It’s no mystery that the job market has drastically changed over the years. What was once considered the “normal” path in life, going to school and getting a steady, well-paying job, isn’t exactly accessible to today’s generation.
Upon graduation, many millennials were met with a lackluster job market that had them competing with fellow job seekers far more experienced then themselves. Unfortunately, that often meant losing out on an entry-level job and being forced to take something for smaller or no-pay merely to gain experience.
While many millennials may have regular jobs, they often find that they aren’t enough. The cost of living has skyrocketed, which means, in order to afford the necessities, millennials have shifted to taking on side hustles as well. It’s a must if millennials are to get ahead financially and here’s why.
1. To Pay Off Debt
One of millennials biggest woes is the massive amount of debt they seem to accrue throughout school or life. With soaring tuition prices, many graduate with a large sum they can’t even begin to imagine chipping away at.
While a normal 9-5 job might pay enough for the necessities, you might barely have enough left over to contribute to paying off your debt. That being said, a side hustle gives you flexibility with your full-time job, but allows you to make extra income that can be put towards your debt.
Once your debt is paid off, you can focus on saving and investing, which will work to get you financially ahead.
2. Have a Steadier Income
Even if your 9-5 job pays you enough to afford the necessities, a side hustle can give you that extra amount to help you live more comfortably. It can give you peace of mind if your full-time job could cause you to live paycheck to paycheck. Moreover, it gives you another income on which you can rely on. This way if you ever decide to make a career move, you’d always have another source of income.
3. Reach Financial Goals
Any young adult wants to be able to have some semblance of a social life, however, it can be hard to justify spending money on extraneous things when you have financial goals to meet. If you have a side hustle, you have extra income to put towards your goals. This can then open up extra income from your full-time job to use towards other things. Ergo, putting you ahead financially without taking all the fun out of life.
4. Increase Your Skills
Most people’s side hustles differ from their normal jobs; they allow them to gain and hone skills that they might now utilize in their everyday work. If you have a side hustle that allows you to build and advance your skills, it can help by making you more marketable in the long-run, career wise.
For many millennials, side hustles do so much more than just increase their income; they give people outlets to sometimes use their creativity or skills they’d otherwise not use at all. Nonetheless, in a changing society, side hustles are a surefire way to help many millennials further themselves financially.
Do you have a side hustle? If so, what’s some advice you’ve found helpful?- Kayla