Side hustles are not a new concept but their popularity has boomed partly thanks to the new generation of workers who are looking for a more flexible work environment and the pandemic, which forced many people into finding alternative ways to make money. A 2021 survey from Dollar Sprout shows that 57% of Americans actively work on a side hustle of their own.
Join us as we delve into the fascinating world of side hustles! In this article, we’ll explain exactly what side hustles are and why you might benefit from having your own. Learn why side hustles have gained such interest as well as their key benefits! So come with us as we take an intimate journey into their existence!
Table of Contents
What Is A Side Hustle
A side hustle put simply is a method of making money outside of one’s full-time career. Whether it’s a hobby or a form of secondary work, side hustles provide people with a way to make extra money outside of their contracted hours. Side hustles can include many things such as weekend jobs, a business, social media content, music, art, and much more.
Why Are More People Using Side Hustles
As technology and the world around us advances so does our relationship with work. Many companies’ working hours have become much less fixed and regimented, while commuting times have reduced. For many people, there is even an option to work from home if their job role allows it. These factors have led to workers having more time for themselves and therefore more time to put into their passion project or side hustle.
As previously discussed, side hustles are nothing new; however, with the recent pandemic more people have realized they don’t need to settle with what their current jobs offer them financially and consequently more people have taken up side gigs so as to increase their income streams – increased interest in finding side gigs has increased greatly and many individuals now seek them as means of making additional funds available in an attempt to generate greater earnings potential from any endeavor they are involved with.
What Percent Of Workers Have A Side Hustle
Here are a few interesting statistics that show the overwhelming popularity that side hustles have received:
- 34% of Americans have a side hustle
- 61% of Americans believe you need a side hustle
- 43% of full-time workers have a side hustle
- 50% of millennials have a side hustle
- 70% of Gen Z have a side hustle
- There are more than 57 million Americans who perform gig work
The Benefits of A Side Hustle
In this section, we will go over some of the greatest benefits of having a side hustle so that you can decide whether a side hustle would be worth it for you.
Increased Financial Security
Even if it means earning less, a side hustle will increase your financial security by augmenting your income. A side gig could provide extra pocket money or serve as an income replacement to pay down debt faster, save more for retirement, or cover other financial obligations more efficiently.
Side hustles can also provide invaluable protection in case anything ever goes amiss with your full-time employment; in case anything does arise that requires finding another full-time position quickly. A side hustle provides workers the chance to earn extra income and thus become financially stable more quickly.
More Flexibility
One of the side hustles greatest benefits is that side hustles are inherently optional by nature. Unlike your full-time job, if you have had a stressful week or need a break you can choose to reduce how much time you spend on your side hustle by as much as you want. You can even decide to not work on it at all. You have complete control over this work and therefore can be off whenever you want. Some side hustles are more flexible than others but once again you get to decide which side hustle you have, so make sure to pick one that fits around your daily schedule.
Work On Your Passion
Passion projects do not typically pay as much as side hustles that center around part-time or gig work. Side hustles can be more enjoyable and fulfilling. If you have an idea or hobby you love that doesn’t threaten to deprive you of income, exploring it as a side hustle could be ideal. Should any profits accrue from such ventures, that would add yet more financial security while giving back to its improvement – making for a win-win dynamic all around!
Examples of passion projects may include developing a business idea, playing music gigs on weekends or playing gigs every other weekend for extra income, running YouTube channels featuring your creations for sale via Etsy game development, and much more. With enough dedication from followers on your side you could even turn this project into your full-time occupation! Which leads us perfectly to the next benefit.
Make A Career Change
Making career changes can be very difficult due to the precarious nature of financial security. You may be in a position where you’re not able to leave your job due to the lower income a career switch would provide. Side hustles allow you to build up an alternative career before leaving your current job. It can also provide opportunities to learn new skills and build up a portfolio in whichever field you decide.
Summary
There are so many great reasons for you to start your side hustle today, and in today’s climate, there has never been an easier or more accessible time to launch one! Thanks to side hustles popularity it has never been simpler or faster for people like yourself to embark on this path towards financial security and flexible work options – don’t put off taking that first step to financial freedom any longer – start yours now.
