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.
D. Dixon says
I totally love this. The idea of the side hustle is beyond true. I used to be a side hustler and then I was one of those who just had to admit that it was more than a desire for the side job. Thanks for this post
Ti Roberts says
Great piece. I think that if you hope to one day eventually turn your side hustle into a full blown business, you should keep your regular 9 to 5 to fund your hustle. By investing some money into your hustle it can help it turn a profit much quicker and soon you’ll be using the income from your side gig to fund itself – allowing you to scale up extremely quick and 86 your job in no time. I’ve seen this work so many times, especially for online blogging type businesses.
I was thinking about this the other day and realized while making a huge income from my side business would be great, I wouldn’t really want to have nothing to do all day. I like having a schedule, even if I hate commuting and staring at a computer sometimes. Having 24 hours to myself might be a little much.
Wayne @ Young Family Finance says
Great points. I also love the use of the term “side hustle.” It makes me feel as though I am some sort of vigilante by blogging on the side. :)
Jules@Faithful With a Few says
You are right that everyone is different. I loved working around people, but now that I’ve been home with my girls for 3 years, the idea of going back to a schedule without flexibility(an elementary teacher) sounds a lil overwhelming. I hae a few years to decide what exactly I will be doing:)
Sarah Park says
I have to admit I quit my job last year to be able to focus on my freelancing. Though, this is not the main reason. I’m glad things turned out well.
Pawel Ciszewski says
I quit my job when I was 18 to go on my own into the internet world.
Best decision of my life. Even if you make less money working on your own its 1000x better.