DON’T Start a Side Hustle if You Want to Be Rich

Hello! Yes, don’t start a side hustle if you want to be rich! You will not be able to build your wealth with a side hustle… unless you use it correctly. Side hustle itself will not make you a millionaire. But it can be a great tool to save more money, invest in yourself and move to the next level of building your wealth. In this post I will explain why taking a side hustle prevents you from getting rich and improving your life. I will also explain how to use a side hustle to change the game and change your financial life forever.

Welcome, my name is Dmitry Garbowski. On this website (FinancialConfidenceBlog.com) we talk about how to make more money, how to save money and how to manage personal finances. You are also welcome to subscribe to my YouTube channel.

Why am I saying “Don’t start a side hustle if you want to be rich”?

Becoming rich is very much connected to having skills and knowledge which differentiate you from the others. Let’s say you work at a standard job, working 8 hours a day, 5 days a week. This job is your main source of income. But the money is not enough, so you wonder how to make more money. You take a side hustle and work additional 4 hours a day to make extra cash. The only problem is that you still use the same level of skills which can’t pay you enough money. So, the only way for you to make more money is just by working more hours.

As a result, you have a little bit more money monthly. But you are super tired after working 12 hours a day! And you don’t have strength to do anything else or to get new ideas. After all, the life is not changing much. Sounds familiar? This happened because you took a side hustle without having clear financial goals. This is exactly why side hustle will not make you rich, it will only make you more tired.

However, it doesn’t mean you should not take side hustles at all.

There are several cases when you should take a side job to make extra money and solve your current problems. For example:

– If you have a debt. Of course take a side hustle and pay it off as quickly as possible

– If you don’t have an emergency fund. Absolutely, you should take a side hustle and earn additional money to build your strong emergency fund

– If you want to save more money for special purposes, like saving for vacations, saving money to fix a car, or to save more money to buy something that you want. Sure, take a side job to make extra money and do what you need

But all these reasons I mentioned before are not related to making you rich. They are related to fixing temporary problems.

Why you should take a side hustle to build your wealth? How can a side hustle help you to get rich over a time?

Now let’s see how to use a side hustle to help you build your wealth and become rich over a time. As I mentioned before, becoming rich is very much connected to having skills and knowledge which differentiates you from the others. How do you get such skills?

You need to invest heavily in your education and experience. Taking a side hustle can help you save more money for investing in yourself. So, if you already paid off your debt, created a strong emergency fund, and now you want to go to the next level and get rich, here is how you can use a side hustle for that:

Make Money With Side Hustle to Get Additional Education

Firstly, you may need to pay for some additional education, like Harvard online courses or other special training programs. This education will give you the knowledge and skills to stand out from the crowd. After taking these courses you will be able to get a higher paying job or start your own business. So, you take a side hustle for a few months, and when you have enough money, you drop the side job and focus on your education.

Make Money With Side Hustle to Get Additional Experience

Secondly, you may need some additional experience. Many entrepreneurs like to visit different exhibitions and events to meet new people, make contacts and get new ideas for their businesses. If you need something like that, you may decide to take a side hustle to make more money and use them to visit some exhibition or conference. Such experience can change your life forever and give you more ideas for what to do next in life. It’s a very good investment in yourself

Make Money With Side Hustle to Invest in Tools

Thirdly, you may need to buy some tools. If you already have necessary skills, knowledge and experience, you may still need some investments to start your own business or get a higher paying job. There might be a need to buy special tools or equipment. For example, you want to open a sound recording studio. You see a demand, you have the knowledge and you know exactly what to do, but you need to buy the equipment. So, in order to fulfil your dream you can take a side hustle for a few months and save money that you need.

In this case taking a side hustle will help you to move to the next level of building your wealth.

Please note that in all these cases I mentioned, taking a side hustle is a temporary solution to help you go to the next level.

Bottom line – don’t start a side hustle if you want to be rich!

So, don’t start a side hustle if you want to be rich. You will not become a millionaire by simply working more hours.

You need to have a clear plan of how to become rich, understand what is the next step, and how much money you need to accomplish your goals and make it happen. Taking a side hustle can help you make more money to fulfil your dream, if you know exactly what to do. Yes, side hustle will not make you a millionaire. But it can be a great temporary solution to help you invest in yourself and move to the next level of building your wealth.

I hope it helps. Have a great day and see you soon in the next post!