According to a study from Bankrate, 15 percent of millennials are making an average of $1,000 or more per month from side hustles. Around 38 percent make money from these gigs at least once a month.
Whether it’s home repair or landscaping jobs, selling items online, tutoring, freelance photography, or even sharing economy jobs like Uber, millennials are all about the hustle.
Why? For “Generation 1099,” young people depend on side hustles. These odd jobs and creative outlets aren’t about making extra cash to afford fancy luxuries. Most millennial hustlers – about 68 percent – are stashing cash for home repairs, summer vacation, retirement, date nights, or other normal side expenses. Still, almost a third say their side hustles help them afford the cost of living.
Not only do these statistics destroy the “lazy, entitled millennial” stereotype, they expose the severe underemployment that many millennials face in today’s economy, namely due to a mismatch of skills in the workplace. About 52 percent of low-wage hourly employees are millennials, and about half of people under 30 with bachelor’s degrees wonder if their college education was worth the money.
If millennials want to live independent from their parents, they have one of two options: keep searching for a higher paying job or take on a side gig. Since the former could mean relocation to a place that is far from their network of friends and family, a large number opt for the latter.
While millennials are known for job hopping, they are also skeptical about job security. After all, most endured a major recession just as they were launching or about to launch their careers. They don’t like to put all of their eggs in one basket in case another crisis hits.
Side hustles give a figurative parachute and the peace of mind that comes with knowing that one’s whole livelihood doesn’t depend on one job. What better way to diversify income sources than by following a passion, whether it’s writing, teaching, or even yard work?
Still, work is work, and millennials risk burnout if they keep up this pace. About 40 percent of employees are working 50-plus hours per week, and many are taking less vacation days than they are given. Add side gigs to the mix, and work-life balance gets all out of whack.
The side hustle will remain a fact of life for millennials in the years to come, but instead of filling out surveys and driving for Uber on the weekends, millennials might be better served by learning the skills needed to fill the lucrative jobs that are open. This is the secret to success in the Trump era.
