The words of Afrobeat star, Burna Boy, ‘’ Dangote still dey find money’’ has become a mantra among millennials and generation z’s since the singer released the melodic tune earlier in the year.
The song is about Aliko Dangote’s unrelenting effort in increasing his fortunes despite being Africa’s richest man which questions complacency in the pursuit to improve one’s status-quo.
Many young professionals today are caught in a fast world of smart gadgets, globe-trotting, and urban living – all of which comes at the price of higher living cost and inability to live debt-free most of the times.
Of course, technology has made life easier for young adults, affording the opportunity to shop at one’s finger’s tip, hail cab from smartphones, Netflix and tweet at friends around the world, the financial burden of maintaining such lifestyle has become of major concern.
According to reports by Forbes, millennials –as well as Gen X-are financially stressed! They ‘‘have intense stress, paranoia, expectations, fears and concepts about money and finances, in a way that almost nothing else can compare,’’ the American business magazine noted.
While getting a new job that pays better could be the quick fix, it is usually the case that the pay-raise that fill budget gaps often comes with a longer stay in the labour market than millennials and Gen X have.
Having multiple income streams, therefore, become necessary in making ends meet and for others, it provides the opportunity to do what they really love.
What are Side Jobs?
Side Jobs, also referred to as side hustles or gigs, are secondary means of revenue which serves to complement one’s main source of income. Usually, they involve economic activities requiring little or no experience and offer a greater degree of flexibility than conventional jobs afford.
Examples range from online or one-on-one tutoring, managing social media accounts, driving for Uber, Taxify and so on.
What to consider before getting a side job:
Time; how would the plan fit into your schedule?
It is not worth the effort looking for an extra source of income if your main job takes almost all of your time for two reasons. The first is health-related while the other is the simple economics of trade-offs.
Nothing is worth sacrificing your well-being for! The monetary and time cost of treating yourself might eventually outweigh whatever gains that were hoped to be derived from taking on the extra job.
In short, since the quality of life depends on one’s ability to enjoy it, health becomes a top priority in deciding on additional income streams.
The other reason is that the new job which is meant to complement income may come at the expense of your main employment. It becomes very necessary to do a self-assessment that would help you estimate the impact of extra activities on productivity in your current job.
Value; is the side job lucrative?
The reason you are taking on an extra job is to make more money not become busier- unless the side job is a hobby that allows you to pursue your interest. To blindly jump on any opportunity to make extra money without careful research on what returns the current market allows would be counterproductive for you.
Speaking with an expert in the industry, a friend doing a similar job or at least carrying out your own research over the internet might help you make informed decisions.
Resources; what skills, training would the side job require?
The side job might require time and resources in training yourself or honing your skills if you are familiar with the job.
Although not all side jobs require that level of preparation, acquisition of materials and equipment to engage in such activity would require a careful approach to your quest of making extra income.
You have to know from the start all the cost it would require of you to participate in that side hustle else you might suddenly feel stressed and stuck in the middle.
