Millennials across the globe seem to have two things in common - lack of loyalty towards the organizations they work for, and lack of contentment. The reason being, a full-time job is never enough for millennials. The rise in the number of millennials has led to an increase in a generation of employees who run another job on the side.
The reason why a side hustle has become a necessity is the need to have more notes in your pocket. The economy is unsteady, and at times it tilts far out of employee’s favor. Employees usually have a fixed economy, which is independent of the state of the wider economy. A side hustle helps you augment your pay-check, but that is not the only reason you need a side hustle.
A side hustle is a term that is used for any part-time job (paid or unpaid), that is done on the sideline beside a regular or primary source of income. There are lots of side hustles you can start with ease. Time management is a key factor for successfully running a full-time job and part-time job together. Blogging, for example, is a very popular side hustle that millennials are taking up in recent times. A side hustle may be in the form of freelance work and, at other times, volunteering or business building. There are many such 'freelancing' options you can locate on the internet nowadays.
The internet has expanded the opportunities for talented individuals to develop their side hustle. Sixty-six percent of millennials are projected to quit their jobs by 2020, according to the millennial report by Deloitte. The reasons for this include lack of an environment that enables them to develop their skills, insufficient pay, lack of purpose and the desire to explore the world outside their traditional job environment. Many millennials try one or more side hustles for the following reasons:
1. An income boost
Student Loan Hero shared information that showed the class of 2016’s average graduate had student loan debt of $37,172 - an indication that millennials are seeking an alternative revenue source to supplement their mainstream income. Although there are many young people who work in local restaurants, others prefer to be creative in making additional income.
Picking a side hustle to augment your income may mean sacrificing your relaxation and entertainment time. A side hustle is particularly important for students if they want to be free from student loan debt. For a financially bright future, getting a side hustle is only half of the story. The other half is to reduce your expenses.
A fully loaded emergency fund is not a privilege that is available to everyone. A side hustle can fill that gap, especially if your salary cannot take care of it. An emergency fund gives you the financial muscle to take care of uncertainties.
2. Change in career to break monotony
Finding yourself in a field or career where you are unhappy is traumatizing. It feels as if you are tied to a truck and dragged to work every morning. If the job happens to be your only source of income, quitting it may be unrealistic since it will set you on an uncertain financial path.
Millennials are passionate about learning new skills. Many traditional 9 to 5 jobs don't give employees the privilege to gain new skills. Search Engine Optimization (SEO), for example, is reserved for the marketing department but we all know that accountants need it too. Personal satisfaction achieved through skills development is easy to attain when you side hustle.
Monotony kills interest and so do 9-to-5 jobs, especially if it is not in line with your passion. Taking on a side hustle that runs parallel to your passion is a great way to refuel yourself. When you run out of steam and nothing is done about it, it manifests in your current job in the form of low productivity or multiple mistakes - especially if you are in a field that handles figures. Side hustles help you to find something that you are really great at. It also gives you something to look forward to, if and when you step out of your regular job.
Starting a side hustle is less risky because you won't have to quit your current job. Assuming writing is your passion, you can use the day to work on your job and write on a freelance basis at night. In this case, the side hustle will help you hone your skills and advance your career before you finally make the leap. Natalie Bacon was earning a six-figure income as an attorney, but she was unhappy with it which necessitated a career shift for her.
Freelance multimedia manager, Casey Dillon, explains that the option of working a side hustle gave her the opportunity of learning new skills - some of which she incorporated into her regular job. According to Dillon, when you find yourself in a position that does not align with your dream, a side hustle can be that foot in the door to switching industries.
3. Chasing a purpose-driven life
According to recent research, millennials are more interested in organizations that align with their passion. A millennial job candidate will be more interested in how their potential jobs give back to their communities. Millennials are often detached from the purpose they are pursuing, because their day job will not provide them with ample time to do what they really like doing. This perception leads to a feeling of unsettlement.
If you are searching for fulfillment, taking up a side hustle can provide the needed solace. In this case, the money will not be your utmost concern. Volunteer jobs fall into this category. Chasing a side hustle for the sake of purpose can be likened to a hobby. You are entertained, and enjoy the process without feeling you are accountable to anyone.
4. Side hustles offer you flexibility
Flexibility is a trait lacking in day jobs. Millennials love to discover new things, a trait which is encoded in their subconscious. Millennials are easy to identify because they love to travel and explore new information. Crises set in when they take up regular jobs, and are only allowed to take two weeks off in a whole year. The time left for them to explore the world is further limited by family events and marriage.
The founder of Authentically Awakened Coaching, Kassy Scarcia, is of the opinion that more millennials are turning to side hustles to create time and financial freedom. Millennials don't want to be burdened by debt, says Scarcia, who runs post-grad career coaching for millennials. A side hustle brings in the income that finances their travels. Other millennials start a side hustle with the intention of making it their primary income source.
5. Increase your productivity and refuel your passion
Many people have so much spare time that they squander it on entertainment. A study from NY Daily News revealed that an average American spends at least five hours watching television every day. The improvement in television further ensnares them to this practice. Combining the task of viewing TV with any other task is almost impossible. Think about how much you will achieve if you can cut the amount of time you spend in front of the television by two hours and invest it in a side hustle! You could write a book chapter, record a podcast or even design a website. Don't try to take watching television out of the picture. It can backfire like trying to lose weight by using crash techniques.
A 9-to-5 job may seem a safe source of income, but society is transforming so fast that you can never tell what will happen. It is not new for companies to go out of business without prior notice. Companies have been seen to lay off many of their employees during the economic crunch, and there is no guarantee of it not happening again. A side hustle gives you a buffer from such uncertainties.
What are you good at? What is your passion? It’s often a side hustle that makes you realize where your true potential lies, and how far you’re willing to go to make it work. Share your thoughts and opinion with us in the comments section below. You may also invite your friends to share their views on this topic too!