Why Side Hustles Are Made For Modern Millennials
Up until five years ago, I was stuck at the bottom of Maslow’s Hierarchy of Needs. After college I moved across the country to Boston, a city where I had no family, few friends, and no professional network. I even had to get a $2,500 loan from Ivan just to stay afloat, while I worked several part-time jobs for temp agencies and Club Monaco.
I was constantly hustling, going on failed interviews, and living paycheck to paycheck before I got my first job. At the time, taking side jobs was a necessity, not an option because I had real bills to pay. Rent, utilities, public transportation, food - it all added up to so much.
When I finally had a full-time salaried position - I thought I had made it. I thought there was nothing else I would need in this life except a stable job/income.
But, five years into my career - I became stagnant. Things felt too cushy and easy. Slowly, I forgot what it was like to struggle.
That’s when I realized something:
- I’m not even doing what I love.
I’m 100% replaceable at my job.
Is the rest of my life going to look like this?
At any point, my job could be replaced by more senior or junior roles, consultants, contractors, freelancers, or realistically - it could be moved offshore to cheaper labor or eventually automated. I realized that I was just a small cog in the machine and I had no real power. I felt powerless and frankly - it threw me into an existential crisis.
What was I going to do with my life?
What did I want to come out of it?
Am I really going to tie my self-worth to a job?
This is when I started reevaluating my entire professional career. And that evaluation led me back to the side hustle.
Frequently Asked Questions (FAQ) About Side Hustles
What is a side hustle?
According to research conducted by GoDaddy, 1 in 2 millennials have a side hustle. There are three consistent components across all side hustles:
Side hustles are typically not your primary income.
Side hustles should add, not subtract from your financial stability.
Side hustles empowers you with the freedom/choice to decide when, where and how you want to work.
There are two primary reasons why people pursue side hustles:
Some people pursue a side hustle as a means to make some extra cash - to add to their overall net worth. More money allows you the flexibility to buy / consume what you want. For example, you need more money to take that vacation to Hawaii or you want to buy that new laptop, or you simply want to save money for a downpayment on a house. I’ve met Uber drivers who are parents that work full-time and do Uber part-time just to help pay the bills or to cover private school expenses for their children. And that’s great! More power to you if you can make that conscious choice.
Others pursue a side hustle with the intention of creating financial independence and/or pursuit of a longer term passion or dream. In this instance, a side hustle is an asset that works for you; you don’t work for it. A side hustle is not a part-time job, nor is it part of the gig economy. If the intention of a side hustle is to create financial independence, then working within the gig economy accomplishes the exact opposite. In a world where technology automates and streamlines everything, most businesses that participate in the gig economy are in a constant race to the bottom. Think about how freelancers compete against each other on Fiverr (Ivan hates Fiverr and this commercial)- then imagine a version of this happening (eventually) to every industry.
Editor’s note: I’d rather clean toilets for free than let Fiverr earn a cent of commission off my back. There’s more dignity in it.
Why should millennials have a side hustle?
It increases your earning power and in turn - increasing your choices. It’s crucial to diversify your income/revenue streams because it ultimately means more choices. We can choose to diversify our revenue through investing in our 401Ks / retirement funds; another way to have more income is to re-invest your incoming revenue/income to fuel a side hustle or passion project.
Side hustles hedge against becoming stagnant and feeling cheated in your life. There are higher stakes when money is involved. Think of it as an incentive against continuing a mundane life where you dream about having “something more”. Think about it: are you really doing what you want to do right now? If you are, then great...but for the rest of us - a job is often just a job.
You can build something that’s just yours. Startups are cropping up all over the place to fill industry gaps and solve inefficiencies in our daily lives. However, the people who add lasting value are the ones who can find creative solutions to reimagine the norm - and doing it with their own unique twist. What you can contribute to society? Do you have a special talent or ridiculous knowledge about one subject matter? I’ve always wanted to do well at my job (and still do), but I’ve found that tying my self worth with my job just isn’t making me any happier. I want to create something that no one else can take credit for.
Four Things That I Did That Worked For My Side Hustle
My own experience with side hustles:
How it began. It started when I realized that my job would always be tied to someone else’s business and someone else’s dreams. That’s when I ended up taking a real hard look at my life and what I wanted out of it. Think about it: what are you missing in your life? Do you want to travel more? Make more money? Pursue another career path?
What do you want?
For me, I wanted autonomy and more choice. I wanted autonomy and trust in my professional work. And I also wanted to travel and be location-independent. What’s more, I wanted the two choices to co-exist on the same platform.
How to begin. About six months ago, I started to look around in search of ‘gaps’ in the system. What could I do that was worthwhile to others, while also being fulfilling to me on a personal level? I realized that I had connections (or acquaintances) to startups that might need help with content generation. And how did I begin? I just started reaching out to several people that I knew to see if anyone would be interested in working with me. It took awhile but I started to get a few contracts. The money really wasn’t as important as proving to myself that I could start adding value anywhere.
Defining your side hustle goal. What is it that you want out of this experience? At first, Ivan and I had one simple goal: make enough cash (from our side hustles) to cover our monthly expenses (~$2,500). Once we had a number, we worked backward on how many projects and hours we would need to achieve that goal.
Being realistic about your side hustle. Let’s be real. Side hustles aren’t for everyone. And sometimes, it’s easier to just join the gig economy. But, if you don’t try...then how will you know?
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To our wonderful readers, I’d love to hear about more of your thoughts and experiences on this topic!
- Do you have a side hustle? Or are you considering one?
- What does that do for you right now? And where do you want to take it?
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