When it comes to bringing in an income, it's no surprise that a large portion of millennials aren't just relying on their 9-5 jobs. According to a recent study from CareerBuilder, though 29 percent of surveyed workers in general have a second job outside of their full-time position, 39 percent of people aged 18-24 do, and 44 percent of 25-34 year olds do. From childcare to blogging, bartending to tutoring, there are a variety of reasons that people work more than one job.
Some people are looking to supplement their income, and others are taking the opportunity to pursue their passions because their full-time current position isn't as fulfilling as they would like it to be. If you work a second job and fall into the latter category, you may have wondered when it's appropriate to turn your side gig into your full-time job. Here's what you should consider:
Do you rely on your side gig to make the bills, or do you use it as supplemental income? If you were to lose your full-time job right now, would your second job bring in enough cash to keep you from dipping into your savings? If you live with a spouse or a partner, is his or her income enough to supplement what you may be lacking in the beginning? These are important things to take into consideration, especially if your side job isn't as lucrative as your full-time job is at the moment. If you aren't making enough money on your second gig right now, think about what it would take in order to bolster that income. If you had more time to dedicate to it – say, 40 extra hours a week – would you have enough work to make up that income gap? Think about what changes you can make in your spending habits to make this as smooth of a transition as possible.
Are you able to count your spare hours each week on one hand? If you find that every evening you come home from work and dive head-first into your second job, you run the risk of burning out. It's crucial that you really love what you plan on making your new career, or you may begin resenting it when it becomes your primary source of income. Everyone needs some time to decompress, and if you don't have enough time to do that between your two jobs, it might be time to focus on just one – let it be the one you're most passionate about.
On the other hand, your time commitment might be what's prompting you to make a career out of your side gig. If you're considering children and don't want to pay for daycare, it might be beneficial to be able to make your own hours. When you make your own schedule, you will also be more reliable to your clients.