Have you ever dreamed of turning your side hustle into a thriving business that generates a passive income stream? Well, you’re not alone. According to a recent survey by Quicken, 43% of Americans with a side hustle make more money and work fewer hours than those without one. That’s pretty impressive, right?
The survey revealed that the most popular side hustles that allow people to work less and earn more include personal assistance, cooking and baking, and caregiving. Additionally, one in five people with side hustles are also business owners, selling products online or offering services like photography.
For many, starting a side gig has been a game-changer financially. In fact, 82% of respondents said that their side hustle helped them avoid living paycheck to paycheck. And a majority of side hustlers have savings equivalent to at least four months of living expenses. Having that financial safety net is crucial in today’s unpredictable world.
But it’s not just about the money. For younger side hustlers, their side gig is more than just a source of extra income. For 44% of Gen Z individuals, starting a side hustle is a way to gain valuable skills for long-term career advancement. This motivation sets them apart from the overall 18% of Americans who started a side hustle for the same reason.
The survey, which gathered responses from over 1,000 Americans, also revealed some interesting stats about side hustle income. While three out of five people bring in less than $1,000 a month from their side hustle, 22% make between $1,000 and $10,000, and 15% make more than $10,000 a month.
It’s clear that side hustles are not only a financial lifeline for many but also a pathway to personal and professional growth. So, if you’ve been on the fence about starting your own side gig, maybe it’s time to take the leap. Who knows, it could be the start of something amazing!