In the last ten years, we have entered into an era where your career job could be your side hustle and vice versa due to technology and new products and services. Companies like Etsy, eBay, AirBnb, DoorDash and Uber have created thousands of part-time “hustlers.” Other Internet based technologies are allowing people to have a side gig as a digital marketer, designer, pet walker, caregiver, etc. It’s the perfect way to do something else from your normal job that gives you either extra income or joy. Where it gets interesting is when your side hustle could lead to a change in your career.
Eighty-one percent of Americans who currently have a side gig are interested in taking it full-time, according to a recent SunTrust survey. More than half of Americans (54%) report having a side hustle at some point to generate extra money, pulling in $8,794, on average per year. With these additional funds, people are to do things they want or pay off a debt.
On average, Millennials are making almost 20% more per year ($10,972) from their side hustles than Gen Xers ($8,791) and 46% more than Boomers ($5,892). The top reason for pursuing a side hustle among Millennials is to generate additional income for saving purposes (46%), while the top reason among Gen Xers and Boomers is to make additional money for leisure activities (43% and 47%).
“There’s a reason the gig economy is so hot – it can be fun and financially fruitful,” said Brian Ford, financial well-being executive at SunTrust. “For some, a side hustle is a creative outlet outside of the daily grind. For many others, it’s a means to achieving the financial confidence and freedom to live life on their own terms.”
If you are not currently ecstatic with how your core career is going, you just want to try something new or if you just need extra money, perhaps you need to test a side hustle. Here are the five reasons why you might want a side hustle:
It’s a way to earn extra money. The one thing we have all learned since the last recession is that we don’t like debt. Paying off student loan and consumer debt allows you to do other things with your money. If you are going to try a side hustle to alleviate some debt, also try and learn or test a skill that makes you stronger.
You really do have the time. Working on a side hustle does not have to be time consuming. If you rationalize how you spend your time today, you could probably free up one hour per day or five hours per week. That might be enough time to earn another $450 to $800 a month depending on your gig. It also allows you to test a service or skill that gives you enjoyment.
Everyone can have a side hustle. If you have a work ethic or something you want to do anyway on the side, then get paid for it. Side hustles are not some exclusive club for certain people, they are for everyone. It’s also the perfect environment to gain confidence, test out a new skill or build a small group of clientele that might support you if you turned the side hustle into a new company.
The way you earn money has changed. The way you are going to be compensated in the future is going to be based on your value and worth and not necessarily your time. Digital nomads have convinced employers they can work remotely and efficiently. If that’s the case, then you can generate additional net worth by showcasing your skills directly via a side hustle and being compensated directly for your value and not your time.
Technology has set us free. Between Internet and mobile technology,what can’t you do? There has never been a time period like this where you can combine time and technology to create a variety of side hustles. Whether you are selling, writing, marketing, analyzing or solving problems, you can utilize technology to accomplish your objective.
read more at http://www.forbes.com/entrepreneurs/ by Bernhard Schroeder, Contributor