How Can a Side Hustle Provide More Financial Peace of Mind?
Are you considering a future side hustle gig?
The side hustle is no longer the sole domain of the Millennial. Statistics tell us that people in midlife and beyond are also taking on a side gig for various reasons — to supplement an income, to explore the possibility of entrepreneurship, or nurture a passion. And for many people, they are discontented with the traditional work setup.
While there are many reasons why you may want to start a side hustle, the question is, “can you make money from it?” Even if money is not the primary reason, and it should never be, you still do want to ensure you are making more than what you’re putting in.
How a side hustle can provide financial peace of mind
With the financial crash of 2008, the pandemic, inflation, and the geopolitical tensions with Russia, now more than ever before we are aware that economic uncertainty has become the only thing that is certain.
Starting a side hustle allows you to take control of your own financial destiny, instead of leaving it in the hands of the global economy or some employer.
The future is Gig.
Alternative work arrangements are exploding. Done right, your side hustle can be a great source of income for a long time, well into your future, and provide you greater financial peace of mind. Here are the latest stats about side hustles:
- 36% of the American workforce freelances.
- 56% of side hustle workers say they do it to earn money on top of their main source of income.
- What’s really surprising is that the average gig worker in the United States makes $69,000 per year — higher than the median U.S. income of $59,000.
- 75% of new freelancers said they are taking on freelance work to ensure financial stability during a recession.
- By the end of 2023, it’s projected that 52% of workers will have spent some of their careers as independent workers.
Side hustling in midlife and beyond
Why should people in midlife consider a side hustle?
- People are living longer.
- Retiring abruptly at age 65 no longer makes sense — for the individual, for the company, or for society at large.
- What makes sense is a phased-in approach to retirement or a more graceful and gradual downshift.
- This has ushered in alternative working conditions — working as a contractor or freelancer.
- Most people in midlife are highly skilled and experienced.
- The options for monetizing and marketing those skills are endless.
- There is more that you can do beyond being an Uber driver.
- From consulting to creating digital courses and writing books, there are limitless ways to share a skill.
- You most likely would need a computer and a way to advertise your skillset.
How about you? Are you considering a future side hustle gig? What appeals to you most about this type of work?
A great resource for starting a side hustle is Side Hustle: From Idea to Income in 27 Days by Chris Gullibeau
Reciprocal Medium Writers who write about side hustles:
Patrick OConnell. Here is an example of his side hustles:
May Y. Yang with a realistic view on freelancing.
Building a side hustle can be very isolating. And thanks to folks like Sahil Patel we can continue to support each other.
References
44 Eye-Opening Gig Economy Statistics For 2022
https://www.nber.org/digest/dec16/explaining-growth-alternative-workforce
https://velocityglobal.com/blog/gig-economy-statistics/#chapter-01
