Everyone has a side hustle, should you?

As we continue to navigate the current economic climate and the financial uncertainty that comes with it, some may wonder if it would be beneficial to increase their income by getting a side hustle. A side hustle is an additional job or business outside of one’s main or primary job. It might be something related to a passion, or another type of gig that works because it fits the parameters of your life and meets your needs. In some cases, a side hustle can serve to relieve stress and anxiety associated with having a low income.

Recent data indicates that more than 50% of American people are living paycheck to paycheck. The loss of a single payday can result in the inability to pay bills or afford necessities. Those living paycheck to paycheck have great difficulty saving for the future or building an emergency fund. In addition to alleviating worry about affordability of basic needs, a side hustle can help you build a nest egg, provide job security, and may help you achieve financial goals quicker, such as paying off credit card debt, investing for retirement, or purchasing a home or car.

One concern that is often raised by those considering a side hustle is whether there is time to commit to something else. After 40 hours of work, time spent cooking and taking care of other household chores, and attending to additional needs of your children and family, it often feels like there is not enough time left. If that is you, consider the time you spend watching television or scrolling on social media. Is it possible to carve out just an hour or two a day or every 2 days to devote to a side hustle?

One in two Americans (51%) have worked a side hustle in the past year. For Gen Zers the rate is 72%. If you decide to take the leap and get a side hustle, be sure to consider your skill set and interests. Using knowledge and experience that you already possess will make this endeavor a little easier.