In modern America it’s become very challenging to live and meet our modern needs on a single income let alone on one that doesn’t pay very well. Wages in America are stagnant and the availability of well paying jobs is holding steady or increasing slowly at best. It used to be that getting a college degree was the ticket to well-paying job and long-term success. However, this is no longer the case. College degrees are extremely expensive to obtain and the job market is saturated with degree holders making the college degree today’s high school diploma of the past.
In addition to these things, the global business climate is highly competitive and jobs are often out sourced to other countries where labor costs are lower. So how is anyone to get ahead if the cost of living is rising faster than most incomes?. This is where getting a side gig can help. With the additional income from a side gig, you’ll be able to more easily pay your bills, begin to get ahead, and one day reach financial freedom. Side gigs also offer many other benefits as well. Here are five benefits to getting a side gig as well as some ways that they can help obtain long-term success.
Combat Wage Stagnation and The Rising Cost of Living
Gone are the days where people could find a steady, well-paying job with a reputable company and then work there for 30 to 40 years until retirement. Furthermore, companies just don’t offer the benefits, incentives, or the comparable salaries that they used to. In our changing economy where companies are tightening their budgets, getting a raise can be challenging. When you can’t get a raise or find a better paying job, finding a side gig may be the solution that allows to you beat the rising cost of living. With a side gig, you can supplement your income and start living with a little more security.
Diversification of Income
It’s never a good idea to rely solely on one source of income for your living expenses. This is especially true if you’re living paycheck-to-paycheck. If something were to happen such as a medical illness, an accident, or if you got fired, the financial implications could be devastating. Diversifying your income will help ease the blow should one of these things happen. Obviously, it’s best to build passive income streams to supplement your income, however, if you can find a side gig that pays well for your production, then that could still be a good fallback plan. By having a side gig, you will at least have some way to bring in some extra money should something happen with your primary income source.
Increase Your Marketability and skills
In any job today, the work usually routine and probably doesn’t change much throughout the course of a year. If you have years to go until you retire, you have to think about what your current job is doing to the future of your career path. This is especially true if you aren’t continuously learning, growing, and improving yourself. Getting a side gig can help you to increase your skill set and improve your marketability. Depending on the type of side gig you find, it can even help prepare you for a promotion. Furthermore, having experience with a wider variety of work can help you stand out from a crowd when searching for a new job. No resume has ever suffered from additional experience or an improved display of a strong work ethic. The bottom line is that earning income through a side gig can make it easier to find more work when the time comes.
Learn and Grow
Finding a side gig and learning to make money outside of your day job will definitely help you learn and grow personally. Personal development is key to long-term satisfaction and success. As was mentioned earlier, learning and growing through side gig work can improve your marketability and job prospects. However, learning, growing, and improving yourself is much more than this. For example, I find great personal satisfaction in taking my hobbies and interests and turning them into streams of income. In addition, I love learning new things and finding ways to do my job better, faster, and at a higher quality than I could before. Finding a side gig is in a great way to help you learn and grow in your journey of life
Get Paid What You Are Worth
When looking for side gigs I believe it’s best to find something that allows you to get paid for your productivity or output rather than for your time. A second job can help pay the bills however this isn’t the ideal situation. Instead of finding financial freedom, you’ll often find low pay and eventual burnout with a second job. Instead, find something that you enjoy or at least something that gives you more personal control over your second income.
In most jobs, no matter how hard you work or how fast you get things done, there is usually no change to your paycheck. Your salary or hourly rate is often independent of your productivity. This model of compensation is great for the businesses but not so great for high performing employees. In fact, wouldn’t it be great to actually get paid for your productivity and instead of just your time? If you know that you are worth more than what your employer is paying you, then finding a side gig may be the solution for you. Oftentimes you’ll find yourself making many more dollars per hour than what primary job pays. Perhaps one day your side gig can eventually allow you to quit your job..