PODCAST | The rise and growth of the side hustle in SA

Side hustles and creating multiple streams of income are the focus in this edition of the Business Day Spotlight.

Host Mudiwa Gavaza is joined by Janine Horn, a financial adviser at Momentum.

A sluggish economy, job losses and record high levels of unemployment have set many South Africans on the entrepreneurial path of self-employment or looking to other avenues to earn additional income, such as starting their own side hustle.

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Horn describes side hustles as being extra work that people do to supplement their incomes, explaining the different forms that such endeavours can take.

The financial adviser says many South Africans are seeking a side hustle to supplement their lost household income.

“Finding financial security is no longer about nailing down a job to work at for the next 30 years and retiring with a pension (although retirement savings are important!). Instead, diversifying your earnings and taking control of your own financial destiny is the only path to true financial security,” she says.

Horn details the economic factors that have led to the growth of side hustles and ways in which people can adequately set up their various projects and lines of business to create sustainable streams of income.

Topics of discussion include: the growth of side hustles around the world; factors driving the need for multiple sources of income; the current state of the economy for ordinary South Africans; tools for succeeding in multiple careers; and some of the differences between a small business and a side hustle.

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• Business Day Spotlight is a MultimediaLIVE production.