As a senior software engineer and tech investor, Jonathan Kvicky is passionate about startups, investing, and entrepreneurship. He founded and developed his first company, a one-man fashion PR firm, at the age of eighteen which was acquired just two years after its inception. Now, at the age of thirty-two, he continues to brand himself as a mogul in the world of business and technology. More recently, Jonathan has been cultivating inspiration among aspiring entrepreneurs and those striving for financial security, by discussing ways in which people can optimize their self-growth and thrive in a fast-moving world. One of the biggest pieces of advice he loves to give to others looking to replicate his success is to embrace the art of the “side hustle”.
Below, he shares three reasons why people should consider pursuing a side hustle(s) to supplement their primary income.
1. Achieving Financial Goals in a Shorter Time Span
Whether the goal is to pay down student loans faster, eliminate credit card debt, or simply save to re-invest in wealth-generating assets, side hustles can help people achieve their financial goals faster. What once used to be an obscure concept associated with financial desperation, side hustles are now being representative of faster financial freedom and independence amongst millennials, especially in the US where over fifty-percent of households are living paycheck to paycheck. Even young people joining the workforce for the first time are beginning to realize the importance of setting up their financial success from as early an age as possible.
2. Diversifying Income for Security and Stability
The economic response to the worldwide COVID-19 pandemic undoubtedly pulled the rug out from many people, in terms of their financial plans and job security. As a response, individuals, for the first time, began to see or experience the risks associated with only having one main source of revenue. The new “gig-economy” is presenting many with an excellent opportunity to start diversifying their income, instead of relying on a single source. With the ever-increasing growth of digital commerce and worldwide internet access, there has never been a better time for people to utilize their passions and skills to create an in-demand service or business.
3. Upgrading Skills and Earning While Learning
One great advantage to picking up a side hustle, in addition to the income potential, is the opportunity to develop new skill sets that someone otherwise would never have been exposed to. Many millennials are increasingly searching for more fulfillment in areas of work which are unrelated to their primary jobs. This, in turn, has created a trend of people seeking more self-worth and personal gratification through various side projects.
“Now more than ever, I’m seeing people shifting from a mindset of comfort to a mindset of self-investment and growth,” says Kvicky. People are no longer content with the idea of just grinding out a forty-hour work-week for somebody while their skills remain stagnant. They’re beginning to take hold of their own financial reins by tapping into their true potential. It’s incredible to see, and a lot of great things are happening as a result.”