Breaking Free from Financial Struggle: The Power of Side Hustles
Millennials are no strangers to the concept of side hustles. With wage stagnation and the Great Recession leaving many with financial uncertainty, it’s no wonder that this generation has turned to alternative income streams to make ends meet. For some, side hustles provide a much-needed buffer against debt and financial insecurity. For others, they offer a chance to build savings and achieve long-term financial goals.
My Journey: From Financial Crisis to Freedom
I’ve never had a traditional 9-to-5 job. My post-college career has been a patchwork of internships, paid and unpaid, and side hustles. I’ve worked as a social media manager, caterer, gym receptionist, waitress, nanny, high school lacrosse coach, van driver, content research manager, non-profit Development Director, and freelance writer. At my peak, I juggled five jobs simultaneously.
However, it wasn’t always easy. I struggled to make ends meet, carrying tens of thousands of dollars in student loan debt and barely scraping by on a meager income. It wasn’t until I had a financial awakening in 2014 that I realized I needed to take drastic action to change my situation.
Turning Point: From Failure to Opportunity
Instead of seeing my lack of a traditional job as a failure, I saw it as an opportunity. My flexible schedule allowed me to work multiple jobs, in different industries, and at any time. I could work overtime and as much as I wanted. This realization sparked a series of changes that would ultimately transform my financial life.
The Power of Side Hustles
First, I asked for a raise at my catering job and got it. This small increase in income had a significant impact on my finances. Next, I set out to find more work, picking up a part-time job at a non-profit and increasing my hours at my catering company. By January 2015, I had paid off $2,000 worth of debt.
The Snowball Effect
As my income increased, so did my debt repayment. I replied to an ad on Craigslist and landed a freelance social media gig, which led to more opportunities. I was promoted at my catering company, earning a $2.50 raise and more responsibility. I started blogging about my debt payoff journey and writing freelance articles, generating additional income.
The Results: Financial Freedom and Security
By June 2015, I had paid off all my debt and more than doubled my income. Thanks to my side hustles, I broke free from my low-income cycle and began building wealth for myself. I continued to work multiple jobs through the end of 2015, saving $5,500 in my IRA account.
The Future: Retirement Savings and Beyond
Today, I still cater to supplement my income and save for the future. My focus has shifted to retirement savings, with a goal of saving $50,000 by the time I’m 32. Catering allows me to contribute to those savings at a regular rate, even when freelance paychecks are delayed.
The Takeaway: Side Hustles Can Change Your Life
Side hustles have been instrumental in transforming my financial life. They’ve allowed me to achieve financial milestones at a faster rate than I would have without them. If you’re struggling to make ends meet or want to build wealth, consider exploring side hustles as a way to take control of your financial future.
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