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Home Finance Personal Finance Expert Reveals the Five Key Benefits to Having a Side Hustle
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Personal Finance Expert Reveals the Five Key Benefits to Having a Side Hustle

by Uma Rajagopal
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Personal Finance Expert Reveals the Five Key Benefits to Having a Side Hustle

 

A personal finance guru has unveiled five key benefits of a side hustle to mark the launch of his guide on how to earn more cash.

Michael Dinich, founder of the personal finance and lifestyle blog Wealth of Geeks, is a big advocate of people finding side hustles to earn some extra cash alongside their other commitments. 

“In the recession in 2008, it was found that earning an extra $300 a month was the difference between staying financially afloat or suffering serious financial troubles. Just $300 could make such a difference to people’s lives. That is incredible. That is why I am such a supporter of side hustles. A side hustle could easily bring in $300 a month and probably a lot more,” he said. 

Michael’s five benefits to having a side hustle are:

  1. Relying on one source of income can be risky. Most successful businessmen and women have several incomes streams. Never put all of your eggs in one basket. If you have more than one source of income then if one is lost, you still have money coming in
  2. More money coming in means reducing debt quicker and the opportunity to start saving
  3. If money is tight, then the chances are people will not be doing all the things they really want to do in life. Extra money coming into the weekly or monthly coffers will allow them to take up hobbies or follow their passions
  4. A side hustle is a great way to learn new skills and experience that could be valuable in a career
  5. Many side hustle can turn into full-time earning opportunities and the chance to give up the day job. 

Michael’s top five benefits to having a side hustle have been revealed to mark the launch of a special guide on his blog Wealth of Geeks. Michael has pulled together 41 different ways to earn an extra income online, offline and from home.

“Sometimes people just need a bit of inspiration, so with the guide I have created, there is something for everyone. Whether you want to work online, from your couch or out and about. The key factor for everyone is, if you want to earn an extra income then you need to step up and take action. If you do that, then any of these side hustle options are possible and who knows where they can lead,” he added. 

 

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Uma Rajagopal

Uma Rajagopal has been managing the posting of content for multiple platforms since 2021, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune. Her role ensures that content is published accurately and efficiently across these diverse publications.