Not too long ago, I wrote a post on becoming a six figure earner. Attaining this level of financial earning was mainly due to my career; however, I did take advantage of opportunities to make passive income and to have side hustles.
I know that my financial situation isn't the norm. In fact, the median household income in the US is around $63,000 according to the latest Census.
With the student loan crisis, inflation, and general increase in cost of living, I have to wonder if having a side hustle is necessary to financially survive.
For me, a side hustle is a bonus, but I've found that for many it's a necessity. In fact, for someone who has to work additional jobs to make ends meet, it's not even called a "side hustle." It's really called a second job.
Over the years, I've had my share of side hustles to make extra money that I can put toward debt or just to have as extra cash. These weren't anything that could replace my income by any means, but they were relatively low maintenance gigs that I could make extra money from.
Its seems that what used to be hobbies for some people have now turned into legitimate side hustles and even businesses. For instance, there's an article that I read about a woman who turned her love for reading into a full-time proofreading business. On that same site--which talks about work from home jobs for moms--starting a business editing podcast episodes was even mentioned as an option that could bring in full-time income.
Needless to say, humans are pretty creative when it comes to finding ways to monetize.
The fact that this gig economy is the constant topic of discussion isn't by coincidence. I think the truth is that more and more people are having to pick up side gigs, main gigs, or whatever you choose to call it in order to make ends meet.
Do you think side hustles are necessary to financially survive?
