A new survey from Bankrate.com shows the main reason people are working side hustles is still to make extra money. That is what 2,550 adults told the personal finance website when asked. A close second in the survey was quite the opposite tho as people were saying they side hustle just to make ends meet.
It’s not as bad as you think
Coverage of this survey was far more negative then the story really is
While most people said they worked gig economy side hustles for disposable income the main story reported was that nearly a third of hustlers did it to stay afloat. This narrative was pushed by the survey author then echoed by major publications like CNBC and various local broadcast stations. However, a simple look at the data is not as grim as it looks.
A simple look at the below graph will show you a stark contradiction to the gloom and doom around the gig economy. Not everyone is just “staying afloat” in fact while 3/10 American are another 7/10 seem to be saving. It should actually speak volumes that the #1 reason people are side hustling is in fact just more spending money. This could be money to purse a passion or honestly just some beer money for the weekend.
Gigs Aren’t Just For Broke People
Within the survey it was noted that you don’t have to be broke to want to make extra money. In fact 43% of households surveyed make $80,000/yr or more. The below section shows you make really good money doing a gig. Even some surveyed are more passionate about their gig then they are their full-time job.
This is the time to get in the Gig Economy
More good news from the survey is it seems the gig economy is growing by leaps and bounds. Data shows almost half of millennials have a gig or side hustle. The generations before them also have a decent amount of people in the gig economy.
Now other stories may seem like gig economy jobs are just spare change earning, nothing that really matters. However, the survey says that is not right.
The average gigster or person working a gig is doing it 12 hours a week and making $1,122 per month on average. That means the average side hustle produces just over $13,000/yr for the average Joe Blow.
So if you’re looking to join the gig economy there is no better time. Make some good extra money in the gig economy. Check our Gig Database for an extensive list of gig and check out our Gig Reviews to learn a little more about a select few.