There’s a reason it pays to lock in a second job now.
- The gig economy is strong right now, so it may not be so difficult to get a second job.
- That could change if a recession hits in 2023.
- Evaluate your flexibility, talents, and income goals to find the right side gig for you.
If you’ve never worked a side hustle before, the idea of taking one on may be daunting. After all, it’s hard enough working one job. It may be hard to imagine finding the time for two.
But the good news is that many side hustles are quite flexible. Some allow you to work from home. Others require you to leave the house but let you work at your own pace or on your own schedule.
Plus, working a side hustle could do a lot of great things for your finances. It could allow you to pay off costly credit card balances and have fewer bills to worry about each month. It could also make it possible to boost your savings so the next time you’re hit with an unexpected bill, it won’t drive you into debt immediately.
A side hustle could also give you more financial wiggle room. If you enjoy taking trips, eating dinner at different restaurants, and buying fun things, the earnings from your side hustle could make it possible to continue those habits.
But if you’re going to pick up a side hustle, you may want to get moving sooner rather than later. Wait too long, and a second job may be harder to come by.
Why it pays to apply now
For months on end, financial experts have been cautioning that a recession could strike in 2023. And if that happens, it could impact the labor market — including the gig economy.
That’s why now’s a good time to get a side hustle. Right now, companies are still willing to pay contractors, and businesses are still looking to hire part-time staff. Plus, everyday consumers seem to have money to spend. But if the economy takes a turn for the worse, that may not be the case a few months down the line.
What side gig is right for you?
Finding your first side hustle could boil down to trial and error. It’s not unheard of to take on a side gig only to realize it doesn’t work for you, so don’t stress out if that happens.
At the same time, you can ask yourself these questions to help narrow down your side gig options:
- How much flexibility do I have in my schedule?
- Am I willing to work outside the house at night and on weekends?
- What are my income goals?
- Do I have specific talents that lend to certain side gigs?
- Do I know people who have had success with certain gigs, and should I follow their lead?
Answering these questions might help you land on a solid choice. For example, let’s say you work as a teacher during the day but are great at crafting. If you know someone who’s had success selling homemade jewelry and can offer you tips (or maybe even partner with you), that’s a gig you may decide to pursue.
All told, working a side hustle could do a lot of great things for your finances. But if you’re serious about getting one, you may want to start sooner rather than later.
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