More and more Americans are working in side jobs. Is it time for you to do the same?
- A side hustle opportunity could be a great way to boost your income.
- An increase in income could make it easier to pay down debt and save for the future.
In the United States, having a side job is now the norm. Many people take on extra gigs in addition to working a full-time job in order to increase their income and reach their financial goals faster. If you feel uneasy about your current financial situation, you may want to consider taking a detour. Should you get one?
According to a recent Zapier report, the shadow hustle economy is growing. The study found that 40% of Americans currently have a side hustle, up from 34% in December 2020. While some Americans aren’t working in a side hustle yet, many plan to start one in 2022.
One way to increase income is to get another job or side business. Many traditional jobs, even part-time ones, are not flexible. Workers may be required to work at fixed times or dates or to devote a certain amount of time to work each week.
This can be difficult to do for Americans who are already working full time or for those with family or other obligations. On the other hand, a secondary hustle might be a more flexible solution for Americans who want to earn more income while working in their spare time.
Could a side hustle be a good option for you?
If you want to increase your income, you might be wondering if it makes sense to have a side hustle. If you have extra time and a desire to work more, this can be a great option to explore.
Not all side hustles are created equal. It’s a good idea to research hustle options before committing to one. You should also consider your own skills and interests. Be realistic about what will work well for your lifestyle, schedule, and abilities.
You should also consider the income potential of a side hustle before getting involved. While many side businesses can be lucrative for the average person, not all of them are. But choosing one with more earning potential could benefit your bank account.
Five benefits that can come from working in parallel
Here are five financial benefits you may be able to experience by committing to a secondary hustle opportunity:
- Increase your income: A secondary hustle could allow you to increase your income. Although there is no guarantee as to how much money you will make, if you do the job and do it well, you could make more money, which could give you more control over your financial situation.
- Diversify your income: It’s a good idea to diversify your income. If you rely on only one source of income (like a full-time job), you could find yourself in a difficult situation if you suddenly lose your main source of income. By having multiple sources of income, you can protect your finances.
- Pay off your debts faster: With more income, you may be able to pay off your debts faster. The longer you leave high-interest debt unpaid, the faster your debt will accumulate.
- Save for the future: You could increase your savings with more income. Whether you’re looking to boost your emergency savings fund or invest for your retirement, increasing your income could help you reach your savings goals faster.
- Find a better paying career: With a side business, you may be able to develop your skills and explore different industries. For some people, parallel unrest opens up new work opportunities. By starting a side hustle, you may be able to find a more fulfilling or better paying career, or make your dreams of self-employment a reality.
Increasing your income is one of the many ways to improve your financial situation. Check out these personal finance resources if you’re looking for additional advice.
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