Lecture Notes: Side Hustles in America

Key Statistics

• 1 in 3 Americans has a side hustle (36% according to Bankrate)
• Generational Breakdown:
  • Gen Z: 48% (ages 18 to upper 20s)
  • Millennials: 44%
  • Gen X: 33%
  • Baby Boomers: 23%

Definition & Reasons

• Side Hustle: A secondary job or gig for supplemental income in addition to a primary job.
• Key Reason: Cost of living crisis.

Income from Side Hustles

• Average Monthly Income: $891 (up 10% from the previous year)
• Range of Earnings: Varies greatly ($0 to thousands)
• Warning: Beware of multi-level marketing schemes and pyramid schemes, especially if earnings are under $50 a month.

Time Spent on Side Hustles

• Varies: Many Americans work several hours a week on top of their primary job.

Types of Side Hustles

• Social media (e.g., trying to become TikTok famous)
• Ridesharing (e.g., Uber, Lyft)
• Delivery services (e.g., DoorDash)
• Freelancing (e.g., Fiverr)
• Selling online (e.g., eBay, Etsy)
• Part-time jobs or contract work
• Majority New: 59% have been side hustling for 2 years or less; 38% for less than a year.

Speaker's Opinion

Economic Insight

• The necessity of side hustles highlights the state of the economy:
  • Indicates high inflation and cost of living crisis.
  • Contrasts with governmental and media reports of a strong economy and robust labor market.

Advice for Aspiring Entrepreneurs

• Personal Experience: Disliked a job at a big company, aimed to be self-employed.
• Recommendation:
  • Keep your day job for financial security.
  • Start your new venture as a side hustle.
  • Focus on small, profitable growth with minimized expenses.
  • Transition to full-time self-employment only when the side hustle becomes viable.

Final Thoughts

• Encourages readers to share their side hustle experiences in the comments.
• Emphasizes playing it safe and growing incrementally.
• Thanks audience and encourages subscriptions.