Side Hustles are the New Normal- Here’s What You Need to Know
The Modern Employee’s Concerns
According to a recent study from Business.org, over sixty percent of Americans are concerned they’re being underpaid. It’s a valid concern. Reports from the Economic Policy Institute show that employers underpay their employees by about fifteen billion dollars each year through overtime and misclassification violations.
The pandemic coupled with inflation has done a number on the sense of job security among American employees. The fear that people will lose their jobs and fail to keep up with their monthly bills or even take care of their families is too much to bear.
[ilembed type=”TDJ_CTA_CreditScore_CreditScore” target=”TDJcreditscorecta”]
data-objects
adtype=cta
[/ilembed]
What Is a Gig Economy?
According to Investopedia, “A gig economy is a labor market that relies heavily on temporary and part-time positions filled by independent contractors and freelancers rather than full-time permanent employees.”
There are a variety of positions that fall into the gig bucket such as driving for Uber, working at the local coffee shop, or even writing freelance articles.
[ilembed type=”TDJ_Banner_CreditScore_CreditScore” target=”TDJcreditscorebda”]
data-objects
adtype=banner
[/ilembed]
The Rise of the Gig Economy
Thanks to the “Great Resignation,” an ongoing trend among employees who have chosen to voluntarily resign from their jobs in large quantities beginning in early 2021, the gig economy has erupted. The truth of the matter is that most full-time jobs don’t offer the ultimate flexibility and compensation that employees feel they deserve. With the recent rise of inflation, employees are seeing an extra incentive to work gig jobs to supplement primary jobs that fail to cover the rising costs of food, rent, or necessities.
Not only does the explosion of gig work assist in providing individuals with the flexible work hours they so desperately yearn for, but it also is considered a great way to earn extra money on the side.
Benefits of Having a Side Hustle
It’s no secret, everyone likes having a little extra money in their pockets- why wouldn’t they? Whether you’re driving for Lyft or putting in some hours at the local coffee shop, a side hustle can be a great way to build additional revenue.
On top of earning more money each month, there are additional benefits to taking on extra hours outside of the traditional 9-to-5.
Improve Your Ability to Budget
Making a budget when you’re living paycheck to paycheck can be an overwhelming challenge. A side hustle can bring in extra income, creating more wiggle room for you to budget more efficiently.
Develop Transferable Skills
From cultivating your customer service skills to improving your time management, taking on additional responsibilities can help you develop a stronger tool kit for future opportunities.
Pay Off Your Debt Faster
One of the more significant reasons people need a side hustle is to pay off existing debt. If you don’t feel like you’re making any headway, an extra gig can help you reach your financial goals.
Improve Income and Financial Stability
Additional monthly income can give side hustlers a great sense of financial stability, and by extension, less stress in their personal lives. Take the opportunity to set up a financial plan to help build wealth over time.
Enhance Your Work Ethic
Though a side hustle can be fun, it is still work. Spending more hours to help build your future financial stability demonstrates dedication and self-confidence.
Top Side Hustles for the Modern 9-to-5 Employee
Task Rabbit
This site allows you to complete jobs, ranging from grocery delivery, furniture repair, or even moving for people in your area. You can choose a flexible schedule and get fast cash if you need it.
Pet Sitting
Pet owners often need people to look after their fur babies when they go away. Luckily, there are multiple sites that connect pet sitters and dog walkers to pet owners in their local area. You can choose a flexible schedule, so this can be done on the weekends, or between work hours.
Online Teaching
This is a great platform for people to utilize their unique skills to teach people around the world. Whether you’re artistically inclined, speak another language, or are knowledgeable about a certain topic, this is the perfect opportunity for you.
Digital Freelancer
The world is shifting to even more of a digital space and those with a knack for graphic design and social media integration could benefit from moonlighting as a:
- Social media manager
- Graphic designer
- Video editor
- Content writer
- Website designer
Delivery Driver
In busy cities, there will always be a demand for drivers to deliver goods to people. While it might not be the most profitable, it’s easy to do and you don’t need to have any extra skills or experience.
Rideshare Driver
Companies like Lyft make it easier than ever to be a rideshare driver. All you need to do is sign up, verify your information, and begin working on your own time.
Don’t Push Yourself Too Hard
There are numerous opportunities for you to make extra money outside of your 9-to-5, but at what cost? It’s important to consider how much extra work you’re putting on your plate and try not to stretch yourself too thin.
Maintaining a full-time job can cause a lot of stress as it is, but can you handle adding more hours on top of your current workload? Figure out exactly how many extra work hours you can realistically add to your day, stick to a schedule, and cut back if you begin to feel overwhelmed.
Ready to Begin Your Side Hustle?
A lot of people assume that supplementing their 9-to-5 with a side hustle is this convoluted process. However, as this article has proven, it’s actually easier than you might think. With a little creativity and determination, the possibilities are endless.
