As the Federal Reserve continues to juggle the interest rates, and inflation is affecting every vital consumer item from eggs to clothing, it feels like we need a break—a financial break. Whether it be that prices drastically drop or that incomes quickly increase, something has got to give.
This has paved the path for the word “side hustle” to be coined as one of the most popular terms in the last few years. Side hustling can be a great way to generate much needed income for the short term or even for the long-term. But, the key questions are can it provide financial relief? And is it worth it?
Here are the facts about whether or not you should get a side hustle, and if it’s worth it:
What is a Side Hustle?
A side hustle is an extra opportunity to make additional money. Many people are opting to choose a side hustle to bring in more money and relieve the stress of mounting expenses.
Unlike a part-time job, a side hustle allows for more:
- Flexibility
- Freedom
- Control
- Creativity
- And more
People who choose to take on a side hustle can make their own hours and schedule, escaping the bonds and strict rules of Corporate America. Many people embark on side hustle adventures that satiate their passions, desires, and things they find enjoyable—and, they can make money doing it. Several examples of popular side hustle jobs include, but are not limited to:
- Taking online surveys
- Starting a blog
- Dog walking
- Delivering groceries and/or food i.e. Instacart, DoorDash, and more
- Coaching
- Consulting
- Driving for rideshare companies i.e. Uber, Lyft, etc.
- Virtual Assistant
- Personal Shopper for neighbors and friends
- Social media marketing
- Housecleaning
- Housesitting for vacationers
The opportunities for side hustles are plentiful. These ‘gigs’ can help supplement income and allow you to enjoy yourself while making money.
Pros and Cons of Side Hustling
Now the main question is whether or not a side hustle is worth it. You already have a full-time career, so is this the right choice for you to take on even more? Here are the facts.
Pros
Many pros exist in getting an extra income source on the side. Here are the most beneficial experiences people had with a side hustle, the pros:
- Pay off debt
- Create a savings account
- Afford travel
- You can meet new people
- Satisfy your passions
- Keeps your motivated
- Grows your professional network
- You can become independent from the corporate environment
- Establish yourself as a successful entrepreneur
- Build your personal brand
- Can turn into a full-time career
- Gives you freedom and flexibility
You can jump on board popular side hustles and start your very own business based on what you enjoy doing.
Cons
With the good always comes the downside. As wonderful as side hustles can be, there are several cons to consider before moving forward into your newest business venture. Here are the cons:
- Can be difficult to find the right one
- Less free time
- Poor work/life balance
- Can become exhausting in addition to working a full-time job
- Can start to feel like another job
- Earnings and the effort you make may not compliment one another
It is important to consider how taking up more of your free time can affect you. The cons list is relatively shorter than the pros; however, they are worth contemplating.
Is a Side Hustle Worth It?
After reviewing the pros and cons list, the clear winner is that a side hustle is in fact worth it. Not only can it supplement your income, but it can also satisfy your passions and creative edge. Not only are side hustles enjoyable, but they can eventually turn into full-time careers if that is the direction you want to go.
Side hustles can be incredibly gratifying as you embark as an entrepreneur and begin to build your personal and professional network outside of your corporate or full-time job. You can also create more time with your loved ones and can plan your days as you see fit.
A little extra money in your pocket never hurt, and creating a full-fledged empire from something you enjoy can be even more rewarding!
