Side Hustle Series Part 1: Facts & Figures

What is a Side Hustle?

 

Happy Friday, and welcome to the first edition of my “Side Hustle” series. I intend to dedicate my Friday posts to explaining the increase in popularity of the side hustle and exploring all that goes along with it. Right now my ideas are to share my experience, hopefully interview others who have their “side hustle” going on, how to find your own, answering specific questions, and more. With that being said, send any questions or interviewee recommendations my way! Today, I am going to just define and outline the millennial coined term “Side Hustle” and share some interesting statistics I have come across in my research.

 

According to Entreprenuer.com, “A side Hustle is a way to make some extra cash that allows you flexibility to pursue what you are most interested in.” This definition is quite broad and that is kind of the beauty of a side hustle. Some people may use their side hustle as a way to pursue their personal career goals, like I am with this website. Others may simply use it as a way to bring in extra revenue through a means that is not necessarily something they are passionate about.

 

Typically, a side hustle is something people do in addition to their day job, from babysitting to freelance writing to selling clothes on online resale platforms, the options are endless for side hustles. This out of the box idea actually came as a positive result of the recession when people ad to get creative to make ends meet. The trend has stuck around, as millennials started to realizing there is more this world has to offer than the traditional 9 to 5.

 

Side Hustles, Broken Down:

 

  • More than 44 million Americans have a side hustle, CNN
  • People ages 18 – 26 are most likely to have a side hustle, CNN
  • 28% of millennials aged 18-26 are working independently on the side right now, The Cashlorette
  • 21% of those with side hustles are making some money on the side, but only 4% are earing $5k + per month and/or are a full-time entrepreneur, according to a survey conducted by Side Hustle Nation.
  • Only 19% of young people are making more than $500/per month with a side hustle, CNN (This means you have to work harder and smarter to bring home more cash.)

 

Check out this graphic from TheCashlorette.com for more facts and figures.

cashlorette-young-millennials-and-side-hustles-v2

Do you have a side hustle? Tell me more about it in the comments or shoot me an email.

 

Be sure you are following my social media accounts, you can find me on Twitter, Facebook, Instagram, and LinkedIn.

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