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Studies show that more and more of the millennial population is adopting freelancing, or business “side hustles” in addition to their main line of work, to increase their income and financial stability. With the continued growth of digital infrastructure and the ease of connecting with potential clients globally, people are beginning to capitalize on their own passions and skills to discover or create ways to make additional money.
Jonathan Kvicky, a brilliant software engineer and serial entrepreneur, suggests that everyone should strive to adopt side projects in the current “gig-economy” to expand financial security and well-being. As a thirty-two-year-old who has founded several successful startups from a young age, Kvicky, based out of Los Angeles, California, continues to preach the power of growing and maintaining supplemental income streams, as well as reinvesting into assets that generate wealth over time.
Below he presents five reasons why the average individual should start expanding their earning potential through side hustles.
#1) Cost of living is growing while wages aren’t
Many employee-based wages in the U.S. and beyond have become stagnant. The current state of the economy can have potentially devastating effects on those who get paid hourly. And live paycheck to paycheck, and this, combined with annual inflation, is creating more and more uncertainty for people. Who were once “able to get by.” Furthermore, the cost of living in many areas is spiking due to increases in the pricing of education, healthcare, and housing. Relying on a single source of income is beginning to create a level of risk and unpredictability which people previously have never experienced.
#2) No job is completely secure
Whether it be from economic recession, a global pandemic, corporate values, or simply business trends, the job market is increasingly uncertain in many fields of work. More than half of all millennials are now living paycheck to paycheck and relying on one primary source of income – this comes with inherent risk and an unpredictable future. Being able to diversify income across multiple avenues creates a financial safety net.
#3) Additional time can be monetized
Most people forego the idea of a side hustle or gig due to “lack of time in their day.” But, if those same people were to map out their entire hourly schedule. Chances are they would realize that some of that time actually could be put towards monetizing. A side gig or contributing in some way to self-growth. Even if it starts as just an hour a day of extra effort. People can start to take control of the financial reins in their life and put their own skills to work.
#4) Knowledge and skill sets can be expand upon
Introducing a side hustle can help open doors into new industries. And allow exploration into fields that someone might not have otherwise pursued. Most people work within one specific industry. Which can prevent their expo sure to other fields of knowledge, hindering self-growth and overall financial potential. Individuals are starting to seek more recognition, self-worth. And a feeling of progression from their day-to-day work.
#5) A more secure future can be establish
Whether it be to pay off debts faster, to supple ment bill payments, or to save and re invest in. Assets for wealth generation, having one or more side hustles relieves financial pressure in a world of volatility. It sets a person up for future success.