Side hustles have become increasingly popular in recent years, offering individuals the opportunity to earn extra income outside of their primary job. While some may view side hustles as just a way to make ends meet, the potential for these ventures to grow into multimillion-dollar businesses is a reality for many. In fact, a recent survey conducted by Quicken revealed that 43% of Americans with a side hustle make more money and work fewer hours than those without one.
The survey also highlighted the most popular side hustles pursued by individuals who work less and earn more. Personal assistance, cooking and baking, and caregiving were among the top choices, with one in five side hustlers also being business owners, selling products online or offering services like photography. These diverse opportunities allow individuals to explore their passions and skills while generating additional income.
For many people, starting a side hustle has proven to be a financial lifeline, helping them avoid living paycheck to paycheck. The majority of side hustlers reported that their side gig had a positive impact on their financial situation, with 57% having savings equal to at least four months of living expenses. This financial stability provides a sense of security and peace of mind for individuals juggling multiple sources of income.
Interestingly, the survey also revealed that side hustles serve as a valuable pathway to becoming more employable, particularly for younger generations. Gen Z individuals, born between 1997 and 2012, are more likely to start a side hustle to acquire skills for long-term careers, with 44% citing this as their motivation. This proactive approach to skill development showcases the entrepreneurial spirit and ambition of younger generations.
In terms of income generated from side hustles, research from NEXT Insurance found that while three out of five people earn less than $1,000 monthly, a significant portion of side hustlers make substantial amounts. 22% of individuals bring in $1,000 to $10,000 a month, while 15% earn more than $10,000. These figures demonstrate the potential for side hustles to evolve into lucrative ventures that significantly impact individuals’ financial well-being.
Overall, the rise of side hustles reflects a shift in the way people approach work and income generation. Whether it’s to supplement their primary job, pursue a passion, or develop new skills, side hustles offer a valuable opportunity for individuals to diversify their income streams and achieve financial stability. As the gig economy continues to expand, side hustles will likely play an increasingly important role in shaping the future of work and entrepreneurship.
