Side hustles are all the rage right now. In major parts of the world, the gig economy continues to rise, and is well on its way to completely transforming the modern workforce. But for many Filipinos, this side hustle thing is no new or passing trend. Filipinos have been working a “raket” (or three) long before our western counterparts caught on, and these odd, side jobs are here to stay.
It’s no big surprise, given the general state of things in our little corner of the globe where expenses continue to rise, wages remain stagnant, and a myriad other economic considerations abound. As many as 8 out of 10 Filipinos work a side hustle, and if you’re one of the two others who haven’t picked up a side hustle yet, here are four reasons to consider hopping on the side gig bandwagon.
When you can’t spend less, earn more.
And when you constantly find yourself living paycheck to paycheck, with barely anything left for your emergency funds (not to mention the well-deserved treat-yo-self uh, treat), it’s definitely time to have a look at other money-making efforts.
Side hustles bring in extra income, and the additional money you earn can make all the difference on your finances. If your day job paycheck is only (barely) enough to cover your bills and basic expenses, your raket money can now fund your savings and investments, your emergency funds, and the occasional reward for all your hard work.
If you’ve ever despaired about the state of your savings account (or lack thereof) while religiously promising yourself you’d start saving up when you’re earning more, a side hustle will give you just that.
With the added income, you can actually use your money for the things you want.
Instead of just imagining a relaxing beach vacation, you can now actually start saving up for that fantasy getaway and actually make that dream come true. Rather than waiting until you’re a big shot executive (not always a guarantee, in today’s unstable job market) to buy your parents the retirement home they deserve, you now have some money to set aside toward realizing that goal.
And when (knock on wood) something unfortunate unexpectedly happens, like a job loss or an accident, you can be secure in the knowledge that you’ll still have funds to fall back on because you were able to shore some up, thanks to your raket.
The few extra pesos you earn from your side hustles can really change your whole financial situation, and picking up that first raket is a solid step toward the financial independence we’re all aiming for.
Side hustles are rife with opportunities to improve yourself – financially, professionally, and personally.
Although most people take a second job primarily for monetary reasons, there’s no denying that it’s also a good chance to hone your skills, whether it’s polishing the ones you already have (by taking a side gig in your own field), or cultivating new ones (by going into a totally different trade).
Some hustlers recommend getting a raket that aligns with your day job. The similarities between tasks mean you’ll be working with what you already have, and you’ll surely benefit from the practice and resources you get from both.
For example, if you work as a writer for your day job in a newspaper, working as a copywriter for a beauty company’s social media campaign means that you get to improve both your technical and creative writing skills.
On the other hand, others recommend finding a side gig that’s somewhat – or totally – different from your regular job so you don’t overtax your skills and burn out.
There are certainly advantages to this approach, too. One, doing just one thing (in the example, writing) over and over can get tedious, and the monotony can hamper your work flow – which can get you in trouble, especially if you’re in a creative industry or in a line of work that requires constantly coming up with something new.
Going into a different industry can also be a breath of fresh air, and having to learn a new trade also gives you versatility, which is a skill highly valued in today’s workforce. You also expand and diversify your network more easily in this way.
Whichever works for your particular situation, whether you prefer staying in your comfort zone and perfecting what you’re already good at, or branching out and developing new skills and making new contacts, side hustling can greatly hone not only your professional and technical skills, but also your personality and character.
The rule of thumb is: never put all your eggs in one basket.
Job insecurity is a serious and worsening issue in the modern workforce, which is further exacerbated by, among other things, local and global economic problems. Gone are the days when staying in the same job from graduation to retirement was the way to go.
These days, job hopping has become one way to stay ahead of the game, in terms of earning a competitive salary, having a higher job title, and keeping your skills up to par. In these uncertain times, side hustling can be your safety net.
Side hustling diversifies your income so you have more than one source of paycheck. Not only does this mean you make more money, but it also means that you’ll have other incomes to keep you going should something happen to you or your primary paycheck.
Having multiple sources of money adds a layer of security that one paycheck alone can’t provide, no matter how lucrative said paycheck can be – more so if it’s not a particularly fat check. The financial independence also empowers you in the long run, so there is less pressure on you to stick around at a dead-end job because you’re worried you can’t provide for yourself or your dependents.
Google. Facebook. Apple. These are the raket fairy tales come true.
Once upon a time, these multi-billion-dollar tech giants were humble side gigs. The people behind these household names quietly toiled away in the wee hours after work, or during breaks between classes. But as the story goes, with hard work and savviness, the right connections, and a smidgen of good luck, these side hustles grew into the powerful empires we know today.
And while not all side hustles are destined for greatness, your raket can still be your own happily-ever-after.
The bakery you’ve always dreamed of opening up can start as a few small batches of cupcakes or cookies – little pastries you sell a few times a week to your coworkers while you figure out a schedule and save up the capital to make larger batches of sweets until you’re comfortable enough to strike out on your own.
The novel you’ve always wanted to publish can be just a few chapters you chip away at here and there on your breaks or after work.
The clothing empire you someday hope to build can start with a few pieces you sell to your friends, or at a few weekend bazaars every once in a while.
With dedication and commitment not only to creating quality outputs but also in cultivating a relevant network, as well as rearranging your circumstances to allow these things to happen, your little passion projects can also blossom into your own entrepreneurial empire.
Side hustles are all the rage right now, and for very good reasons. They bring in extra income, they build up your skills and personality, they bring an added layer of financial security, and they could potentially be your big break. So if you haven’t picked up a raket yet, it’s definitely time to make the switch.
And one great way to ensure the success of your side hustle is by finding the right environment to work in. Coworking spaces in business districts, like the Ortigas-based WeRemote, are valuable resources for freelancers or startups because they provide a well-designed environment, a place that’s specifically structured to allow maximum productivity while also giving you the chance to network with potential partners and clients.
Coworking spaces also offer different setups for different office needs, like an office lease that works well for a startup, or a seat lease that perfectly suits the solo freelancer. If you need a conducive environment for your side hustle(s), coworking spaces are definitely worth checking out.