Hello ladies and gents this is the Viking telling you that today we are talking about
Facts and Statistics That Prove Side Hustles Work
1 – 40% of US Households Have a Side Hustle
The need and desire to earn extra income has grown since the financial crisis of 2008, and there are millions of Americans searching for ways to increase their monthly income.
According to data from a recent Bankrate Survey of 2,550 adults, 40 percent of American households now have someone engaged in a side hustle.
The numbers can be broken down further by generation:
- Millenials – 48%
- Generation X – 39%
- Baby Boomers – 28%
It should go without saying that if side hustles didn't work, there would be far fewer people with a side hustle. We can expand on this point by looking at how big the gig economy has grown.
2 – People Make Money From Their Side Hustles
Deeper in the Bankrate Survey data referred to above, 11% of employed side hustlers earn $1,001 or more per month in their spare time. And from my personal experience, many make significantly more.
Another 12% earn between $500 and $1000 while 73% earn $500 or less, which is still an excellent secondary income when added to your regular salary.
Of course, the more time you commit to your side hustle, the more you will make.
3 – The Gig Economy Is Massive
If side hustles worked, you'd expect them to be a big thing. They are…
The “gig economy”, defined as “a flexible labor market where independent contractors perform temporary tasks (side hustles) outside the traditional workforce” is massive.
It includes freelancers and independent contractors who provide services such as writing and editing, driving, designing, consulting, and teaching, among others.
Many of today's most popular gigs (or side hustles) were once full-time jobs primarily. However, gigs are becoming increasingly popular for many reasons, one being the flexibility they offer.
The global gig economy in 2021 is worth $347. It's expected to grow from $204 billion in 2018 to $455 billion in 2023, according to a Brodmin case study.
This growth is driven in part by increased demand for freelancers and other independent workers, growing steadily since the financial crisis of 2008. But it's also being driven by freelancers and independent contractors looking for more freedom, money, and independence in their work lives.
4 – Top Paying Side Hustles
More evidence that side hustles really work is a survey conducted by CreditLoan of 996 Americans with a side hustle.
The survey included the top paying side hustles which is quite extensive. Here are the top ten sorted by median monthly income. And, as you can see in the table below, the maximum for some would be a good full-time income.
Side Hustle Median Maximum
Selling or Renting Property $500 $7,000
Ride-Sharing (e.g. Uber) $350 $3,000
Fitness Training or Coaching $200 $3,000
Freelance Work or Consulting $200 $4,000
Ecommerce or Dropshipping $150 $6,000
Tutoring or Teaching $150 $3,000
Music or Dance Performance $100 $5,000
Survey Taking $100 $3,500
Computer Repair $100 $4,200
Photography or Videography $100 $2,000
Source: creditloan.com
Other notable side hustles from CreditLoan's survey with a median monthly income of $100 and a maximum over $1000 include:
- Direct Sales
- Housecleaning or Repairs
- Landscaping or Gardening
- Babysitting, Nannying, or Caretaking
- Reselling Items Online
In addition to CreditLoan's survey, Canva.com also published a recent study of side hustles that commanded the highest fees. They are:
- Mobile App Development
- Video Editor
- Business Card Design (this one surprised me)
- Video Making
- Website Design
- Social Media Manager or Advertiser
- Proofreading and Editing
- Animation
- CV, Cover Letter and Resume Writing
- Ghostwriting
An evening or weekend side hustle in any of these areas works for those who put in the time and effort.
5 – People Use Their Side Hustle Money to Pay Bills and Debt
According to a Dollarsprout 2020 Side Hustle survey, 27.8% of respondents say they use their side hustle income to pay monthly bills and expenses. An additional 11.6% say they use it to pay off debt.
The number one use for side hustle money though, coming in at 48.4%, is extra spending money.
And as always have a chilled day from the Viking
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