Why you need a side hustle? - Mercado Global Insurance

Massive layoffs. Job uncertainty. Soaring inflation. Sounds like the perfect storm for anyone who’s earning a living. But there’s hope: side hustles offer plenty of opportunities to earn extra income. From being a virtual assistant to a personal assistant. From dog walking to senior sitting. From tutoring to online coaching. Whether in-person or online, there are a variety of side hustle to choose from. The key is finding one that works for you.

Side hustle vs part-time job

While both provide additional income stream, the main difference between the two is the amount of freedom and control they offer. While a part-time job comes with the security of a regular paycheck, it ties you to a set schedule without little room for advancement. A side hustle or a side business, however, gives you more control over your time and workload.

Why side hustle

In a Bankrate survey (2023) of 2,505 US adults, 1 in 3 adults side hustle for day-to-day living expenses, 27% of people say they need it for discretionary spending money, 25% need it for savings and 12% need it to repay debt.

The same survey also showed that millennials tend to earn more from the side hustle compared to other generations.

Intangible rewards

Apart from having a financial backup, a side hustle comes with intangible rewards. For one thing, it offers more flexibility than a regular office job. With the freedom to work for yourself, you get to optimize your time as well as your earnings.

Running your own business teaches you new skills. As it pushes you out of your comfort zone, you discover new capabilities you never knew you had. You learn how to find clients, negotiate project fees, manage your time, and deliver results.

A side hustle also gives you the chance to work on your passion without the fear of losing your primary source of income. So, when your side hustle earns you income it’s more of a bonus.

Best of all, a side hustle is good for one’s mental health. With a higher level of control over your work, you’re more confident when making decisions, more open to try new things and more resilient to failure.

Start hustling

Can’t decide what side hustle to pursue? As a start, join Mercado Global Insurance Brokers. You don’t have to be an experienced agent. You can count on our team to help you succeed. From helping you understand your clients to improving your marketing efforts to managing cases and even growing your business. As part of our team, we make sure your work becomes truly rewarding in more ways than one. Visit our website or call one of our Mercado Global Insurance Brokers to know more.