Remaining in the same spot forever is not what most of us strive for, especially in this day and age. Looking at how others are living their life, especially through the lenses of social media, is frustrating.
Happiness cannot be bought, but money can make everything a lot easier. Therefore, it is only natural that the bigger the numbers in your bank account, the happier you are. But that is certainly not the only reason why looking to make more than what you are getting right now should be a priority.
Stagnating Wages
As far as buying power goes, you should consider yourself lucky if you are breaking even with your wage. The increase in prices is faster than what most people get in raises.
Add inflation and the possibility of another economic crisis looming out there, and you have a perfect combination of why some are looking to start print on demand businesses on Printify or similar e-commerce ventures.
Overall Cost of Living
The increase in real estate prices is one of the best indicators that prices are going up at astronomical rates, and keeping up with them becomes an impossible feat. It does come down to where you live, but getting a place of your own without taking a loan is more or less impossible.
Another thing to note is that renting is also becoming more expensive, not to mention that it is difficult to find a decent place, to begin with. And this is just real estate.
There are almost zero chances that things will be changing in the future, making it even more important to find that extra source of income.
One of the feasible methods to earn extra money almost passively to counteract the increasing overall cost of living would be to start a dropshipping venture. You could consider using tools like Oberlo together with the Shopify platform to automate your store and make everything easier.
Single Source is Plain Bad
A good example to strengthen the point of “single is bad” would be your own body. If one thing begins to malfunction, your entire system will go down.
Employers tend to look for individuals who are capable of doing more than just one thing in case of emergency as well.
Having one income just makes no sense. It traps you, leaving little to no room for failure, which can happen when you least expect it.
Mitigating such risks is the one and only way. Look at the smartest and richest people in the world. Almost all of them have multiple businesses that create different streams of income. And even those who work with only one venture still make sure to have savings for at least 6 months.
Time to Money Ratio
Hourly rates vary depending on the job. However, the further you go from a typical occupation, the more apparent it becomes that freelancers and side hustle ventures make more money per hour.
All you need to do is finding that perfect micro-niche which you can perfect to a point where it becomes more than just a hustle, especially if you continue to pursue it past the initial success.
It’s a Learning Experience
Having no expectations and hopes will leave you in a very bad spot. Sooner or later, you will start feeling like everything is a waste of time, even more so if your current job does not provide any opportunities for self-improvement.
On the other hand, if you take a proactive approach and start learning things on your own, it could potentially end up as a life-changing experience.
The more you find out about making money without the help of others, the more your competence will grow. If you can build an impressive project from scratch, you will be able to put it on your resume, which makes finding the next and better-paid job easier.
Sense of Satisfaction
Having to start from zero and actually achieving something like creating a passive source of income is extremely satisfying. It will be an eye-opener and one that will boost your confidence going forward.
Turning it into a Full-Time Gig
A lot of entrepreneurs will tell you that they have started with a small project at first, not really expecting to make a lot of money. However, over time, they have realized that this can become more than just a side gig.
If you reach a point where it is making you enough money and there is no cap as far as profits go, going all out and ending up with a job that you actually love is not something out of a realm of impossibilities. When you get to that point, it’s important to consider the legal stuff like registering your business and thinking about taxes. Starting an LLC or S-corp will shield you from potential issues down the line.
In a word, it should become clear why so many people are looking to start a side hustle, no matter how small it might be at first. The current lifestyle of an average person takes a big toll on their bank account, and if you add the anxiety about an uncertain future, it becomes even more obvious.