The concept of a side hustle is not new, in fact its highly prevalent among the millennial generation. However, there has never been a better time to have a side hustle than right now—no matter your age.
You’re going to want the money.
As I’m sure you’re aware, the government recently passed a multi-trillion-dollar stimulus package to help the nation’s economy survive the shutdowns. That money is going to need to be paid back.
After the coronavirus pandemic calms down, it’s safe to assume we will be seeing a jump in tax rates. A tax increase means less money in your pocket, so having a secondary source of income may be necessary to maintain your current standard of living.
It may become your main hustle.
Businesses across the country have been closing at an alarming rate, leaving members of their workforce without jobs. The number of people currently looking for work is going to eclipse the number of jobs available, and finding a new job is not going to be an easy task.
Having a side hustle that you can lean on in the event of a job loss will help you mitigate the financial damage that unemployment causes.
It will keep you relevant.
It is much easier to find a job when you have one than when you need one. The universe loves irony.
If you put “unemployed” on your resume or LinkedIn profile, you immediately appear to be idle or irrelevant, as horrid as that sounds. If you lose your job and have a side hustle, that will become your current position and will help you grow your professional network and maintain your skills while you look for a new opportunity.
Staying relevant and sharp within your field is key to getting hired when a position opens.
It will help you transition into a successful retirement.
Not all retirements look the same. In fact, many actually include a post-retirement career. If you discover that something you can do as a side hustle is what you want to be when you grow up, you’ve found your Act 2.
Build that business or skillset during your career, and then when you’re ready to retire from full-time employment you can shift your attention fully to that new venture and graduate into your next chapter.
I practice what I preach.
I don’t like to give advice that I wouldn’t follow myself. As the CEO of BFG Financial Advisors, I recently created my own side hustle: a consulting practice that helps other financial advisors amplify their practices. While I love being an advisor, I have discovered that coaching other advisors is how I want to spend my own retirement. It’s what I want to be when I grow up.
We are living in a very strange and new era, and in order to make it through we will need to adapt. Finding a passion that can also make you money can save you from unemployment and keep your retirement plans from getting derailed.
While this concept comes naturally to the millennial and Gen Z generations, it’s something that the older crowd will need to adjust to. I did, and I am very excited to where it takes me.
The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor with regards to your individual situation. Comments concerning the past performance are not intended to be forward looking and should not be viewed as an indication of future results.
Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. Brotman Financial Group, Inc. and BFG Financial Advisors are not affiliated with Kestra IS or Kestra AS.