Here’s what to consider before staring a side hustle - Verve Times

Summary

Side hustles have become an increasingly popular way to boost income.

But are they necessary to reach financial freedom?

Side hustles have become an increasingly popular way to boost income.

But are they necessary to reach financial freedom?

“The answer is no,” said Gorick Ng, author of “The Unspoken Rules,” adding that there are plenty of people who don’t have side hustles and have achieved success.

Still, Ng is in support of those pursuing a second gig. While they are not necessary for financial success, they are often desirable, he said.

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“There is more to life than just a single W-2,” he said, adding that he sees people using side hustles to fulfill many goals from financial freedom to learning new skills or having a creative outlet.

Setting expectations

Before deciding to pursue a side gig, people should establish their goal, whether that is to earn more money, explore a creative outlet or build skills that they aren’t using in their full-time job, Ng recommends.

If your goal is to make more money, a side hustle might not always make the most sense, said Paula Pant, host of the podcast “Afford Anything” during CNBC’s Own Your Money (…Before it Owns You) event on Thursday.

If your main job is in a high-paying profession, it may be a better use of your time to go for a promotion or consult within your area of expertise instead of launching a side gig that’s entirely different.

“Choose whatever is the most time-efficient and energy- and spirit-efficient way of earning more,” she said.

Here’s what to consider before staring a side hustle - Verve Times
Photo Credit: Verve Times

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