Working just one job is sooooo last decade. At least, that's what an increasing number of workers are saying nowadays! Technology has made it easier than ever to multitask and stay connected, so the tools are there to make it more possible than ever before. In the past, this has happened in times of recession (though we're not in one now), so why is it happening now?
Here are Five Fast Facts on side hustling in today's economy:
- 💨 That's A Lot Of Hustle - Around 6% of all workers have side hustles, but that number explodes in younger generations. New research shows that between 40-50% of Millennials and Gen Zers have one, the highest number on record.
- 🤷 No Passion - In the past, a side hustle was often a passion project like playing music, creating something, or just doing something you loved doing even though it didn't pay the bills. Now, it's based mostly on necessity, and it's often something completely different than the primary job.
- 🤞 Safety Net - One common reason for side hustles is having a fallback. Living through two recessions in the last two decades, younger workers have seen firsthand the myth of "job security" so they're setting a backup plan in place early.
- 💰 Get While The Getting Is Good - If you do have a good primary job, great! But many view that as the perfect time to pick up a side hustle in order to make hay while the sun shines.
- 👍 The Fit Is The Key - Maybe you're driving for Uber nights and weekends, or maybe nannying on your days off. Maybe you're a DJ at a nightclub or do consulting on the side. The key factor is whether it fits your life, not if you love doing it.
🔥Bottom line: In the past, people working multiple jobs was a sign of a coming recession. That's not the case now - it's a sign of trying to survive. It's a new normal, recession or not.
Are you side hustling?
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