Side hustles are a relatively new idea, with the term only being coined in the 1950s. A side hustle is a way people earn income outside of their regular jobs.
The phrase has gained huge popularity in the past decade as more people are looking at ways to make a bit of extra cash.
It’s no coincidence that this popularity has paralleled a growth in the gig economy- with the advent of companies like Uber and AirBnB, many people can now bring in a second income without making huge adjustments to their lifestyle.
If you want to explore how you can make money in your spare time, this is the guide for you. Chapter one looks at the benefits you can get from side hustles, chapter two lays out some online side hustles you can do, and chapter three explores some offline side hustle options.
By the time you’ve finished this book, you’ll be able to find the perfect side hustle to match your schedule and needs.
According to research conducted by Princeton in 2017, over 44 million Americans have a side hustle going, covering almost every demographic of the population.
Here’s what the statistics have to say about who side hustles and why they do it:
• 86% of side hustlers do it at least once a month. This includes 96% of people between 18 and 26, and 83% of people over 26.
• The amount of money earned through side hustles tends to differ across generations.
• 36% of side hustlers earn more than $500 per month through their secondary work.
• 50% of baby boomers reach this income level, compared to just 19% of millennials, who on average, earn $200 per month.
• Those in their fifties and sixties are most likely to earn over $1,000 per month.
• Just over half of people who side hustle use the money they earn to cover necessary expenses, with only 46% seeing the money their side hustles earn as disposable income.
• How side hustle earnings are used varies according to gender, with women more than twice as likely as men to use their earnings to help with expenses.
The real question is, why do all these people have side hustles? The reasons range from pragmatic to personal, and it can be a good way to try something new if you’re considering a career change, or just want a new hobby.
As inflation rises and wages stay the same, side hustles give a lot of people comfort in the idea that they don’t have to rely on traditional work models for all their income.
The idea of work has changed a lot in recent decades, and the growing popularity of side hustles is giving more and more people the opportunity to mix work and play in a manner that works for them.
