No matter what your age, taking on a side hustle can be a smart move. Many retirees are turning to side hustles to make ends meet and fight the post-work world boredom. But a side hustle can be even more valuable for young people, and these extra jobs can provide a lasting impact on their lives. For the young, the value of a side hustle goes far beyond the extra cash, although a few additional dollars certainly does not hurt. Whether you are fresh out of college or still in high school, here are four significant benefits of a side hustle.
4 Reasons Young People Need a Side Hustle
Learn Valuable New Skills
Their high school and college days may be over, but young people are still learning valuable skills. From how to communicate effectively in the workplace to how to project a professional image, young people are continually learning and growing. Younger workers are also busy learning new skills, abilities that could help them move up the corporate ladder and land the next promotion. A side hustle can help those young workers learn new skills—skills they can use to enhance their full-time careers.
Pay Off Student Loan Debt Faster
It is no secret that student loan debt is out of control, or that many college graduates are having trouble paying what they owe. With the average student loan debt well into five figures, repayment can be a real problem, even for workers blessed with good-paying jobs. By taking on a side hustle while they are still young, those debt-ridden college graduates can get a head start on what they owe. Paying off that college loan debt can then free up cash for other essentials, like saving up for a first home or putting money aside for retirement.
A troubling percentage of younger workers have no savings at all, and even more, have very little put away. Having an emergency fund is an absolute must, and something a side hustle can help with. Beyond the emergency fund, a side hustle can also help young people boost their retirement savings. The side hustle alone may not fully fund those goals, but it could be a big help.
Make Lasting Connections
Networking has never been more critical, but making lasting and meaningful connections can be particularly tough for young people. Even if they are continually meeting new people online and off, forging valuable relationships and building a network are challenging tasks. By incorporating a side hustle (or two) into their lives, those younger workers can expand their networks more effectively. You never know when those connections will come in handy, and having them available could help you land your next job or start your own business.
If you think side hustles are for retirees and cash-strapped seniors, you need to think again. No matter what your age, taking on a side hustle can provide valuable benefits, some of them monetary, some of them social, and all of them essential.