Building career or side hustle?

A 38-year-old male, I recently made a career switch and have just completed my first year as a contract staff in my current company. Although the learning opportunities are comparable to permanent staff, the benefits are understandably not as good.

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Fortunately, my current role is quite manageable, allowing me some spare time. Lately, I have developed an interest in building a side hustle and have already taken steps towards it. However, I find myself unsure of where to focus my efforts.

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Earning from a career offers more predictability, as I simply need to seek a job that pays better than my previous one. However, once I stop working, the income stream stops as well. On the other hand, a side hustle carries more risk, but if successfully built, it can provide lasting income. Ideally, I would like to pursue both, but being realistic, I may not have the energy to effectively manage both alongside my full-time job.

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I am content with a simple life and would even consider relocating to a country with a lower cost of living for retirement. I do not have any dependents, such as parents, a spouse, children, or pets, and I have no immediate plans to change this status.

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I would greatly appreciate any input or advice on how to strategize my situation.