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According to data from Bankrate’s Side Hustles Survey, more than 1 in 3 (36%) of Americans have a side hustle. This is a drastic jump from 2019 when only 19% of U.S. adults said they had a side hustle. The average side hustler now earns $891 or more per month, up from $810 last year.
Side hustles are especially popular with younger adults. At 48%, Gen Zers have the highest percentage of any generation of those who have a side hustle.
Gen Zers (ages 18-27): 48 percent
Millennials (ages 28-43): 44 percent
Gen Xers (ages 44-59): 33 percent
Baby boomers (ages 60-78): 23 percent
So what’s driving this increase of side hustles? High inflation, rising living costs, increase in food prices are the major factors driving the side hustle trend. According to Bankrate 32% of side hustlers say they think they will always need a side hustle to make ends meet.
In today’s you can make a side hustle out of almost anything. Some of the common side hustles today are selling diy crafts/projects, auto detailing, providing services such as digital marketing, house cleaning, babysitting, I mean the list is endless.
While starting a side hustle seems like an easy money making opportunity, many side hustles fail. Here are some things to avoid when thinking about starting a side hustle;
Diving in Without a Plan
It's easy to get pumped about a new side hustle idea and dive in headfirst, but without a solid plan or clear goals, you might find yourself lost or frustrated. It’s like setting off on a road trip without a map.
Underestimating the Time Commitment
Balancing a full-time job and a side hustle can be a real juggling act. It’s easy to underestimate just how much time and effort a successful side gig demands.
Like any other business, side hustles require a bit of planning. Do you have a side hustle? Comment and let us know what your side gig is!