If you find out that a friend or colleague has a side gig, you shouldn’t be surprised. Today, 44% of Americans currently have a side hustle, as they are looking to earn more or turn their passion into something that financially benefits them.
Additionally, Google searches for ‘side jobs’ have increased by 49.8% from December 2022 to January 2023 compared to last year. This may increase your confidence in taking a side gig, as many people are doing.
However, you must consider several pros and cons before doing so—especially in 2023. Here are a few.
Pro: You Get Closer to Financial Freedom
The Consumer Price Index has increased by 7.1% since last year. This makes purchasing necessities like food and gas harder. Fortunately, a side job resolves this.
One factor that makes the gig economy highly attractive is that it provides an additional source of income. This way, you can use your salary from your main job for necessities while your side gig is for hobbies.
If not for this reason, some people use their extra income for other purposes. Recently graduated students, for instance, get side gigs to support their daily expenses or reduce student debt. This is possible because the average side hustle earns $686 per month.
Of course, this number can increase depending on the type of job you get and how many hours you work. Overall, a side gig is great for earning extra money.
Con: You might Get Burnt Out
Burnout is a serious issue among workers. 59% of Americans experience employee burnout, a significant increase compared to 2021’s 51%. A few reasons causing this are tedious work responsibilities, lack of health insurance, and financial instability.
While getting a side gig will help you earn more, it is still another job. You can get even more stressed than you already are due to balancing both roles. If you get burnt out, you’ll perform poorly at your job and may experience mental health difficulties.
In the long run, you might resort to quitting your primary job and side gig to get a break from everything. So, before you get a side gig, consider if the extra job will burn you out.
Pro: You Learn New Skills
More employers are focusing on a person’s skillset than their education or job history before hiring. A skills-first approach to hiring benefits businesses because they can rely on their employees to do well at work.
Getting a side gig helps you acquire new skills, benefiting you in the future should you switch careers. If not, you can still gain from the additional skills you’ll learn and use them in your primary job.
For example, if you get a side job as a foreign language teacher, you’ll get teaching skills and mastery of multiple languages like Norwegian and Mandarin.
This can help you get a job overseas, become an international delegate for your company, or spark an interest in employers who are drawn to multi-talented candidates.
Con: You have Less Time for Yourself
An additional job takes away free time. Instead of resting after your main job or going out on weekends, you’ll have to focus on your side gig. This eats at your time—something many employees are pushing to have more of.
To prove this point, many workers are supporting the four-day workweek movement to have more time for rest, hobbies, and loved ones. When considering a side gig, think carefully if you’re willing to give up your free time.
Getting a side gig increases your income and skills. Still, it comes with consequences like less free time and the risk of burnout. Therefore, consider these pros and cons before committing to another job.-