Side hustles are becoming more and more common as the workforce gets more competitive and the cost of living rises.

Why You Should Start a Side Hustle

Rising cost of living: Housing. Food. Medical care. Transportation. These are all expenses that are rising at a faster rate than income. For example, the cost of housing rose about 5% over the last few years whereas income increased by an average of 3%. Getting a side hustle could help remediate some of this disparity.

Competitive workforce: In a day and age where college degrees are the norm instead of the exception, college graduates struggle to land their desired full-time jobs. Even if they get the position, job security is less assured than it used to be. A side hustle almost ensures a job and supplemental income.

Learn new skills: While you probably already have a nice repertoire of hard and soft skills, there’s still more to learn. It’s also important to expand upon what you already know. Not only will you better yourself through your side hustle, but you’ll acquire skills that can be applied to your day job.

Explore your passion: Side hustles are unique because you can pick and choose what you want to do, versus companies picking and choosing whether they want you. Turn a hobby into a business or discover passions that have been lying dormant.

Extra income: You could make around $800 per month from your side hustle alone. That cash can be applied to necessities like rent and groceries, or you can revel in your discretionary income. Save the money now if you want it to appreciate over time.

Still not convinced? Follow the flow chart in the visual below to see if you should start a side hustle. If you’re looking for ideas, Self Lender did the research to find 51 side hustle ideas that might work for you.