I was working full-time as a financial analyst after I graduated from college, but I wasn’t making as much money as I hoped for.
I had a large pile of student loans and the small payments that I was able to make each month just didn’t seem like they were bringing my overall student loan payment down at all.
I believe my student loan minimum payments were around $500 each month, which was a good deal of money when you also added in the fact that I had a mortgage to pay for, food, pets, utilities and more.
It didn’t seem like there was much leftover, and we were hardly saving any money.
One thing I knew that I had though was time. Even though I was working full-time and I was going to classes full-time for my Finance MBA, I knew I still had some extra time where I could work towards making extra money.
The next thing I had to think about was whether or not I wanted a part-time job. I didn’t really know much about side hustling at this time, as it was still a whole new world to me. I had my blog, but I didn’t start it to make money so I was still stuck in the “get a part-time job” mindset.
Below are the reasons for why I knew I needed a side hustle instead of a part-time job:
I needed something with a flexible schedule.
Since I was working around 50 hours at my day job and attending MBA classes around 14 hours each week, I knew I didn’t have much time to fit in a realistic part-time job.
Between commuting, my day job and my classes, I was busy around 75 hours each week. I would leave for work at 7 a.m., get off around 5:30 p.m., then drive straight to my night classes until 10 p.m. each day.
Finding a part-time job that would have been very difficult. I would have only been able to work on the weekends, and I knew that I didn’t want to work 7 days a week for months or years into the future. I still wanted to keep at least somewhat of a normal life.
This meant that I needed to find something with a flexible schedule.
I decided that online side hustling was something that I wanted to try. Working online was a big positive for me because I would be able to work from home, and I would also be able to create my own schedule.
I could work in the mornings before work, on my lunch break, after I got home from my night classes, and on the weekends.
Having a flexible side job was the best solution for me.
I didn’t want to work for someone else.
Since I was already working for someone else during the day, I knew I didn’t want to continue that with my side hustle. I wanted something that I could have to myself.
I wanted to be my own boss. Also, I wanted something that I could maybe one day grow into a larger business and have it become my career. I didn’t have a game plan in the beginning, but luckily everything turned out exactly how I would have wanted it to.
I didn’t want my income to be limited.
With a part-time job, there is really only so much money you can make. You are usually limited to an hourly rate, and there are only so many hours that you can realistically work.
I knew that if I had a part-time job, there was realistically only two days where I could work – Saturday and Sunday – since I had my day job and my MBA classes usually Monday through Friday. So that would mean that even with the best part-time schedule, I could probably only work 16 hours a week at a part-time job, and it probably would have been at or close to minimum wage
However, with a side hustle, your income isn’t as limited. You can create a product or a service that is valuable to potential customers. You may even be able to create something that is passive that continually earns you money.
The options are endless with a side hustle. There are just so many different ways to make money!
Would you rather have a side hustle or a part-time job? Why?