06 Mar Why You’ll never Get Ahead without a Side Hustle
Living Paycheck to Paycheck
The financial system is stacked against you! You’ll never get ahead without multiple streams of income! If it seems like you just can’t get ahead financially, you’re certainly not alone. Having a full-time job is no guarantee that you’ll be able to pay your bills, save money, and invest in your future. People are working more hours, losing more family time but still finding it harder and harder to get ahead financially especially on one source of income.
In fact, 61% of people in the United States are living paycheck to paycheck.
That’s a huge number of people who don’t have financial security. And if you feel like the entire system is out to get you, I have bad news — it is.
The poorer you are, the more you pay for virtually everything. This makes it nearly impossible to break free of the vicious cycle of fees that compounds against you.
But I wouldn’t write all of this just to stress you out even more and to tell you that there’s no escape. There definitely is.
But I promise you, it’s not impossible. Even though it definitely seems that way sometimes.
Why You Can't Get Ahead Financially
The most likely reason why you can’t get ahead financially is that you spend too much of your income just paying your bills. When bills, and debt repayments, add up to your monthly income, it prevents you from ever getting ahead.
But trust me. Your situation is not hopeless.
The first ten years of our marriage, Kim and I were both working and still living paycheck to paycheck. Kim finally let her entrepreneurial spirit fly, quit her 9-5 job and started her own accounting business. This allowed her to be her own boss, grow her business as she wanted to and enjoy all the profits from her work.
Kim’s side hustle allowed us to have extra money at the end of the month. We were able to pay down debt, start an emergency savings fund and even start saving for retirement. All from starting a side hustle which turned into a full-time income!
It is possible to get ahead financially, but you need to start another source of income. Even when it seems hopeless, you just need to make a change in your life…a side hustle change!
The Realization for Change to Get Ahead
The majority (90%) of Americans say that financial issues have an impact on their stress levels, according to a study from Thriving Wallet. Many of us live with financial stress for years, but finally one day we just get sick of the stress and the paycheck-to-paycheck cycle of despair.
Once you realize that a change is needed, next you realize that change is scary, and you freeze. The first thing you need to overcome fear is to understand fear and understand why change is so scary.
Neuroscience research teaches us that uncertainty registers in our brain much like an error does. It needs to be corrected before we can feel comfortable again, so we’d rather not have that hanging out there if we can avoid it.
We also fear change because we fear that we might lose what’s associated with that change. Our aversion to loss can even cause logic to fly out the window. This is why research shows that gamblers at a horse track who are having a losing day will start betting on long shots.
Make a Plan for Change
So now that you understand why change (fear) is scary, how do you move past the fear and make the change (start your side hustle) You need to make a plan for your change. Once you have a clear plan, this will calm your mind, help you face your fear, and help you start your successful side hustle.
Final Thoughts
Your side hustle will help you earn extra cash each month so you can finally get ahead! But it can also help you develop new skills, build your personal brand or portfolio, and achieve financial freedom.
So, have fun with it! Take a risk by starting a business or pursue a new hobby you’ve always been curious about. A side hustle is your best opportunity to work your passion.
Extra money, and new skills, will help you feel incredibly proud of yourself. Providing financial security for your family and experiencing the stress melting away are just two benefits of your side hustle. Imagine the next time you have an emergency expense, and you pay it off quickly with your emergency savings fund!
2 Comments on Why You’ll never Get Ahead without a Side Hustle
What a material of un-ambiguity and preserveness of valuable experience on the topic of unpredicted feelings.
Hi Shavonne,
Thank you for commenting. We always work hard to provide useful and relevant content. If you haven’t already, be sure to subscribe to our site (there should be a pop-up that appears on the screen, or you can click on the red button at the top of the page), so you will receive updates and see our new content when it is posted!
Sincerely,
Fred & Kim ~ The Biz Wizards