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Hustle on the Side: Why More Millennials and Gen Z Are Juggling Jobs

Money determines our quality of life; sometimes, having just one job isn't sufficient to meet our  needs in today's fast-paced economy. Although Gen Z and Millennials are often stereotyped as  lazy, many of them choose to work a side hustle instead of relying solely on traditional  employment for their income. But why do these “lazy” people start working a second job?

Why are side hustles are becoming the norm?

The primary motivation behind the surge is the rising cost of living and economic uncertainty  exacerbated by the COVID-19 pandemic. Many young people struggle to cover their expenses  with just their primary job, especially with many layoffs after the pandemic and the inflation.  Additionally, they are often faced with the desire to invest in homeownership or starting a family  amidst these financial challenges.

So it's not surprising that many individuals turn to side hustles to fill their spare time. You might wonder, how  do these Gen Z and Millennials have extra time to work another job. Surprisingly, less than 3 in  5 (58%) of them are employed full-time, leaving them with ample additional time to pursue  supplementary sources of income. 

For many people, side hustle offers a platform to explore their passions and turn their hobbies  into profitable ventures. For example, someone who loves photography might start a side  business offering portrait sessions or selling prints online. Similarly, individuals with a knack for  crafting might create handmade goods to sell on platforms like Etsy. These opportunities provide  additional income and allow them to engage in activities they genuinely enjoy. 

By diversifying their revenue streams through side hustles, people can broaden their professional  network and gain essential skills that can lead to new job prospects. A freelance graphic  designer, for example, may refine their design talents and create a portfolio that would appeal to  potential clients or employers in the creative area via the online freelance platforms Upwork or Fiverr. 45% of young hustlers would consider turning their side hustle into a full-time job if it  paid the same as their present full-time job. 

But...What happened if their Side Hustles disappeared?

But what if they were requested to return to their previous lifestyle after launching their side  hustle? It is easy to go from frugality to extravagant, but difficult to go from extravagance to  frugality. To adjust to the loss of supplemental income, they would certainly have to make 

significant lifestyle changes, such as cutting back on discretionary spending like dining out with  friends, travel during long weekends, and entertainment. 

While these endeavours provide prospects for financial freedom and personal fulfilment, relying  on several cash streams to make ends meet may leave little money for unexpected expenses. This  may not appear substantial in youth, but it gets more noticeable with age. Before starting a side  hustle, consider the opportunity cost of the time put in it. However, it is always a good idea to  explore new things while you are young!


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