Should You Have a Side Hustle?

Dear Fellow Survivalist;

One of the hardest parts of providing security for our families, is providing them with financial security. In the economy we’ve been living in, there’s no such thing as a secure job. Businesses rise and fall overnight; and even the traditional secure jobs, like being a teacher, aren’t as secure as they once were.

I’ve heard rumors of a pending financial collapse from one financial guru after another for years now; ever since the Great Recession of 2008-2009. About the only difference I can see is that more of them are saying it now, not just the occasional outlier. Whether or not they’re right or are just fear mongering is for the future to prove out. But by the time we know, it will have turned into history; potentially a particularly unpleasant chapter of history.

In the midst of all that, the average American family is living on 110% of their income. In other words, their debt is increasing and the inflation we’ve been suffering through only makes that even worse. All that debt certainly doesn’t add to our family’s financial security; if anything, it makes us even less secure. So, what do we do?

If our outgo is greater than our income, there are only two options to get things under control. The first is to reduce our outgo, which isn’t a bad idea anyway, even though it is often hard to do. But there’s a second option too; that’s to increase our income. No, I’m not talking about asking the boss for a raise; that doesn’t work. What I’m talking about is creating some sort of a side hustle; a small business that you can run out of your home, in your spare time.

Now, before you try telling me that you don’t have any spare time; if you spend any time sitting in front of the television, you have spare time. For most of us, it’s a matter of how we use our time, more than whether or not we have it. That’s for you to decide.

A side hustle or home-based business can be a great way of augmenting your income. Some people have done so well at it, that it became their full-time jobs, leaving behind whatever they had done before. That’s not to say that you’ll be that successful; but the possibility does exist. Even if all it does is add an additional 10 to 20 percent to your income; that’s success enough.

The question becomes… just what can you do? There are lots of potential answers to that question, ranging from selling products online that you buy in bulk to making handicrafts to put on Etsy. If you work in a field where your professional knowledge is in demand, there’s also the possibility of doing some consulting on the side.

One thing I’ve learned about side hustles, is that it has to be something you enjoy doing; at least enough that you won’t dread having to work it. It’s always easier to work at something you enjoy, so your hobbies might be a good starting point. Is there something that you do, which others would be willing to pay to get?

Regardless of what you decide to do, you need to make money on it. That means running it like a business. Granted, you may need to spend some money at the beginning, getting it started; but you’ve got to reach a point where you’re spending less than you’re making. That’s what sets a side hustle apart from being just a hobby. Hobbies can be expensive; but if you can make money at them, then you actually get others to pay you to do your hobby.

Besides the added income you will receive from your side hustle, there’s an additional layer of financial security. Should something happen to your min job, you’ll have something to fall back on. It may not make as much money as your job does; but at least you will have some income. And who knows; there’s always the possibility of turning that small business into your main source of income. In that case, having started it out as a side hustle will give you a head start, because of the work you will have already done, establishing the business, your reputation and a clientele.

Security comes in all forms; not just keeping your powder dry and your survival gear close at hand.

Dr. Rich