According to a 2019 survey conducted by consumer financial services company Bankrate, 3 in 10 of the 2,550 American adults surveyed worked a side hustle just to make ends meet. In addition, 45% of those surveyed say they work another gig outside of their primary job.
With the COVID-19 crisis having a major impact on jobs and the unemployment rate, it's very likely there could continue to be an uptick in people working multiple jobs to make ends meet.
Here are some things to consider before taking on an additional job.
What Are Your Reasons For Working On A Second Job?
For some people, working a second job is a necessity; they need the additional income to make ends meet. And for some it's a luxury; they have the time and love making extra money.
If you're in desperate need of money, working a second job could be a good option. But before taking that step, evaluate where you are at in your career.
Is the need for money temporary as you work your way into a higher-paying position or is a temporary expense hurting your wallet? If this is the case, maybe a part-time job can be a temporary solution. But, if this lack of income is a long-term problem, you may want to seek a more permanent solution, such as a career change.
If you're stuck working a job with limited opportunities for pay increases, you'll want to leave all your career options open. Are your skills transferable to a higher-paying job? If not, be on the lookout for education or certification opportunities that could improve your prospects of landing a higher-paying gig.
It's a lot easier to balance one job than it is to attempt working two.
For those of you working a part-time job as a luxury, you're in a position of strength. However, there are still things that you need to consider as you balance two jobs.
How Do You Manage Your Time Working Two Jobs?
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The issue of balancing two jobs and time management go hand in hand.
Some people address this by working "gig economy" jobs. These type of jobs include contract work that is temporary, freelancing gigs or flex/set your own schedule type of jobs, such as ride-sharing. While these jobs are still a time commitment, you get more say on when you want to work.
For those working jobs with set schedules, it's important to be mindful of how many hours you work. Decide before applying for a second job the exact amount of hours you're willing to work. This is additional time out of your personal time that is being committed, so you're essentially determining how much more personal time you're willing to give up.
Once you determine a set amount of hours you're willing to work, stick to it. It may take a while to find a job willing to work with your hours, but it will be worth it.
Working more hours than the amount you're comfortable with will only lead to burnout and loss of enjoyment in life because you're spending less time with friends and family.
If you start feeling overwhelmed by working two jobs, it's not worth it.
Will Working A Second Job Hurt Your Primary Career?
It could, if you let it.
Before even applying for a part-time job, check with the human resources department of your full-time job to make sure that having a second job is even allowed. It's not worth violating company policy and getting fired just to make a few extra bucks.
Some companies will allow their employees to work a part-time job as long as it's not with a direct competitor or anything that would present a conflict of interest with the company. They'll also ask that the job not interfere with your full-time hours.
Even if you're allowed to work a part-time gig, it's incumbent on yourself to make sure the second job doesn't interfere with your primary career,
If you start working too many hours at the second job, you risk becoming tired and burnt out, which will ultimately impact your performance at both jobs.
Remember, a second job is suppose to boost your income, not hurt your career.
Outside Of Money, Is There Any Benefit To Working A Second Job?
There could be.
Every individual situation is different, but there are scenarios where a second job could make you a better professional. For example, a full-time teacher could hone his or her skills by tutoring on the side.
A second job could also be a way to gain new skills. Someone who works in graphic design may also have an interest in the service industry and take a job as a part-time bartender to test the waters.
Some people opt for part-time retail jobs in order to take advantage of employee discounts.
The ideal second job is a job that carries some benefit with it outside of the money. Find something that interests you either professionally or personally. Not only will it make the work more bearable but it could also turn into an advantage.
An even more ideal situation is if you can build a part-time job around something that you're passionate about, a "hobby hustle," if you will.
A hobby hustle, is something that you would do even if you weren't getting paid but you find a way to monetize it.
Many people are using hobby hustles to fill in the gaps while they're unemployed and looking for work, especially college students who had their internships cancelled because of COVID-19.
Additional skills that you acquire working a second job or hobby hustle, along with any extra contacts you can add to your professional network, could come in handy if things change with your full-time career or you decide to seek new opportunities.
So, is working a side hustle right for you?
With people's personal and professional circumstances changing on a daily basis, the answer to this question could also vary.
But, if you've considered all of the above factors and feel that a second job is something that you need to incorporate into your life, then it's certainly worth a try.
With proper planning and careful consideration, a part-time job can have several professional and financial benefits. Just tread carefully because the potential drawbacks may not be worth it.
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