What is a side hustle?

A side hustle is an additional, flexible job that allows the hustler to earn an auxiliary income while navigating school or a full-time job. Why would someone work on the side in addition to having a full-time job? Even with a college degree, recent graduates struggle to find well-paid, secure jobs.

Their income isn’t enough to stretch across student debt combined with the rising cost of living. Millennials actually make up the majority of side hustlers. This is due to the perceived decrease in job security as well as the allure of creative freedom and flexibility within a side hustle.

Should you get a side hustle? The proof is in the pudding, as the saying goes. Side hustlers can bring in more than $8,000 per year alone. If you’re shackled by student loans or simply want to grow your savings, side hustling is for you.

If you’re new to the game or just tired of your current side hustle, Self Lender put together a list of 51 side hustle ideas for you. Scroll to the infographic below for details. Still not sure if you want to commit to another “job”? Here are 7 reasons why you should get a side hustle…

1. Rising Cost of Living

It’s generally known that things cost more than they did in decades past. But, did you know that income has increased at a slower rate than cost? This means that people cannot keep up with the rising cost of living as the discrepancy between income and expenses grows.

2. Competitive Workforce

In this economic climate, it is increasingly harder to find and maintain a job. Because more and more people are receiving college degrees, it is difficult to differentiate yourself. Furthermore, the higher expected retirement age has grown, causing people to stay and compete in the workforce for longer.

3. Stagnant Wages

Hourly wages increase only 0.2% per year. Yes, there is a zero and a decimal point before the two — hardly any growth! Raises aside, the miniscule growth of wages does not accommodate for the rise in cost of living.

4. New Skills

Side hustling provides creative outlets and unique avenues to earn income. Because of this, you’ll learn new skills and abilities as you progress your side gig. These skills are also valuable because they will distinguish you from your peers.

5. Passion

Have you ever wanted to get in the music business or take up painting, but got caught up in life? Use your side hustle to pursue your dreams and passions. The work will be inherently rewarding, whether you’re profitable at first or not.

6. Mo’ Money

Your extra couple of hundred bucks a month can go a long way. Settle some debt, pay your landlord, save it, or treat yourself. You’ll be surprised how your quality of life improves.

7. Indispensability

Learning unique skills will round you out as a person. What’s more, having particular talents will position you above those you’re competing against in your day job. You’ll become more valuable to the company, increasing your job security.

Should You Consider Starting a Side Hustle?

 

Written By
Jeff Smith is the Vice President of SEO at Self Lender, an organization that helps people build strong financial habits. He also serves as Editor of the Self Lender blog. Jeff brings 14+ years of marketing experience and and has strong knowledge of the financial space.