These days, whenever the topic of money comes up, one term we hear frequently is "side hustle." On social media, we see people freelancing alongside their jobs, selling goods online, creating content, or running small home-based businesses. Seeing this, we sometimes feel that relying solely on a single salary might not be the best approach and that we, too, should create an additional source of income.
However, I believe that before thinking about a second income, we need to know how to manage the income we are already earning.
Personal finance isn't just about making massive investments or understanding the stock market; sometimes, it simply means knowing exactly where our monthly salary is going.
Consider someone earning a salary of ₹30,000 who, by the end of the month, doesn't even realize where the money was spent. In such a scenario, even if they started earning an extra ₹10,000, it wouldn't necessarily improve their financial situation. That is why, in my opinion, financial discipline is more important than a side hustle.
That said, this doesn't mean we shouldn't pursue a side hustle. If we possess a skill that allows us to generate extra income alongside our job or studies, it can be a great thing—skills like freelancing, tutoring, designing, writing, video editing, and many others.
However, many people start these ventures simply because they are influenced by others. For instance, we might see someone on the internet generating a substantial extra income through freelancing or influencing, and we decide to start doing the same out of inspiration. Yet, that initial enthusiasm often lasts only for a few days. After a few days, we often start losing interest in that activity.
Before starting anything new, we should consider our own interests, health, and time availability to ensure we can actually spare the extra time required.
It is easy to be influenced by someone's income or lifestyle, but we often remain unaware of the pressure and hard work that lie behind it.
Yes, a side hustle can help us become financially strong, but understanding personal finance helps us realize why we actually need that extra money.
Personal finance isn't about finding a way to get rich overnight; rather, it is about understanding our expenses, managing our current income wisely, and gradually moving towards financial freedom. After all, while earning more is good, managing the money we earn is even more important.
Everyone has their own financial situation and acts accordingly. What works for me might not work for you, and vice versa; therefore, we should make decisions carefully.
