For many people, a second or part-time job is an excellent source of supplemental income. According to a 2017 study from Bankrate.com, more than 40 million Americans have a side hustle, ranging from working on freelance projects to driving for ride-share companies during weekends.
However, side hustles aren’t just for covering expenses. Here are three telling reasons why you should have at least one side hustle:
Earn extra money
Up to 28 percent of millennials are hustling on the side, according to Bankrate. Of that group, 25 percent are earning an added $500 a month. With many millennials in debt, it makes sense why many of them choose to moonlight. According to the Business Insider, the average American millennial is lagging financially because of student debt, high cost of living, and the financial crisis.
In today’s world, salaries are no longer what they once were. Though millennials have benefited from a 67 percent increase in wages since 1970, according to Student Loan Hero, this rise hasn’t kept up with inflating living costs such as home prices, rent, and college tuition fees.
On the other hand, if you’re not paying off debt, a side hustle can help build your wealth faster. Whether you want to max out your investment accounts or increase your emergency savings, making extra money can help you reach those financial goals more quickly.
An avenue for your passion
Unfortunately, according to Fox Business, most American workers don’t like their jobs. A side hustle gives you the perfect place to explore your passions. There are so many opportunities for freelance writers, designers, photographers, and bloggers right now. But if you want to become your own boss, you can create your own website and publish content that you can monetize. The possibilities are endless!
Pursuing your passion makes you feel good. According to a 2015 study published in The Annals of Behavioral Medicine, pursuing your passion lowers stress and contributes to your overall happiness. Scholars found that participants who engaged in hobbies were up to 34 percent less stressed than those who don’t.
Beef up the resume
Not only will you get extra money from doing extra work; you’ll also get valuable experience. For example, you want to apply for a customer-facing role, but don’t have much experience. Taking a part-time job in service or retail can help you gain the necessary skills needed for the role.
On the other hand, a side hustle can mold you into a multi-skilled worker. Multi-skilling can prove to be very beneficial and effective in the workplace, especially in today’s fast-paced nature of modern organizations. Multi-skilled workers provide companies flexibility as he or she can go beyond his or her immediate role and attend to other business needs.
Here’s how multi-skilling can benefit you:
- Greater job opportunity, flexibility, and collaboration
- Better growth prospects and employee development
- More competitive salary packages
- Increased job security
- Gives a deeper understanding of the Business as a whole
A side hustle not only helps you gain additional income and skills, but it provides an avenue where you can get creative and see where your passions can lead you. There are so many opportunities for a second job out there, so waste no time in seizing them today.