As per a survey by Bankrate.com, more than 45 million people in America are engaged in a side business or a side job and the millennials in this country range from adults between the age of 18 and 34. According to another study by Harvard University, women are more into side hustles and side businesses as compared to men. However the reasons behind women pursuing passive income are much different from men.
The survey form Bankrate also showed that 70% of the women are of the opinion that they utilize their extra money to pay for their living expenses, as against 45% of men. A struggling woman, McElhaney worked for 40 hours in her day job and apart from that, she also got engaged in selling off clothes on Ebay, taking dogs on a walk on the Wag app and writing freelance articles. As per what McElhaney says, she feels embarrassing to work for so many jobs and she wonders why she can’t make enough money through one job.
Money is the driving factor
There are some people for whom being engaged in a side job is a great chance of turning their passion into a source of generating money. But unfortunately, for many, this is not the case. When Kate moved to Nashville, she initially juggled between one unpaid internship job and 2 part-time jobs like selling beer and waiting tables. Within 2 years, she took to two more jobs in the music field and thereafter she found herself working everyday. She worked for 70 hours in a week just to make enough money to get going.
She says that she did all these for accomplishing the sense of fiscal security and safeguard herself against layoffs. She was laid off at a very young age and that is why she understood the importance of savings in her life. This is why she took to several streams of income to lead a comfortable life.
Are there any side effects of side gigs?
Well, there is nothing wrong about earning extra money to live a comfortable life as everyone needs to do it. With the soaring expenses and plummeting wages, the gap between income and expenses is getting wider day by day. Amidst such a situation, someone who relies on one source of income won’t find it easy to make ends meet. This is why it is always okay to make extra money by engaging yourself in side gigs.
However, the only thing is that working for too many hours in a day or in a week can lead to a sudden breakout of energy. Dore even wanted to pursue freelancing so that she had no extra time left in her day but very soon she came to know about the downsides of too much work. She knows the effort she has given in being engaged in side hustles.
Therefore, if you too are someone who is not being able to make ends meet, you should engage yourself in side gigs in order to have a passive stream of income to support yourself and your family.