Between student loans, rising gas prices and soaring rents, how many of us have extra cash lying around for a rainy day? Every day we’re bombarded with articles on the financial struggles of millennials; no matter how much wages increase, the cost of living, housing and education will always rise faster. With all these financial burdens, millennials are forced to become savvier with their money.
Years ago, it might have been acceptable to have a 9-to-5 job. But in today’s job market, having a side hustle isn’t optional, it’s mandatory.
Here are 5 reasons why you (and everyone) should start a side hustle immediately.
Don’t put all your eggs into one basket.
Some people are lucky enough to always have a job. They seamlessly transfer from company to company or stay in the same corporation from entry level to retirement. Except, most of us are not that lucky. At one point or another, you might find yourself in an unpredictable job market and lose your main source of income.
With no side hustle, the Average Joe is going to suffer a huge deficiency in his finances. The loss of a single income will leave him weak, defenseless and desperate. On the other hand, a smart individual would have had multiple revenue streams. Yes, losing the full-time position would hurt, but it wouldn’t be the end of the world.
Pay off the debt.
Nowadays, it’s hard to find a millennial with zero debt. A side hustle might not blast away all your financial anxieties, but it’s good starting point. Even if debt isn’t on your mind, extra income can bring you closer to fulfilling your goals, whether it’s your mortgage, kids’ university funds, or vacation with your significant other.
Build your skillset.
Everyone is creative in some way or another. You may dabble in website design, cooking or blogging. Whatever your talent may be, a side hustle is the perfect opportunity to explore your interests and broaden your skillsets. Stepping outside your comfort zone will help you adapt and learn new skills more efficiently. Your newly acquired skills will make you more valuable to any employer.
Personal time is nice, but so is extra income.
After a hard day’s work, most 9-to-5-ers just want to go home and relax in front of their Netflix. We come up with millions of reasons why we can’t go to the gym or clean the house. How many of us have moaned, “I don’t have time”? But of course, that’s not true. When it comes to things we love, we always manage to find the time to do it.
Unlike housework, side hustles can evolve from your passions and hobbies. You can be watching a Netflix marathon while mindlessly crafting 100 wedding invitations. Before you know it, you’ve made a couple hundred dollars! When you find the side hustle that fits your lifestyle and interests, it won’t seem like you’re sacrificing valuable personal time.
Someday it could be your full-time job.
Starting a new business can be a frightening notion. There’s so much risks and responsibilities, especially when the economy is unstable. That’s when a side hustle comes in handy. Without having to jump straight off the diving board, a side hustle lets you dip your toes into the shallow end of the entrepreneur pool. Why leave a steady job for your passions when you can have both at the same time? And who knows? Your side hustle might become your future dream job.