She is a 21 year old assistant manager at a local mental health charity head office during her weekdays; in the mornings, she takes her 4 year old twin siblings to school, assuming the role of their late mother, subsequently heading to her job in which she thereafter returns to her siblings’ school to take them back home. On her weekday evenings and Saturdays, Katie busies herself with her lash extensions appointments, almost matching up her income of her side hustle to her regular salary. Katie knew that she will have to look after her siblings for many more years to come, and certainly needed to take the pressure off herself. Katie wanted to be able to take them to school and give them the future she envisioned for them. She worked on her self-management, marketing and got herself an accountant. After 2 years, Katie had saved enough to open her own salon. Katie was able to move closer to their school, take them to holidays and afford their extra curricular activities. Katie successfully lifted the pressure off herself.
Katie is one of many millennial that are either inspired to, or compelled to start a side hustle.
A side hustle is an extra job or a small scale business, which allows individuals to earn an extra stream of income. Side hustles, as trendy as it may seem in the social media era, have become a necessary means of survival for the average working person.
In reality, Most people pick up side hustles because that helps them make ends meet. Nearly 70% of those with side hustles are doing so for financial reasons, according to a report by Betterment. The survey also found that a shortage of retirement savings is what leads 1 in 3 to look for extra income opportunities. It is almost being forced on people, as majority just do not get enough of an income at one job. To make the common situation even sadder, 87% of Americans lack passion for their jobs. To elaborate on that point, we spend 90,000 hours of our lives at work.
However, a side hustle does not necessarily mean a second job. It also does not mean it has to be a linear stream of income. A side hustle is most useful to those whose income is passive. That is when a lot of the burden is lifted and less time is being sacrificed.
Why you need to get yourself a side hustle
1. The added security it provides
2. Helps to diversify skills
3. Opportunity to test the waters
4. Anyone can do it
5. You can do it pretty much whenever you like
6. It could turn into your full time job
7. They can make you happier
8. You can pay off debts
9. It is nicer to retire early
I would suggest that you check with your employer’s HR policies, as some places forbid moonlighting.