The days of earning a paycheck at just one job are apparently over. A new poll by BankRate finds that 37% of Americans have a side hustle, a way to make extra income other than their full-time job.
Overall, the poll finds that 11% of Americans earn extra money every week from a side hustle, while 9% earn money about once a month and 8% do it a few times a month. As for which generation is most likely to have a side hustle, not surprisingly, it’s Millennials - with more than half of those surveyed saying they have an extra gig. In fact, the likelihood of someone having a second job declines with age.
And while it may sound great to make a little extra cash on the side, it turns out folks aren’t actually making all that much. While the average monthly income from a side-hustle is about $686 dollars, which translates to about $8,200 a year, 49% of those with a side hustle only make about $200 a month. As for what they’re spending it on, 59% say they use that money as disposable income, while 38% use it to cover their living expenses.
So, how are folks making all this extra cash. Well, it turns out home repair and landscaping is the most popular side hustle (12%), followed by online sales (7%), crafts (7%) and childcare (6%).
Source: Bankrate