3 Side Hustles You Can Start to Help You Get Out of Debt Quicker

Image result for side hustle ideas

In the era of the gig economy, the side hustle has become a popular way for workers to start their own businesses. Unlike previous decades, there are many opportunities for side hustles, including online businesses, consulting, and the sharing economy. When people start side hustles they feel passionate about, they often find a way to turn them into a full-fledged business.

American workers are plagued by debt. Student loans, car loan-, mortgage-, and credit card debt are at all-time highs. The reason is obvious: too many people are living paycheck to paycheck. When your financial security is constrained to a two-week time window, saving becomes impossible and debt becomes inevitable. After all, you have to live somewhere, have transportation, and unless you dropped in from another dimension, you've got to eat. Living paycheck to paycheck means you have to finance these essentials and hope to keep your job. When a financial emergency arises or if you can't make ends meet, credit card debt and payday loans are often the answer, and they make things worse in the long run.

For millions of Americans, the way to break out of this cycle of debt is taking on a side hustle. A side hustle differs from taking on a second job. Though moonlighting at a second job might put a little extra money in your pocket, it does nothing for your future. It also tends to wear you down rather than energize you.

A side hustle is a business you start. You're the boss. You control your hours, your activity, your goals. The most successful side hustles are ones that you are interested in. A good side hustle is something you feel passionate about. It's something you look forward to doing.

How to Choose

As explained on Credit.com, the first question to ask yourself should be: what skills can you utilize? Are you a professional who can go into consulting? Are you an artist or performer? Do you like dealing with people? Next, consider what market exists for your skills. Finally, consider how quickly you need to make money.

Successful Side Hustle Options

Freelance Consultant

As a consultant, you can use your professional skills to make money in your own business. For example, many human resources professionals have found that a number of small businesses need HR consulting. The business may be too small for an HR department. HR duties may fall on the owner, who is busy with other priorities. An HR consultant can advise the owner on HR issues and policies and create important documents, such as an employee handbook.

Businesses need consultants from a variety of backgrounds, such as accountancy, graphic arts, marketing, finance, education, economics, advertising, information technology, and many more. Getting started as a consultant takes some planning. You need to understand your market and how to gain clients. For information on how to build a career as an independent consultant and see examples of success, visit Consulting.com.

Sales

Are you a salesperson who wants to make it on his or her own? Salespeople are an independent bunch and many long for an entrepreneurial career. Independent sales reps can make big money. Many salespeople find lucrative independent sales gigs that they can start on a part-time basis. Salespeople often find independent rep opportunities in industries where they have vast experience.

Trading

Trading stocks, bonds, options, commodities, and binary options have become side hustles for many people. If you love investing and don't mind the risk, this can be a great side hustle. Exchanges like NADEX provide platforms where investors can start with just a few hundred dollars.

The sharing economy offers great side hustles for people who need quick money. Driving for Uber or Lyft or renting your place on AirBnb while away can yield some much-needed funds. Those funds earned in the sharing economy could then be invested in another side hustle or business, giving you more freedom and financial security.

Author Bio: Adrian Rubin is a digital nomad who originally started his graphic design business as a side hustle. However, now the business has grown into his full-time career.



Do NOT follow this link or you will be banned from the site!