Is it really necessary to have a side hustle

I met up with my friend recently and she was mentioning on how she is planning to get a certificate for her career to progress to a better position or even branch out to something slightly different from her role but still in the same field.

She shared that many of her friends had side hustles that earn them a supplement income and she wants to have a side gig on the side as well but struggle to know what she can do. Not that I am an expert at it, I recommended her to start recording her travels as she loves to travel and is able to travel frequently due to the nature of her job but she was reluctant.

Do I need a side hustle

Vlogs on Youtube is a popular side hustle and some have succeeded in obtaining a following by sharing their lives. It is definitely not easy sharing your life and exposing almost everything online. It takes a certain amount of courage and I understand why my friend is reluctant in doing so. I believe many tend to give up as well as consistency is tough and the growth might not be the same as expected.

There are definitely many ways now to start something, an Instagram page or something that you are interested in on TikTok, I think there are many avenues to start but consistently having to post and think of new content can be taxing. Content creation is popular as the amount of time that each individual spends on social media is enormous compared to previous generations. I open my phone to check things like in almost every break that I take.

I do not have any side hustle at the moment and would love to have one. This blog can be considered (?) but at the moment there is no substantial income from it so I wouldn’t consider it. Maybe as a hobby or tracker for my net worth since most of my post is about my investment portfolio. As I advance in my career, I do find a 9-5 job restricting although it provides the comfort and stability. Also, it gets a little repetitive and the industry and work gets more cutthroat as you age and I might become seen as out of touch especially when you are not specialised or have not progressed to a certain level.

You don’t need a side hustle

On the flip side, some thinks that you do not need a side hustle as long as you continue to build on your main income and if it increases over time then it should work out.

I think this is more relatable to me but whether or not I am able to increase it over time is another thing as I do see things being really volatile with AI, automation and robotics being the focus for the next decade.

Anything can be a side hustle

As long as you can scale it, anything can be a side hustle. Of course, adding value to people’s life will be the differentiating factor. I guess trading or investing is also a side hustle and the building up and accumulation phrase is always the toughest of a side hustle. If you have a side business, building up the customer numbers or viewers if it’s a youtube channel will be difficult part. Do you have a number of side hustles or you are keeping it to your main job and increasing it?

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Is it all right to be staying with your parents when you reach your thirties? Why I think I will be doing that and how independent am I?

I came across a lot of videos that talk about how more people in their 20s and 30s are choosing to stay with their parents especially after the pandemic. Definitely, this is partly due to the cost of property and the rising cost of rent and living especially in the cities. In Singapore, I don’t think it is strange to still be staying with your parents in your 30s as we do not have the mentality that you should leave your home at 18 and start living independently.

It has it’s pros and cons but it definitely depends on your family dynamics and how your relationship with your parents are. After all, the property is indeed your parent’s and so there are rules that will need to be followed and if you cannot take it, moving out is the best option but can be affected by financial issues.

I would say that family dynamics are different for every individual and I am lucky to be living with a family that is close and we do blend well together with my mum being very accommodating so for me, living with her is a pro compared to moving out. But in terms of being independent, I definitely am not. My laundry, meals and essential housekeeping is not being done by me, embarrassing but I like to enjoy this as much as I can haha. Eventually, I will need to start doing them but staying with my mum means she will do them for me, I used to do them occasionally when my mum was working but after she retired, she has been doing it.

Cost/Housing system

Singapore is unique as we are a city state so that means that everywhere is accessible. We do not have to move to another city within the country to work for example in USA, some will need to move from Idaho or Texas to New York or San Francisco because there might be better opportunities or the headquarter of the office might be there.

In this way, most of us in Singapore do stay with our parents till we are able to afford rent or until we get our own property. Rent in the city is always expensive compared to the suburban as we see in the world, that is the same in Singapore, with Singapore being small, the supply might be lesser and so landlords do have the upper hand unless in unique conditions.

There are also certain conditions to be able to purchase public housing in Singapore otherwise, private is the way to go but it is not easy to have the sum of money for mortgage. This all accumulates and I just find it easier to stay with my family for now.

Freedom/Own space

I think this is a huge reason why most people choose to move out especially since in Singapore, most of us stay in flats or condo units, space can be limited for a family unit. We saw this during the pandemic as many worked from home and realised how having your own space is important. Many younger folks found it impossible to concentrate on work while having their parents go about their lives at home too due to the pandemic.

For me, it was all right, it was mainly being cooped up at home that was the issue. I don’t have a huge family so space was sufficient for us. It is nice to have your own space, I have friends who have BTOs and renovated them very nicely with a study/gym room and gadgets in the kitchen like a dishwasher, I think it is the feeling of going home to a space of your own that people yearn for.

Having your own space also means you can do things your way like not washing your dishes straightaway or buying your own ingredients to cook or to drink and heading home anytime you want to.

Independence

Similar to the above, you find yourself having to do groceries, housework and making sure that things are working at home otherwise you are the one to suffer. Settling your meals are also an essential part especially if you do not live near any food establishments and is a homebody.

Overall

It is a cost and space issue and financials play a big part since the housing space in Singapore is unique and in most cases costly. I have to say that I am very much dependent on my family and if in any case I do move out in the future, I do find that I will feel very lonely so that will be something I will need to adapt to.

Other than that, I think most people are not moving out as coast of buying a property is much more difficult and lesser people are getting married so individuals are able to stay longer with their parents and at the same time keep their spending low.