You’ve probably been hearing a lot about the gig economy. How could you not, according to Forbes, 57 million Americans are part of it! Jobs are plentiful in the current market, but unless you have the right degree you can’t lock down that full time, big salary dream job in the corner office. If you’ve had to settle for part time work, or just can’t seem to find a job that pays enough to pay all your bills, you may have considered taking on a side hustle to keep bread on the table. From gig sites with many different work options like Upwork and Fiverr to more service industry related jobs like Lyft and Instacart, there seems to be a side hustle option that’s suited to everyone who doesn’t have the right degree to land the perfect job.
Of course, even if you do have your degree, things may not have fallen into place for your career yet. Maybe you’re trying to break into a new line of work and you have to work the lowest paying jobs in the place. Maybe you just haven’t quite figured out what your career path should be yet. Regardless, we’ve got three questions that will help you determine if you should start looking for the perfect side hustle to fit your life.
Is your job just shy of full time?
If your answer to this question is yes, you should consider a side hustle. So many workers these days end up with 30+ hour/week day jobs that suck up all of their best hours so they really can’t do anything else, but fall just shy of offering enough pay and benefits to make them a viable career option. This is where side hustles can really work to help people fill in their financial gaps. The great thing about using a side hustle is that if you are going to school or working on an online degree you can shape your schedule around both your school and work commitments.
Are rents climbing in your area?
If you live in one of the hot real estate markets in the country, your answer to this question may very well be yes. If it is, you should absolutely consider a side hustle. Even if you’re not feeling the pinch just yet, a 30-40% rent hike could make your ability to live and work in your area a pipe dream. It’s a great time to use your spare time to build up some extra savings to help you cushion yourself from the slings and arrows of a very hot real estate market.
Are you living on your credit cards?
If you find yourself just adding to your credit card balances every month without making and progress toward paying down your debt, it may be time to start thinking seriously about a side hustle. You need some extra income to help you get your debt in check. While you may want to think about long term solutions like going back to school and getting your degree to increase your overall earning power, side hustles can be a great short term solution. If you can pull in enough to start paying down those high interest balances, the drop in stress alone will make a side hustle worth your while.