In the best case scenario, hustling can turn into a multi-billion dollar business that generates an income stream – but at the very least, starting a side gig can help pay some bills.
A new survey from personal finance software company Quicken shows that nearly half (43%) of Americans who have a side hustle, or an additional source of income added to their income, make more money and clock in fewer hours overall than those without a side hustle. chaos.
The three most popular categories followed by those who work part time and make more money are personal help (20%), cooking and baking (16%), and maintenance (16%). One in five people with side hustles said they own businesses, too, selling products online or providing services such as photography.
Most people with side hustles (82%) said starting a side gig helped them financially, and kept them from living paycheck to paycheck. Most with side hustles (57%) have savings equivalent to at least four months of living expenses.
Related: Side Hustles Are on the Rise as Entrepreneurs Start Part- or Full-Time Businesses Elsewhere, According to New Report
The study also found that, for marginalized minorities, the way to earn more money doubles as a way to get more employment. 44% of Gen Z (born between 1997 and 2012) chose to start a startup to gain long-term career skills, much higher than the 18% of Americans who started a startup for the same reason.
Quicken conducted an online survey, collecting responses from more than 1,000 Americans.
More research on side hustles, released in August by NEXT Insurance, showed that three out of five people bring in less than $1,000 a month in income, while 22% make $1,000 to $10,000 a month, and 15% make more than $10,000.
Related: Starting A Side Hustle Should Come With A Warning Label – Here’s What You Should Know
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