Side Hustle
Definition
A side hustle is an additional job or project taken on outside of one's main employment to earn extra income.
Detailed Explanation
Side hustles allow individuals to generate supplemental income or explore passions that may not be related to their primary career. Unlike part-time jobs, side hustles offer more flexibility and autonomy, often aligning with personal interests, skills, or hobbies.
The rise of the gig economy and digital platforms has expanded opportunities for side hustles, enabling people to find work that suits their schedule, lifestyle, and income goals.
Common side hustles include freelance work, online selling, consulting, content creation, and more. Engaging in a side hustle can also serve as a way to develop new skills, build a professional network, and potentially transition into a new career path.
While managing a side hustle alongside full-time employment requires time management and dedication, it can provide financial stability, personal fulfillment, and an entrepreneurial experience.
Example
Kevin, a full-time teacher, starts a side hustle as a freelance graphic designer during the evenings and weekends. He uses his design skills to work on projects for clients he finds through online freelance marketplaces, earning additional income while pursuing his passion for design.
Key Articles Related To Side Hustle
Related Terms
Gig Economy: A labor market characterized by the prevalence of short-term contracts or freelance work as opposed to permanent jobs.
Freelancing: Working as an independent contractor to provide services to multiple clients.
Passive Income: Earnings derived from a rental property, limited partnership, or other enterprise in which a person is not actively involved.
Entrepreneurship: The activity of setting up a business or businesses, taking on financial risks in the hope of profit.
Frequently Asked Questions
How do I start a side hustle?
Identify your skills or interests, determine the type of side hustle that fits your schedule and goals, and begin marketing your services or products.
Can a side hustle become a full-time job?
Yes, with enough growth and profitability, a side hustle can transition into a full-time career.
Do I need to pay taxes on income from a side hustle?
Yes, income earned from a side hustle is taxable, and it's important to understand and comply with tax regulations.
How can I manage my time between a side hustle and a full-time job?
Effective time management, setting clear boundaries, and prioritizing tasks are crucial to balancing both commitments successfully.
Editor: Ashley Barnett
