhead costs or having to deal with inventory? Consider joining a multi-level marketing company for some “fun money.” Whatever it is you’re passionate about, there’s a side hustle for that — and chances are, it’s going to feel really good to work your business.
3. You’ll meet new people and grow your village. Here in Austin, most of the moms that I’ve met are transplants. We’ve left behind families and friends to venture into the land of tacos and cacti. Having a business means dealing with people, whether that is your customer base or other professionals in your field. Finding your tribe is priceless, and some of the very best moms that I’m grateful to call my close friends were made in my side hustle adventures.
Now, I fully realize that side hustles might not work for everyone. They certainly have drawbacks — nobody is typically contributing to your 401K, and there is no such thing as paid time off. If you don’t work because you’re sick or give birth, you don’t get paid in some instances. However, for a lot of people out there — both working and at home — side hustles are a great option that can really give your family a lot of added flexibility.
What do you think? Have you considered a side hustle?