One of the themes that seems to circulate is that in order to find true financial success, you have to start your own business with the idea of eventually quitting your day job.
While many of us like the idea of working from home (often in our pajamas), a home business isn’t for everyone. Indeed, there are plenty of people who are just fine working for “the man” — and that’s ok.
Do You Really Want to Quit Your Job?
My husband teaches a couple of online courses for a local university each semester. The reality is that, if he wanted to, he could teach all online courses. He could work from home, and make decent money doing it. However, while he enjoys teaching the online classes, he doesn’t actually want to work from home. My husband enjoys interacting with others, and he likes going in to work. He wouldn’t be happy going in from 9-5, but he likes his four-day workweek, and the flexibility in his schedule.
I also know others who like more traditional work hours. They like going in for eight hours a day, and clocking out at night. They like that they can forget about their jobs while they are at home, and they don’t have to worry about whether or not they have enough freelance clients to cover all the bills each month. Other perks that people like from their jobs include health benefits, paid time off, bonuses, and other advantages, like on-site fitness and daycare.
There’s nothing wrong with enjoying your job, and there’s nothing wrong with climbing the career ladder for 20 to 30 years until you retire. As long as you live within your means, and contribute to your retirement accounts, you can become financially successful, and still live the lifestyle you want. There’s no rule that says you have to work toward quitting your job in favor of a home business.
What about a Side Hustle?
If you like your job, but want extra money, though, there are options. You can start a side hustle and earn money on the side. Plenty of people start side hustles as a way to fund vacations and other fun activities, as well as a way to pay down debt faster, or build up retirement savings. But starting a side hustle doesn’t mean that you have to let it take over your life, or replace your day job.
Indeed, for some, the idea of turning a side hustle into a full-fledged business is repellant. After all, it’s one thing to make a little money off a hobby you enjoy, doing it when you want, and taking the extra cash as it comes. It’s quite another thing to be required to make money from your hobby. For some, turning a side hustle into a business means the death of a fun hobby. Is it really fun anymore when you have to force yourself to do it, and when it has to be profitable?
For many, a home business is a great thing. I love working from home, and I love the control and flexibility it usually gives me. But not everyone likes to work from home, and not everyone is happy running a business. Figure out what works for you, and work toward your financial success in a way that makes you happy.