The Importance of Side Hustle
I used pen names such as PAM Master or PAMpayamang Master, Newbie Mentor – the mentor of newbies in the stock market, CPA Mentor – helping students achieve their CPA Dreams.
Each pen names have a corresponding blog and truth also has a corresponding side hustle or extra income.
Why is it important to have a side hustle?
I have three important reasons of why you should start having a side hustle or sidelines. Those side hustles should create passive income which should exceed your monthly living expenses. It can gives you financial freedom and live a richer life in the future.
First, Multiple Income. We should not depend on only one source of income, like famous investors they diversified in different businesses such as real estates, mutual funds, stocks and other business ventures. Depending on one source of income is dangerous especially during rainy days or job laid off, termination, accident etc… I suffered 2 laid offs in the past 5 years, more or less 5-7 months without active income but my side hustles helped me with living expenses.
Second, Leisure or Family Spending. I spent Eid holidays in Millenium hotel Corniche courtesy of side hustle “Selling Imbutido” and pinoy delicacies by wifey and her sister.
Third, Future Pension Funds. This is one of the most important part of having a side hustle. If the side hustle will become a passive income money machines, it can be a pension funds like SSS, GSIS, etc.. My goal is to receive a minimum of 500k monthly passive income still far from my goal but I believed it’s a realistic goal.
How about you?
What if you can make your side hustle as full time gig or turn it into a real business?
Looking forward to your side hustle.
To God be the Glory!!!
Jonathan I. Ruiz CPA