Having a diverse base of income will always be termed as a blessing. Conventional logic suggests that diversification not only reduces risk but also increases the chances of garnering wealth more than a single source of income.
In my case, if I had been lucky to inherit a tangible asset that ensured a recurring and stable income, I would not have felt the need to write this blog.
Some facts about a side hustle and its relevance:
A. A side hustle is not just about minimizing risk. It is a pre-requisite for effective personal financial planning.
B. A side hustle is about something that is an extension of my skill sets that could be monetized.
C. A side hustle is not just inheriting a tangible asset that assures a stable income.
D. A side hustle is an expression that may define our personality completely.
E. Side hustle may be an experiment to prove to oneself about alternatives to the perceived high dependence on a single source of income.
F. Success from a side hustle is a phenomenon of ‘Law of Large Numbers’ with a probability of success as less as 10%.
G. All of above is a Gyan if it does not cajole anyone to try implementing any of their ideas to be a side hustle.