With the news claiming that millennials will be stuck living with their parents or renting apartments for the rest of their lives because they are plagued by student debt, the future can seem a bit bleak. But if you are willing to be in a bit of effort and any spare time you have to give you may find that there is a solution to your financial woes and that is getting a side hustle or part-time job that provides you with some much needed additional income.
Everyone likes having some extra money but when you begin earning more on the side doing something you enjoy like programming, web design, teaching, or writing you will begin to feel empowered. You have made this opportunity or been fortunate enough to have someone help you find it. This extra job can even turn into one you enjoy more than your 9-to-5 which can see you create your own business which is empowering. You are taking control of your own future.
Pay Down That Debt
This is the big one for most people who are working a second or even a third job. Any debt that has accrued either via credit cards or from school can weigh on your like a dark cloud. You are paying the interest but never really making a dent in the primary which can give you a feeling of hopelessness. The money from your side hustle can go directly to paying your debt off which leaves your main salary for your daily expenses. This can be freeing in itself if you are willing to put in the time.
If you are already in a position where you are debt free then you can use the money from your side hustle to work on your financial portfolio. You may want to consider investing a portion of it in the stock market to try and increase your wealth or by putting it away for your retirement which you will one day need even if it isn’t for a while.
In any case, having a side hustle will be the best thing you do for yourself financially in the long run.