According to statistics, in 2020, about 1 in 3 people in the US will be involved in follow-up jobs outside of a fixed full-time job during the day. This side job will help them increase their income. It can create a substantial economic source for some, allowing them to retire early with the money they have saved.
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Side Hustle?
Side Hustle is the common name for the sub-works block. With this type of job, you can work part-time, in your free time, or work online, depending on the requirements of that job. In addition to the full-time main job, you can do other jobs to increase your income. For some, they can “retire early” with just the money they earn from side jobs. It can be investment, fundraising, or business.
Especially after the recent Sars-CoV pandemic, the number of people doing extra jobs increases day by day. The high demand for employment and the increased demand for employment by workers have helped the economy recover from the pandemic.
The money earned from these jobs can be available for many different purposes: repaying debt, saving money, and investing in the future. Indeed, this money will “move” if you are a person with investment knowledge, sure in all matters, and not engaged in illegal activities.
People’s Work Trends in the “Gig Economy”
In 2020, more than 40% of the workforce will be engaged in the contracting economy. This form has brought a stable source of income for many people. When the amount they earn is even higher than the full-time salary, they are working.
Betterment reports that the contracting economy has opened up a new way of working. From there, workers can make early retirement from the money they earn. Some workers feel they are not saving enough for retirement. They are with debt and some guest problems.
As a result, all previous accumulated plans and future orientations will be changed and interrupted.
Therefore, switching to contract jobs to supplement their income will help them ensure their quality of life now and in the future.
In addition, Betterment considers two types of employees in the contracting economy: those who rely on independent work and workers who use subcontracting as their primary source of income. Even though they are nearing retirement age, those who are dependent on independent work with a stable monthly payment still feel that their savings are not enough.
As for the other type of people, they can retire early because of their side income. Investment and business will be the premise to help us increase revenue quickly and sustainably.
Should you quit your main job to do it?
Why is it called Side Hustle? Because it is a type of side job that can help you increase your income. Therefore, in addition to the prominent positions that bring a stable source of income, you can participate in the contracting economy to increase personal income.
The peculiarity of side jobs is unstable. Therefore, you need to maintain your stable full-time jobs to ensure your quality of life. Having a side job with a higher income is possible, which will help you retire early with that money. The main job will be a fixed amount, and the side job will be portable so you can invest in your future.
However, if your full-time job doesn’t provide long-term enjoyment and growth, you may want to consider giving it up for the side hustle you’re currently working on. Here are 5 signs that can help you determine if you should give up your full-time job.
5 Signs To Take Your Side Hustle Full Time
- When you love your side hustle more than your job: When you feel your main job is tedious, it doesn’t bring passion and enthusiasm. It makes you uncomfortable at work every day. At that time, you can quit this job to move into a new, more exciting field.
- When your side hustle can cover all major expenses: When your side hustle brings you economic benefits far beyond your primary job.
- When you’ve saved enough money to cushion challenges: When you feel your accumulated cash is enough for you to retire early.
- When you feel confident managing your taxes, health, and retirement, you can make sure it’s suitable for any situation with healthcare services.
- When you get a clear plan for hustling a business, you have a new direction, and it has the potential to grow in the future.
Conclusion
Hopefully, this article by website will help you better understand the contracting economy. Most workers today will choose to do other jobs within their 1-day budget because they want to increase their income and ensure the best quality of life for the future. For some people, the money they make from side jobs can help them retire early.