In today’s rising interest rate and low-income wage growth economy, many individuals are now taking up a side hustle to boost their income. Having a side hustle outside of your 9-to-5 will require you to spend more time and effort. This may lead to lower work efficiency and productivity, which may be frown upon by your bosses if they were to find out. You’ll then need to decide when your supervisor needs to know about your side hustle, assuming that your firm enables you to pursue it at all.
Why Taking up Side Hustle has become a Popular Trend in the Younger Generation
In American, 45% of working adult said that they are working on a side hustle to supplement their full-time income and to have a safety cushion. Understandably since the Covid-19 pandemic lockdown has taught us the importance of having secondary income. Another trend that has been growing is the FIRE movement culture which is to work hard in the earlier years of your career in order to reap the benefits of not having to work as much in your later years. HustleVentureSG founder, Edmund; shares about his earlier years as a FIRE movement lifestyle which allowed him to build a networth of over $100,000 at 24.
Although side hustling is a great way to earn another income on top of your full-time income, there are rules that you should follow in order to safeguard yourself and to check whether working on the side hustle is actually beneficial.
Determine if your Side Hustle is Important enough to Disclose
Here are some important checklist for you to take a look at first before making the decision to inform your boss.
Is it legal to do your side business?
First, evaluate your company’s policies to see whether you are subject to a non-compete clause. Non-competes are generally only enforced within a specific distance from your place of business — you can’t, for example, set up shop right next door to your boss — but the global and remote nature of modern employment allows firms to argue for worldwide non-competes.
A non-compete agreement is frequently used to safeguard sensitive information, trade secrets, and intellectual property, but it can also apply to your unique abilities especially if you’re a high-level CEO or other well-known figure in your business. In a world where many professionals are urged to establish personal brands, literally packaging and capitalizing on their professional reputations, this might create a grey area in which some corporations may feel entitled to a return on investment.
Does it affect your full-time job career?
There’s no question that having a side hustle is a smart way to earn extra money and build your skills. But before you start rolling out the welcome mat, it’s important to weigh the pros and cons of working second jobs. So before you take on additional responsibilities, make sure that you’re taking care of yourself first. The questions you need to be asking yourself is whether this is something that I can handle on top of my regular job? Do I have the time and energy to devote to another job? Asking these questions will help you make an informed decision about whether or not your boss needs to know about your side hustle.
If you aren’t able to properly manage your side hustle. Do try to find solution on how you can properly manage your side hustle or else it may not only affect your lifestyle, but also your mental well-being. Overtime as you overwork, you will become drained and may not be able to perform in your full-time job.
Why Talking to your Boss about it may be a Good thing
Although it may be intimidating, talking to your boss can help you keep a strong relationship, rather than leaving them surprised if they find your hidden side job out in the open. Most people are sympathetic of someone seeking to supplement their income, especially in today’s economy. Most of the time they may actually be encouraging and supportive in your hard working and determination to do well for yourself.
What are some other ways of making additional Income?
If you realise that maybe taking on another side hustle may not be the wisiest choice. Fret not! There are still other ways for you to make an additional income.
Apart from side hustle, individual can learn to invest their income from their full-time job. Unlike side hustling, investing doesn’t require a lot of time in manage. By taking some time doing adequate research on an investment fund, most individual can actually make money through the stock market. If you would like to learn more about investing or how to start invest, be sure to subscribe to our website by adding your email at the bottom to receive notification when we post new article.