As price tags continue to rise and wages don’t, more people are turning towards side hustles for extra income.

The evolution of side hustles can be linked to the higher living costs. From increased rent to expensive grocery prices, basic necessities are becoming unaffordable. Side hustles used to be viewed as passion projects or an additional gig to earn extra spending money. While this may still be the case for some, others view them as a necessary secondary source of income.

The Job Industry Shift

Traditionally, earning a degree and getting a full-time job was the route to financial security. That traditional formula has since shifted to the point where solely depending on one job is not enough anymore. Recent research surveyed 2,000 Americans about adopting a side hustle to keep up with the inflated economy. According to MarketWatch, more than 54 percent of participants said they had adopted a side hustle to supplement their primary source of income within the last year. Although that high number may have been shocking in the past, it is unsurprising that people are searching for other ways to combat their financial struggles.

The Evolution Of Side Hustles

While side hustles continue to rise in popularity, the shift redefines what it means to have a successful career. In today’s job climate, many companies are experiencing hiring freezes or conducting mass layoffs. As daunting as the workforce’s instability may be, having a side hustle on top of the traditional 9 to 5 helps quiet the fears of financial loss. They allow income to flow despite needing a salary or a consistent stream of earnings.

Side hustles also create the possibility of full-time self-employment. Several advantages come with being your own boss. The flexibility, not having to answer to higher-ups and setting your own rules makes self-employment appealing to some. While it’s not always glamorous to be in charge, the freedom accompanying it has been convincing enough for people to make the switch. 

Although maintaining a stable flow of revenue is one of the biggest disadvantages, that doesn’t mean the stability won’t ever come. Similar to anything else, reaching success takes time.