Struggling Americans find themselves reliant on multiple part-time jobs due to insufficient earnings from traditional 9-to-5 employment.
In the face of rising living costs and economic uncertainty, many young adults are turning to side hustles to supplement their income and maintain financial stability. A recent report shows that the May jobs market performed better than expected, but for many, traditional 9-to-5 jobs are no longer sufficient to cover daily expenses.
One platform connecting businesses with workers, Instawork, has reported a significant increase in younger generation signing up for side hustles. The most common online side hustles for young adults include food delivery gigs, freelance digital marketing, graphic designing, online tutoring, affiliate marketing, handyman services, participating in online surveys, crypto trading, and pet care services.
These side hustles offer flexible, quick, and accessible income opportunities that are increasingly vital for maintaining financial stability amid economic challenges. According to a survey, about a third of side hustlers say they have one due to cost-of-living expenses, while almost half started their side hustle due to the current economy.
Jenny Turley, a real estate agent in Chattanooga, Tennessee, is one such individual. In 2021, after her husband had a stroke, she leveraged her quilting skills to bring in extra cash. Turley's quilting business is spread through word of mouth on Nextdoor, a hyperlocal social networking service for neighborhoods.
Another example is Dani Maczynski, a New Jersey-based tech worker, who has a pet care business in addition to her full-time job. Maczynski offers dog walking, pet sitting, and overnight boarding services as part of her pet care side hustle.
While side hustles can provide financial benefits such as building emergency savings, paying down debt, and working toward long-term financial goals, they also require a financial investment and there's no guarantee of success. Matt Schultz, LendingTree chief credit analyst, warns that many people's 9-to-5 job isn't enough for them to live comfortably in 2025. Schultz advises careful consideration and planning before diving into a side hustle.
Kira Caban, a flexible work expert, has observed a surge in people using side hustles for financial stability. Caban encourages young adults to explore their passions and skills to find a side hustle that suits them best.
In conclusion, online side hustles provide young adults with flexible, quick, and accessible income opportunities that are increasingly vital for maintaining financial stability amid economic challenges. As economic pressures continue to mount, the trend of side hustling is likely to persist and even grow.
- Among the popular online side hustles for young adults are credit trading, food delivery gigs, freelance digital marketing, graphic designing, online tutoring, participating in online surveys, and pet care services, just to name a few.
- For Jenny Turley in Chattanooga, Tennessee, a real estate agent, turning her quilting skills into a side hustle became essential after her husband had a stroke in 2021.
- Similarly, Dani Maczynski, a tech worker based in New Jersey, started a pet care business as a side hustle in addition to her full-time job, offering services like dog walking, pet sitting, and overnight boarding.
- While side hustles can aid in building emergency savings, paying down debt, and working towards long-term financial goals, they necessitate a financial investment and success is not guaranteed, as cautioned by Matt Schultz, LendingTree's chief credit analyst.
- In the face of the economic challenges, Kira Caban, a flexible work expert, has observed a significant increase in young adults relying on side hustles for financial stability.
- Caban advises young adults to consider their passions and skills meticulously when searching for a side hustle that best suits their abilities.
- As economic pressures continue to escalate, the trend of side hustling is expected to endure and potentially grow, offering young adults flexible, quick, and accessible income opportunities for financial stability amid the uncertainty of the economy.
