Why Having a Side Hustle is Necessary for Millennials
Anyone who knows me knows I am a huge advocate for having a side hustle. I have had side hustles going for much of my life. In high school, I made and sold purses to my classmates. In college I did hair, started freelance writing, doing surveys, and even participated in the occasional focus group. Miss Millennia Magazine was my side hustle when I graduated from college, and now it is my full-time gig. Which means I am due for another side gig. But why such importance on having something on the side? The mantra of keeping a side hustle is something that is becoming more and more popular in the Millennial community. Side hustles are one thing that can set us apart from other millennials with a college degree and slim experience when we are job hunting, for one. But there are many reasons why having a side hustle is not just an option, but so necessary for millennials.
Reason 1: Help Pay off Some Debts
According to US News, the average student loan debt in the US in 2013 was about $30,000. It seems everyone is paying some student loan debt even if they did not finish school. If you are freaking out about how to pay this debt off as soon as you possibly can, having a side hustle is a great way to do this. Even if your side hustle only brings in an extra $100 bucks a month, that is an additional $100 closer to you being debt free. You can read about how one millennial woman paid off $32,000 in consumer debt in just three years!
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Reason 2: Keeps You Interesting
I started Miss Millennia Magazine to complain about how no one was calling me back in interviews. As soon as I put Miss Millennia Magazine on my resume, the phone started ringing off the hook! I couldn’t believe it. And when I went into interviews Miss Millennia was the first thing employers wanted to speak of. Not to mention, that despite the fact that I got my degree in Apparel Merchandising, I gained enough skills with Miss Millennia to go into the field of Marketing with some experience under my belt. If an issue you are facing in your job hunt has something to do with lack of experience, starting a side hustle to get more experience is the way to go!
Reason 3: Possible Savings Plan
Sure you should be saving as much money as you can but the truth is many of us are not. Working on a side hustle to add money to your savings account is something future you will be so grateful. If you are not saving or are saving very little, having a side hustle is a great way to save more. Some people’s side hustles become their retirement plan (Real estate investing anyone?)
Reason 4: Back Up Cash if you Lose Your Job
Having a side hustle could mean a huge difference if you happen to lose your job. Even if you are not making a ton of money with your side hustle, let’s say $100 a month again. What is better; having $100 to go towards your bills or $0 to go towards your bills if you suddenly lost your job? My side hustle has also taught me to be more selective when it comes to applying for jobs too. My reason for wanting to work is to find meaning in what I do, not just because I want a paycheck. Since I have a side hustle, I can go into interviews with confidence and speak with the interviewer to see if me working at their company will be mutually beneficial for the both of us. I know that if I don’t like the company as much as I thought, I have my own thing I could come back to.
Reason 5: You have a ton of options
The best part about starting a side hustle is that there are so many ways to do it! There is no limit to how many you could do or what you choose to do. If you find a way to make money on the side whether it be active or passive, you are in a good position. I know people who have side hustles that involve but are not limited to:
- freelancing (writing, styling, marketing, tutoring, photography-any skill really)
- real estate investing
- making a product
- Creating a gig on Fiverr
And so many more! Check out my article 17 Side hustles That Could Potentially Replace Your Job (And How to Get Started) for more ideas.
Many opportunities open up when you pursue a little something on the side. I want to implore everyone to try a side hustle on their own! Start your own side hustle by going to Fiverr.com and creating an account. If you have never used Fiverr before, you should try out!
Do you have any questions about side hustles or are you wondering how to get one started? Ask a question in the comments!