It’s a universal fact that in most places wages don’t grow according to the cost of living, especially when compared to increases in annual inflation. This makes it more and more difficult for people to cover the cost of basic expenses, and it creates a level of financial insecurity in individuals striving to keep their feet on solid ground.
Jonathan Kvicky is a successful investor who proposes that now, more than ever, the rise of side hustles is playing a bigger role in the lives of everyday people. With stagnant wages affecting not only income generation, but the rate at which people are saving and paying off debt, Kvicky emphasizes that supplementary gigs can be an excellent way to ensure greater financial stability in an unpredictable world.
Despite working a full-time job as a senior engineer, Kvicky, now 32, has always supplemented his income by working on side hustles in his off-hours and reinvesting those profits into revenue-generating assets. With profits made from extra gigs, tied with his passion for investing in blockchain technology, he proved his mettle by growing an investment of $20,000 into over $1 million within the span of a year. Now he is turning to social platforms to encourage others to harness their potential and push toward a greater sense of financial stability using the “gig economy.”
Here, he shares three reasons why income-generating side hustles are growing at a massive pace, especially among millennials.
1. Financial goals are achieved faster.
Many individuals with debt, including students new to the workforce, are looking for ways to minimize financial stress in an unpredictable world. Whether this stress is from credit card debt, mortgage/rent payments, student loans or simply a low working wage, people are looking for ways to achieve a level of stability. And, with the growth of online resources and social media, utilizing one’s passions and skills to create a business or service is becoming an increasingly attractive proposition.
2. Income is more secured through diversification.
The average person works for a company, or under an employer, and this alone presents inherent risk when utilized as a sole source of income. More people are beginning to realize that having multiple streams of revenue is empowering and acts as a safeguard against uncertainty and unpredictability. Mitigating this risk is oftentimes not a consideration until it is too late, so it’s always makes sense to think preventatively.
3. There is a huge opportunity to learn while you earn.
People are increasingly searching for more meaning and gratification in the work they do, along with personal growth. And usually, their main line of work isn’t providing the “life juice” they desire. As a result, many turn to side gigs to fill that void and use it as an opportunity to develop new skills and further enhance their personal value. This, in turn, has created opportunities for people to not only harness their own financial reins, but discover personal fulfillment at the same time.