With an impending recession, here's why side hustles are important
A side hustle isn't really a new concept, however, it has become more popular, especially with a recession on the horizon. For the uninitiated, a side hustle is a side job or occupation that brings you additional money beyond your main source of income. There are a host of upsides to it making it the need of the hour. Here are some of them.
Increases your financial stability and security
A side hustle can contribute to your financial independence by leaps and bounds. Even if you only earn an additional Rs. 500 a month, it can increase to a better pay down the line. With this, you can easily pay off your debts, and bills, or simply save more money. Even if a recession steals your job, you'd still have some income coming in.
Helps you work on your passion, hobbies, and interests
If you are good at it, why not monetize it? Side hustles are enjoyable because one gets to work on their passion and earn from it. Passions like cooking, artistry, makeup and beauty, fitness, music, photography, videography, writing, content creation, fashion, and knitting, etc. can easily be carried up on weekends or after you are done with your regular job. Where's the downside?
Helps you consider a career change
Recession could be a tough phase to live through, especially when you are pro only at a certain field. However, with a hustle by your 'side', you can easily consider a career change and turn your passion into a full-time job. Curate a plan, invest in the required resources, build a network, grab an audience, and get started on making it a dream job!
You may foster job creation for those in need
From rich to poor, old to young, recession spares no one. However, if you plan to usher in a side hustle or have been running one, you can create more employment opportunities for those who have lost their jobs. Get in more delivery personnel, people who can work backend or those who can team up with you and bring in their expertise.
Can teach you important lessons and skills
Having a side hustle can teach you a multitude of life lessons, right from curtailing expenses and making sensible investments to taking the right decisions and following a work ethic. Not just that, it can also help you take your skills up a notch as you overcome different shortcomings in your business, handle customer grievances, and experiment with your social media.
