Due to high inflation and economic uncertainty, many Americans are scrambling to make more money. The most common way they’ve been doing that is through side hustles.
According to Insuranks, an insurance marketplace for small businesses who held a survey of more than 1,000 people who are working at least one job, 44% of Americans work one or more extra jobs just to make ends meet.
28% of that group that was surveyed stated that they took a second job due to the inflation which is at an all-time high if you’re looking over the past 40 years.
The survey also showed that the ones who do have an extra side hustle spend approximately 13 hours a week there, bringing in an average of $483 a month.
Before you begin a side hustle, have a list of expectations
Gorick Ng, author of “The Unspoken Rules”, stated, whether your goal is learning a new creative outlet, making more money, or just building skills that don’t relate to your full-time job, you should always start with an established goal before starting a side gig.
Life isn’t just about a W-2. Side hustles are used to fulfill many things in life like learning new skills or using it as a creative outlet.
Side hustles aren’t always the best way to bring in extra cash
If your only goal is to increase your income, a side hustle might not be the right path for you. If you’re day to day job is already a high-paying position, you might want to use your time more efficiently. For example, setting you goal as getting a promotion or consult within your field of peers for advice.
Choose the most time, energy, and spirit savings way to earn more money instead of starting up a side gig that is completely different than what you already do.
Your stage of life should also be a consideration when having thoughts of a side gig. If you’re a college student, you might have extra hours in a day to devote to a side gig, however, if you are trying to start a family, depending on that might not be the best idea.
It’s important to make sure the time and effort it takes for you to start up, is worth it and will eventually payoff. Ask yourself, what am I putting in and what am I hoping to get out of it?
Maybe your side hustle is a career pivot
If potential promotion is not something that is an option for you and there isn’t much financial upside within your workplace, a side hustle could be a good direction to take to earn more.
A side gig Is also something to consider if you are already unhappy with your job and you think it could turn into something more that you could do full-time. You always have an opportunity of being rich while working for someone else but that does not necessarily mean you will be.
In the end, if you do start a side hustle, be sure to put your all in it and it might just be the best thing you’ve done. If you do have an interview for a promotion approaching read Easing the Interview Nerves for some tips.