Wikipedia defines side hustle as “A side job, also informally called a side hustle or side gig, is an additional job that a person takes in addition to their primary job in order to supplement their income. “
Why can’t I just focus on my primary job?
The hard truth is that you may LOSE your primary job. There could be numerous reasons for such eventuality – economy, changes in technology, fallout with your boss, you are forced to eat “dead cat” or you are simply not required in the firm anymore. Having a side hustle is like having a backup plan just in case that you are being retrenched.
What sort of side hustle should i be working on?
My views are as follows
- Something that does not distract your primary job
- Something that you may be passionate
- Something that you can work on a part-time basis
- Something may be able to make some money (may not be consistent source of income, but definitely that has the potential to make money)
- Something that may be in trend / aligned with latest technological developments
For example, I aspire to have the following as my side hustle:
- Part-time trader / investor
- Having a consistent / sustainable trading / investing methodology to deal with domestic and global markets
- Subject matter expert (mid term) and inlong term to provide financial education / consultation in the area of investing / trading
Where do I start? How should I start?
Start by asking yourself – what do you want in life? Can I do something complementary to (i) primary job; (ii) aligned with my passion / also can make money? Take little steps and go for low hanging fruits first. Do some research and have some rough macro-plans to implement the side hustle. Do consult the experienced people in the industry / segment for further guidance. Do you need to take up an additional course (e.g digital marketing, etc)? Have a clear cost-benefit analysis for the side hustle. Don’t overspend time on things that you don’t see the light at the end of the tunnel. Find success stories, but beware of survivor bias issues.
Remember – you never try, you never know.