The side hustle is all the rage these days as a great way to earn the extra money necessary to get ahead…but is it really necessary?
An article over at CNBC.com is wondering the same thing.
The real answer is that it may depend on just what you’re trying to accomplish. In many cases, the side hustle is as much about hacking away at a dream sort of job to see if it can eventually gain enough financial traction to become your full-time gig.
In other words, yes, you need to make a little more dough, but why not try to do it by working at something that represents are genuine interest you have? Kill two birds with one stone, and all of that.
The other part of this is to be sure that if you are working extra to pay down debt, for example, it’s not problems like unfortunate spending habits that are really to blame for the fact you’re always behind the money curve. That’s a big part of what the CNBC article is getting at, and it’s a good point.
Side hustles to make even more than you’re making so you can have an extra-nice life, even more money saved, etc., can certainly be the way to go. But if you’re money management skills – or, more precisely, lack thereof – are really at the source of your troubles, then having more of what you’re wasting will simply give you more to waste.
A good piece of advice imparted by the article is to put yourself through a personal audit before you give up your weekends out of deference to your second job or side hustle. Track your spending. It sounds simple, it certainly sounds like common sense, but not nearly enough folks do it.
Bottom line - don’t be so quick to run out and kill yourself earning more money, if your real problem is that you cannot manage the money you already earn.
By Robert G. Yetman, Jr. Editor At Large