Generation Y is also known as Generation 1099. This is because, according to a survey by CareerBuilder, 44 percent of 25 to 34 year olds and 39 percent of 18 to 24 year olds have a side hustle to supplement their daily 9 to 5. While some may argue that adding responsibilities might detract from success at work, if properly managed, there is also significant potential for career advancements thanks to the attributes you learn from your side gig.

Not only can freelancing fill gaps in your resume, but side jobs also give hustlers a unique set of skills and talents that they simply cannot learn at their full time jobs. Here are five ways your side gig can land you that coveted promotion.

1. Learning how to prioritize

When you're the only person running your side business, you quickly discover the importance of setting realistic goals. Having a side hustle means you're the one in charge. There are emails to be sent, posts to be published, prospects to contact, and new skills to learn every day. Learning what is important in the moment and strategically setting priorities is something any employer wants in a worker. Setting realistic expectations at work not only shows that you're taking incentive, but that you know how to make the best use of your time.

2. Learning how to sell

For any business to survive, it needs clients. Whether your side hustle is dog walking or freelance writing, gleaning new clients keeps your side job afloat and shows that you not only have the ability to keep customers happy, but that you can negotiate with them and even obtain new clients.

3. Growing your network

In a traditional 9 to 5, you can get easily stuck in a cubicle and not have the ability to interact with colleagues in other departments. This makes it more difficult to put yourself out there. Whether it's through a coffee chat or email intro, one of the fastest ways for people to get to know your professional skills is to simply get the conversation started.

In a side hustle, it's essential to flesh out your network for your side job to succeed. These outside connections could go a long way when it comes to scoring a new full time job or needing professional recommendations to get a promotion.

4. Being a risk taker 

It's just as critical for your manager to see you excel at a new project as it is for them to observe your ability to overcome obstacles and challenges. And side gigs provide many challenges to overcome. They afford us the opportunity to try new things, expose us to new experiences, and then leverage those risk taking skills during the 9 to 5.

If you've been eyeing up that posh corner office, now is the time to start side hustling.