The side hustle era is fully upon us, largely thanks to the Internet, where the opportunity to earn extra money by way of entrepreneurial endeavors that have little in common with traditional, part-time jobs is much more expansive.
As reported by CNN Money, there’s a new study from Bankrate that reveals over 44 million Americans now have some type of side hustle.
Not only that, the money is real. As Bankrate’s Sarah Berger notes, “It isn’t spare change from a lemonade stand.” According to the data, 36 percent of those engaging in a side hustle earn at least $500 per month.
Notably, while it’s younger adults – young “Millennials” – who are more likely to have a side hustle, according to Berger, it is actually older adults – those closing in on retirement age (53 to 62) – who are more likely to earn at least $1,000 a month from their side gigs.
That’s not surprising. It’s reasonable to assume that if more “seasoned” folks are involved in the gig economy to make extra money, it’s because they really need it, and will thus be more serious and deliberate in the pursuit of it. Additionally, older adults can sometimes have built-in advantages when it comes to making more dough, particularly if their side hustles are related in some way to careers in which they worked for decades.
The number of “side hustlers” is on the increase, and they’re pursuing all kinds of interesting, entrepreneurial activities to make their extra money. You may be one of them now.
If not, chances are improving all the time that you will be, one day soon.
The information contained here is for general information purposes only. The Financial Writer blog and Bob Yetman disclaim responsibility for any liability or loss incurred as a consequence of the use or application, either directly or indirectly, of any information presented herein. Nothing contained in this article, or any other article featured at this blog, should be construed as a solicitation or recommendation to engage in any financial transaction. You should seek the advice of a qualified professional before making any changes to your personal financial profile.