Get Yours: Thriving in the New Labor Market

Even if you feel like you’re stuck in a job you don’t like… there are more opportunities than you might think. For one thing, the labor market has shifted– employers need workers more than workers need employers, and jobs that might have been out of reach just a year ago can be a big win for you today. Add in the rise of the gig economy and the ease of starting a profitable side hustle, and you’d be surprised at the possibilities open to you.

The Changing Landscape of the Labor Market

The labor market has changed dramatically in recent years. There are more open jobs than there are people available to fill them. This gives employees more leverage than they’ve had in decades.

In addition, technology has given rise to a whole ecosystem of gig work that makes it super easy to make money on the side in a nearly unlimited number of ways. From Uber and DoorDash to Facebook Marketplace and Google’s Mechanical Turk, if you have skills or a car or just stuff lying around the house you don’t use… you can make money.

Of course, it can be a challenge to make a full-time living doing gig work. But no one says it has to be either/or! You can do both. In fact, you probably should. Here’s why:

The Magic of A Day Job + A Side Hustle

One way to stay afloat in today’s economy is to have a day job while pursuing a side hustle or two. This can provide some much-needed stability AND provide the flexibility to supplement your regular income as needed (or as your lifestyle allows). And there are some real benefits to pursuing both a day job and a side hustle:

1. You’ll have an income while you pursue a passion project.

2. If you pay attention, you can gain valuable experience and skills from your day job that you can apply to your side hustle.

3. You’ll be able to network with people from different industries and backgrounds, which can help you grow your side hustle.

4. You’ll have a better understanding of how businesses operate, which can help you be more successful with your own business.

5. You’ll be able to save money by living off one income and using the other to build up an emergency fund, to start saving, and to invest for the future.

6. You’ll be less likely to burn out because you can explore lots of different ideas and markets in your side hustles.

7. You’ll be able to explore different industries and career paths without making a major commitment.

8. You might even find that you enjoy having two separate but equally important roles in your life!

9. Regardless of whether or not you ultimately decide to pursue your side hustle full-time, or you just use gig work to supplement your regular income, having both can lead to more money, more security, and, ultimately, more freedom to live the life you want.

There are many opportunities available if one knows where to look. You can have a stable income AND test out ideas or explore your interests and passions. Not only does that give you more money… but since you have separate sources of income it gives your employer less leverage over your life.