Side hustles are popular today because it’s sexy to say you have a side hustle. And there’s that one off chance that you’ll be the one to create the next breakthrough product that gets the entire world buzzing. Every day in coffee shops and college campuses across major cities, there are myriads of budding entrepreneurs from all walks of life hunkering down on their laptops seemingly onto the next big thing, so you see a side hustle gives you hope of what could be.
Reason No. 1
You need a side hustle because you cannot depend on one source of income and this is a truth so many have to come to terms with. Job security is indeed a thing of the past.
A famous quote by Warren Buffet, one of the richest men alive states “never depend on a single income. Make investments to create a second source.” This mindset fuels the side hustle craze.
The plain truth for the average worker is that your salary will not make you a millionaire. However, if you’re smart, it does keep you above the poverty line and reduces the stress that comes with scarcity.
The state of affairs today and a grim reality that a third of the U.S. population lives “near-poverty,” is a reminder that living off your salary only is taking a big risk and you become one of the many individuals living Just Over Broke (a great acronym I might add for your J.O.B.).
Reason No. 2
A side hustle is an awesome get out of debt strategy, which is a plan most people follow because they’re trying to pay down debt or create financial freedom and it’s totally okay.
Recent census data reveals that one in five millennial live in poverty; therefore, the motivations for starting a side hustle by millennials are different from the general population and it’s also worth noting that they have been shaped by technology and come of age were social media images and quotes promote the hustle-grind culture from the movies to famous tech star entrepreneurs like Mark Zuckerberg, the lure is addictive. Over 627,000 new businesses start each year and there is no slowing down.
One of the defining factors for Millennials is that they were the generation most affected by the recession and were caught in the unemployment surge from 2007 to 2009. This shaped their early adult lives as many decisions they made about their careers was centered on their inability to find gainful employment. The effect of the recession is still a factor in the lives of many millennials and this will probably continue to be for years to come.
Therefore, millennials think and view work differently than their parents and are willing to take the added risks of starting and investing in their side hustle. And as more and more millennials struggle with employment dissatisfaction, there is no limit to the lengths they would go to “make it.”
They are attracted to the start-up life myth and would do what they can to be that next success story regardless of the facts or stats that show that 30% of new businesses fail within the first two years. Hustle culture among millennials is the new drug and it’s alive and well and is here to stay for the foreseeable future.
Do you agree? Would love to read other reasons why you think people have a side hustle? Share in comments below.
Till next time,