Should You Get a Side Hustle?
Are you even a millennial if you've never had a side hustle? Whether it's freelancing, dog walking, or being a professional friend, it seems like everyone is trying to make a little extra cash to pay down those student loans or save for a home.
Padding your bank account is a great goal, but it's not the only reason you might want a side hustle.
Stepping stones and networking
Even if you're not making a ton of money, a side hustle might be a good way to build a portfolio or make connections in your industry. If your side hustle isn't directly related to your work, you can still spin it during a job interview. Did you market your custom bowties on Etsy? Talk about how you built your website, wrote your copy, and targeted your potential customers when you're applying for a marketing job.
A side hustle can be a backup plan
We all know the days of working in the same job for your entire career are pretty much over. So, it pays to have a backup plan in case you want to transition to a new role or you get laid off. Not only can a side hustle help you find a place to land, but it can also give you some money to help tide you over until you're settled in a new job.
But taxes can be a pain
Your side hustle is probably dealing with taxes by using a 1040 or 1099. And that can be confusing when it comes time to file, because you're not paying everything you need to up front. You'll need to either figure out how much you owe and make sure you have that amount saved over the year. That means you run the risk of owing money that you've already spent. It could also mean you'll need to pay someone to do your taxes since they're a little more complicated this year.
You need to know how much your time is worth
When you have a side hustle it usually means working in the evenings and on the weekends. And that's time that you could be hanging out with friends, pursuing your hobbies, or just binge-watching Netflix. Is the amount you can charge for your work worth giving up your leisure time?
Still think a side hustle is for you? Check out this guide on how to get started while keeping your day job.