FLM 2017: How a Side Hustle Can Help with Debt ReliefNov 10, 2017
The path used to be a straight line. School, university, then a long, steady career.
Millennials know that this path has changed in the last decade. It’s become jagged, with spikes of student debt, diplomas, and job changes galore. According to a Guelph professor, people born in 1980 or later are more likely to change employers or careers than previous generations when they were of a similar age.
The path is moving, and it can be hard to stay on it without losing hope.
This generation is an inventive bunch, though. The side hustle has become the new mantra for working an extra job beyond full-time work. It can be a passion project, or just a way to make a bit of extra income.
With more income comes more opportunity to reduce your debt load. Whether it’s from student loans or a credit card, a side hustle can help you pay it off quicker.
Here’s a couple tips on getting started with your side hustle:
- Figure out what you’re interested in, and put yourself out there. Whether you want to landscape or write for hire, putting a public face on your work is important. Once you’ve decided on what you want to do, make a website with an easy WordPress or Blogger template. Then, make some calls (the hustle part) and make it known that you’re available for work.
- Use your side hustle on your resume for full-time opportunities. Employers see value in your work, no matter if you did it in or outside the office. A side hustle does more than make you some extra money; it can pay off with a better career (in your chosen field) down the road.
Financial writer Jordann Brown writes about how a side hustle was just part of her larger effort to increase her income by 44% in three years.
Boosting your income is just part of the equation, though. Prioritizing debt relief and knowing all your options are equally important. Talk to an expert in bankruptcy, a Licensed Insolvency Trustee (LIT), to help you find the best solution for your debt problems. There are also a lot of great online resources at your fingertips—check out the FCAC’s guide to managing debt.