Having a Side Hustle Is No Longer a Choice, It’s a Necessity

Last week, 30,000 Los Angeles public school teachers were on strike. As the government shutdown enters its fifth week, 800,000 federal workers continue to be affected, having missed their second Paycheck and are even turning to food banks in order to eat.

One of the motivating factors for entering into professions in teaching and the government is stability. However, the first few weeks of 2019 have shown that even the most stable industries can be unstable.

According to Passive Income, M.D., having multiple sources of income is the most efficient way to build wealth. On average, millionaires have seven streams of income. While not everyone can or may even want to have seven streams of income, the events of the last few weeks have shown us that having more than one is no longer a choice, but a necessity.

Different cultures and generations have varying attitudes towards spending and saving money. On the one extreme are those who believe in spending every penny they earn, while on the other extreme are those who only spend on what they absolutely need while saving the rest. How do we strike a balance between these two extremes? The answer might lie in having additional income sources, the earnings from which you do not spend.

So many Americans today are living paycheck to paycheck (the percentages vary according to the source, though they range from 46% to 80%). This need not and should not be the case. During periods of time when we are not earning, either out of choice or out of circumstances beyond our control, it is necessary to have a pot of savings from which to draw. While how much one should have saved depends on a variety of lifestyle factors, a good rule of thumb is to save between three and six months’ worth of expenses. This pot of savings can come from having a side hustle.

Breaking the cycle of living paycheck to paycheck starts with teaching the youngest kids how to effectively save and manage money. Therefore, side hustles need not be just for adults, but also for children. Children should work with their parents to seek opportunities to earn money, whether it be through chores or household tasks, producing and selling products, or providing services. They can start accumulating financial savings from a young age and continue doing so into adulthood.

Every single one of us, no matter who we are, where we’re from, or what our life circumstances are, has some valuable Knowledge, skills, or experiences to share. These knowledge, skills, and experiences can be of benefit to others and can and should be monetized starting from a young age. People anywhere in the world can use Konversai to bring in extra income sharing what they know on any topic of interest through one-on-one live video conversations. Konversai is your one-stop shop for any and all personal human knowledge connecting knowledge providers and knowledge seekers. On Konversai, children as young as 13 can make use of their strengths by tutoring younger students globally, whether it be in an academic subject, a foreign language, a musical instrument, or something else entirely. Or perhaps a high school student is looking at a particular college and would be willing to pay to talk to a current student there. These youth could charge however much they feel that their time and knowledge is worth. A stay-at-home parent or parent who is only working part-time could also make use of Konversai in order to contribute to the family income without sacrificing the time and flexibility to care for their kids. Similarly, a retired adult has accumulated a wealth of knowledge and experience throughout the course of his life, and the unfortunate reality is that more often than not, this knowledge is not put to good use. However, there are probably hundreds of thousands of people who could benefit from what this retired adult can offer. He, too, can charge for his time, allowing him to earn an income even into retirement.

Users on Konversai are encouraged to be both knowledge providers and knowledge seekers on any and as many topics as they wish. No matter your role in the session, whether as a provider or a seeker, you are sure to have an enriching experience. Join Konversai today and take the first step towards enjoying financial freedom regardless of your current employment status.

By Pavita Singh

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