Your Side Job And Extra Income.

Your Side Job And Extra Income.
Monday is not one of my popular days since reporting to work feels more like a punishment but because I have to ‘earn’ reporting to work is not an option. My career plan is to quit at the ripe age of 35 years and by then become self employed on a full time basis.

This has led to me trying out various ways to make a side income from a Matatu, a cyber café and other small ventures. Some have worked and others have cost me dearly.

Interesting enough, I have spoken to many friends and colleagues here at the office who have expressed that they too would like to earn some side income outside of their primary jobs, but most of them do not consider extra income to be a necessity.

In my opinion, side income is something everyone needs. Here are a few reasons why you should start building an income stream outside of your main job.

1. Personal Safety Net
Your side income can be your personal safety net against unemployment. Job security is really a thing of the past, and you should be prepared to lose that income at any time. In many ways, having a good side income is better than having an emergency fund, because an emergency fund will run out, but you can build your side income further if you lose your job. I have been fired once for a crime I didn’t commit. One end month we all got letters detailing the end of our contracts and from that time I swore never to be caught unawares.

2. Control Your Income
Last year I did not get a salary raise at my current job due to the economy. However, I did give myself a “raise” by increasing my side income. I have practically no control over the performance of the greater Kenyan economy and my employer, but I do have control over my side income.

Some of my colleagues and family members actually suffered salary cuts last year, and if they created some side income then they could have made up the difference and perhaps given themselves raises, too. Adding a side income gives you greater control on your finances and helps fight against the recession’s toll.

3. Have More Savings
This one is a no brainer. If you can earn more income and spend the same amount, then you will be able to save more and invest more. Every little bit of extra money will bring you closer to financial independence, and everyone could use more savings and less debt.

4. Use Your Time More Productively
Most people want to have some side income but never seriously pursue it because they are too comfortable with a steady salary and don’t have the motivation to do something extra outside of their regular jobs. Then there are others who simply do not know where to start. The most important thing is to just start something, and maybe one day that side income will replace your full-time job entirely.

What is your side income job?