Side Hustles: 3 Benefits of Having One and What to Consider

Updated: Sep 15

Ever felt that your salary was not doing enough for you? You’re not alone. If you might be looking to switch careers, considering a side gig can help you explore your interests while building financial resilience.

With prices on education, food, healthcare and housing on the rise, Singaporeans are beginning to feel the pinch. Relying solely on your full-time pay does not always make the cut nowadays, especially atop the financial uncertainty brought by the pandemic. You might begin entertaining thoughts about changing jobs in search of greener pastures.

Instead of taking a risk and forgoing the stability of your job, you could venture down the path of side hustles.

The definition of a side hustle
When a main hustle just isn't enough

What exactly is a side hustle?

It is a job or a type of work you can complete on top of having your full-time job. This is in order to bring in extra cash. A side hustle is also more flexible, since you call the shots.

It bears similarities to freelancing, where the money you earn goes straight to you. Most freelancers, however, do it on a full-time basis. This is the main difference from side hustles. It resembles freelancing, but is done “on the side”, as a bonus source of cash.

The term “moonlighting” might also come to mind. But what distinguishes them is moonlighting typically involves taking on a second job, whether part-time or full, outside of your regular working hours. A side hustle, conversely, is a form of service provided, or entrepreneurship, and is not an official job under any other company.

3 Benefits of Having a Side Hustle