As people navigate the choppy waters of economic uncertainty, inflation, and market volatility, many have been turning to side hustles in a booming "gig-economy", in the pursuit of greater financial security. What once used to be primarily a way to make ends meet, has now emerged as a new and common way to diversify income in order to provide individuals with a monetary safety net.
Jonathan Kvicky, a successful investor and engineer in the tech space, proposes that now more than ever, side income, in the form of freelancing, gig-working, portfolio-careers, and self-employment, is playing a bigger role in the lives of everyday people. Here, he talks about this growing trend of millennials gravitating towards these side gigs to supplement their bankroll.
"I'm witnessing it more and more each day in various industries - people's wages are stagnating despite the annual inflation rates and overall rise in living costs," Kvicky says. "There is an increasing discrepancy between how much people are earning and how much they're spending in order to make ends meet. And, this in turn, is causing people to pick up various side hustles, or start businesses, in order to more effectively secure their financial future."
During the worldwide COVID-19 pandemic, many individuals felt the effects of economic uncertainty and downturn through job loss, pressure on wages and working hours, and overall financial stress and disruption. More than half of all millennials were living paycheck to paycheck, and out of that unfortunate chaos emerged a lesson learned by many that putting all their eggs into one financial basket was taking a huge risk.
Jonathan states, "The times of people investing all their time and energy into a single revenue stream are history. Many people had an epiphany once the coronavirus pandemic hit with full force and employment rates tumbled. The idea of having one primary source of income no longer sufficed, because people were beginning to see or experience firsthand the risks associated with that. This paved the way for what we're seeing now - an extreme rise in the number of people diversifying their income, picking up side gigs, and monetizing whatever skill set they have or are willing to learn."
One of the benefits of side hustles, in this day and age, is that they are easy to start, with minimal upfront costs, and little to no risk. The internet has revolutionized communications, commerce, and global reach, creating unlimited opportunities amongst those who are willing to spend the time to carve out a niche. And, as a result of the increasing number of people investing in themselves, a new era of self-growth and personal development is coming to fruition. Doors are being opened and entire industries are evolving through people exploring new fields of work for the first time.
"There's just no good reason not to do it," says Kvicky. "The opportunities are endless, upsides are tremendous, earning potential is uncapped, risks are low, and the sacrifices are minimal. There's literally never been a better time to jump in head first to start your own side hustle."
