What’s going on my friends? Today we have a great topic on the blog, and it is to renounce the side hustle mentality. Why would I, a personal finance junky tell you to forget the side hustle? Because 1- it is a bit overrated, and 2- because you really do not need it if you focus on the personal finance basics from an early age.
Let me explain a bit more before some of you go crazy in the comments below. The side hustle is only needed if you are in need of cash to cover you for a variety of financial stresses. Like paying off debt, saving for a down payment, or to finally build up an emergency fund. Obviously the side hustle is important if you are facing a scenario I just mentioned, but keep in mind it will take away from much needed free time.
Life is a balance and if you work 40 hours a week at the full time job and then clock in another 20 hours per week at the side hustle it will diminish all the fun things you can be doing to live life. Granted if you are a single person and have gobs of free time then by all means go at it and hustle your heart away. Keep reading below to fully understand the meaning of forget the side hustle.
Forget the Side Hustle
If you begin from your very first job, saving 25% of all income you will be a ahead of most people. By doing this you will naturally take a percentage to fund investing and to fund emergency funds.
Avoid Debt by all means necessary as debt is the number 1 reason people get a Side Hustle in the first place. If you do not have debt your income should be enough to fund lifestyle and saving goals.
Slowly and Gradually build passive income sources to help you in the future. Extra income is nothing to laugh at and it will have your back if and when the time comes that you need it.
Well these are the basic principles why I think many millennials can forget the side hustle. By planning prior to getting trapped in the average American’s whirlwind of financial stress. As widely publicized the average student loan debt is 25K and the average credit card debt is around 8k. To happily say you avoided these financial norms is a feat you can be proud of.
If you happen to be 1 of the lucky few who already is going above and beyond the 3 personal finance tips above. I foresee an early retiree, if the person continues on the right path for 10 plus years. Money management is meant to be executed in this manner. Do not let others steer you wrong.
If anyone reading this is 21 years old and can effectively follow the steps listed within this post, I applaud you and congratulate the hustle you will make to avoid the forced side hustle in the future. Because the point of life is to live free without restrictions and by following the steps above you will set yourself up for freedom.