6 Reasons to Start a Side Hustle in 2023

Image source: Getty Images

I bet there aren't many people out there who wouldn't like a little extra cash flow in their lives. As we head into a financially uncertain future, having an additional income source could really help a lot of people. Read on to learn six compelling reasons to get a side gig next year, or even sooner if you can manage it.

1. Pay off debt

If you're reading a lot of personal finance news these days, you've probably heard a lot of predictions about a coming recession, or possibly even something worse than a recession. There's reason to think one is coming; inflation has spiraled this last year, with prices up 8.3% between August 2021 and August 2022, according to data from the U.S. Bureau of Labor Statistics' Consumer Price Index Summary. To better cope with rising prices, the Federal Reserve has raised interest rates several times this year, and may raise them again soon, in hopes of slowing down consumer spending to allow inflation a chance to cool off.

Discover: This credit card has a rare $300 welcome bonus

More: These 0% intro APR credit cards made our best-of list