It’s a well documented and often quoted fact that these days, the majority of millennials are struggling to pull together a large enough deposit to buy their first home.
The increased cost of living combined with stagnant wages and job insecurity is making saving an unrealistic prospect for many young people.
In order to get on to the property ladder, something their parents and grandparents may have taken for granted, they are being forced to get more creative in their attempts to build up a suitable nest egg.
Enter the side hustle.
For the uninitiated, a side hustle is simply a way of making extra money on the side of your main job. So for example, by day you could be working in healthcare, while side-hustling as a Personal Trainer on weekends. Perhaps you’re in IT and you’re utilising your skills to make extra cash as a web designer in your spare time. Or are you in marketing, earning a second income from freelance copywriting?
The possibilities are endless, and your side hustle needn’t necessarily be related to your main job. Many people choose to take on a side hustle to give them a creative outlet, or to make a little extra money from their hobby or passion.
For example, if you’re stuck in a dull office job and you’re yearning to be more creative, you could set up your own Etsy shop to sell your crafty wares online.
The rapid rise of the side hustle is truly astonishing, with as many as 4 in 10 UK adults now working a second job.
The upsides of taking on a side hustle are numerous – the extra money in your pocket can help you reach your personal and financial goals quicker – whether you’re saving for a deposit on your first home, trying to pay off debts or squirrelling money away to go travelling.
Plus, the variety of work, and pursuit of your passion can help you to feel more fulfilled generally.
And of course, side hustles aren’t merely for millennials. If you’ve been working in the same career for years and fancy a career change, taking on a side hustle can help with the transition and could even lead to you starting a new business. For example, a weekend dog-walking side hustle in the right area could easily turn into a lucrative new venture.
However, do beware of burnout. With side hustlers consistently working more than 40 hours a week, you need to make sure you’re getting enough downtime. An unmanageable workload can lead to increased stress, which in itself can cause serious and wide-ranging health problems.
No one can deny that life is getting ever more expensive. But nowadays, as long as you have Wifi and a mobile device to hand, you’re able to work wherever and whenever you want to, and so the popularity of the side hustle looks set to keep on rising, changing the way many of us work, live, save and buy.
So if you’re struggling to get on the property ladder, or simply want to earn extra money by following your passion, a side hustle could be the way to go.
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