Side Hustles: What Will Work Best For You
Rising interest rates, school loans, and expensive housing are just a number of the reasons millennials are turning to side hustles to stay afloat or get ahead. Regardless of your situation, earning more money is always enticing. If you’ve decided your able to commit to a side hustle, the next step is finding and opportunity that works best for your lifestyle.
First, what are your goals? A short term opportunity with extra income to meet a specific goal? An opportunity to help you explore a new arena you’ve been dying to get into? In some cases, side hustles can be a gateway to a more rewarding career while you maintain your steady income at your current employment. If you’re interested in making a few extra dollars but are happy at your primary job, or are not in a position to make a major change, sign up for something as convenient as possible with an emphasis on flexible hours. These opportunities are plentiful with companies such as Uber, Lyft, VIPKid, or traditional brick and mortar stores.
If your goal is to explore an opportunity that you hope will turn into a full time job or career change, make sure to connect with as many people as possible to make sure you’re putting your time and energy in the right place. Even if you feel desperate to get out of your current job, it’s important to do your homework and take time exploring multiple options. Always remember, the best time to look for a job is when you already have one.
Second, what is your commitment level? It’s time to ask yourself hard questions about how well you are able to follow through with your current commitments and how much energy you have left over for another role at the end of your workday. For example, if your friend is trying to get you to sign up for a sales role, and you haven’t found the time to call her back, then maybe it isn’t the best time to commit to something that involves a lot of intrinsic motivation. If you have a goal of making an extra $100 a week and know you will need an outside factor to motivate you to complete that goal, it may be best to get a part time job, for one or two shifts a week where others count on you to be there and it’s easy to complete your objective.
Finally, what are the real economic benefits? It’s easy to think best case scenario when you’re starting a new job, but it’s also important to factor in all the costs associated with a new opportunity. Do you need new clothes? Will you have a long commute or increased transportation costs? Are you using your own vehicle more? Are taxes taken out immediately or will you have to set aside a portion to pay later? Most importantly, what are the upfront costs, especially those costs that are specific to the role that cannot be refunded? Remember, side hustles are there to help you get out of debt and save, not create more expenses for you to worry about.
Stay tuned for our next article on side hustles: Our Favorite Opportunities!