The Rise of The Side Hustle: Millennials and money – What Kind of side hustles are they doing?
The world is rapidly changing – and so are our attitudes to work, our passions, our hobbies and our income.
Life is getting more expensive so people especially millennials are having to find new ways to make money![REITs]
Interestingly millennials are increasingly turning to second jobs – side hustles – in order to make more money and spend more time doing what they actually enjoy.
Outgoings have now overtaken income for the first time in 30 years, as a result, we have begun to see the rise is side hustles!
Sides hustles are defined as – extra work that brings in cash; something other than your main job.
They are the perfect way to boost income – four in 10 UK employees now have a second job.
If you’re considering taking on a side hustle, here are some great ideas to get you on your way and the pros and cons you can expect.
Side hustles are wide-ranging and include:
- Teaching online courses and private tutoring
- Freelance event photography
- Selling clothes on eBay
- Dog walking services
- Influencer marketing/ blogging in areas of your choice such as beauty blogging, fashion/style influencer etc.
- Selling and trading virtual goods
- Research groups/ online surveys
- Freelance writing
- 45% of side hustlers consistently work more than 40 hours a week
- 25% work more than 50 hours a week
No wonder side hustling has become so popular in recent years as…
- The average side hustle boots millennials income by 20%
- Collectively, side hustles generated £72 billion for the UK economy last year, or 3.6% of GDP
Not only do side hustles reap finical benefits but they also help you build lasting and fulfilling careers. Side hustles also boost confidence and improve self- esteem – so in general, they are really positive for your mental health.
With a second job on the go, it provides many individuals with the option to give up jobs that you may dislike and actually commit to your hustle on a full- time basis.
Although the side hustle life sounds amazing we have to remember that it may not be for everyone. In some cases, you may end up paying extra income tax on what you earn.
Say goodbye to the social life as side hustling is no walk in the park and will require you to give up a lot of your free time. Sometimes taking on to many responsibilities can become stressful for some people – so you always have to bear that in mind.
Make sure you check with your main employees first – some might actually allow you to take on a second job as it may draw your efforts away from your main responsibilities. And the last thing you want is to lose your main job and source of income so it’s better to be safe than sorry.
What impact does side hustling have on my finical services?
If you’re making more income, you may reduce your chances of getting into debt – so you may be able to keep your credit score looking healthy.
Your insurers should be told about a change of jobs or part-time work as two occupations can affect premiums when you apply for new life, health or medical insurance.
However, you may move house more frequently to find cheaper rent, so your credit score might be affected by changing addresses.
You ca boots your pension pot if you have a second job – it’s possible to make extra contributions.
You can read a more fun illustrated version here.