According to a recent LendingTree survey—because who doesn’t love a good survey on the depressing state of their finances—Americans are cashing in more from side hustles than ever. However, in a baffling twist worthy of an M. Night Shyamalan movie, fewer people are taking them on. Apparently, the quest for financial stability has trumped the noble pursuit of turning your cat into an Instagram star.
The survey, which consulted a staggering 2,050 U.S. adults—because asking just one person would make it a tad too easy—revealed that side hustlers are raking in an average of $1,242 monthly. This figure is astoundingly high, perhaps because the hustlers also tend to sell their souls for that extra dough to keep pace with skyrocketing costs. Yet, oddly enough, most participants desire the blissful comfort of a regular paycheck instead of the exhilarating thrill of hustling.
Fewer Hustlers in the Wild
Once upon a time, back in 2022, a glorious 44% of Americans were shamelessly exploiting every opportunity for a side hustle, but now that number has plummeted to a mere 33%. Are we losing our entrepreneurial spirit or secretly yearning for the days of couch surfing and Netflix binging? The decline is particularly steep among the young; 45% of millennials are holding onto side hustles, down from 55% in 2022, while Gen Z appears to have taken a sharp left turn—only 43% are still engaged in the gig economy. Clearly, TikTok dances don’t pay the bills.
What’s Cooking in the Hustle Kitchen?
Curiously enough, the gig economy is still king, with 29% of people delivering tacos, sharing rides, or babysitting their neighbor’s ferrets. Clearly, everyone loves an animal-related side gig. Next up, 26% of hustlers dabble in freelance work, while 23% engage in various forms of creative content. Home improvement services are creeping in at 21%, and 17% are busy cleaning houses. So, in essence, everyone can’t seem to find time to clean their own homes while they’re busy cleaning other people’s.
Economic Stress: The New Side Hustle Motivator
But why the decline, you may ask through a mouthful of ramen noodles? It seems that as living expenses rise, the number of people turning to side hustles to cover their everyday costs is also rising. In fact, 32% say they’re driven by the need to manage their expenses, while 25% are creatively financing a new selection of instant ramen. Meanwhile, 36% attribute their side-hustle genesis to economic strain. So yes, this gig economy is primarily fueled by a need to survive—because who doesn’t want their evening job to be propelled by existential dread?
Expert Tips That Might Actually Help
If you find yourself entrenched in the hustle, consider employing a few genius financial maneuvers. First, tackle that high-interest debt like it’s your last slice of pizza at a party. Matt Schulz from LendingTree insists that paying off debt is like taking a night off from being miserable. Adjusting your budget can immediately give you some breathing room, like finding a $20 bill in your pocket right after you told your friend you’re broke.
Saving: A Novel Idea
Next on the advice train is saving that extra cash like it’s some secret sauce you’ve been keeping under wraps. “Saving money? Pfft, what is this, a bank commercial?” you might scoff. But, it’s true—socking away a few bucks can make all the difference during lean months when that side hustle income, conveniently, disappears faster than your hopes for financial stability.
The Conclusion Nobody Asked For
So, as we venture deeper into this new economic jungle, remember: side hustles are not just a means to an end; they might very well be a survival mechanism in a world where the only constant is rising costs and the existential dread of adulthood. From turning your free time into cash flow to creatively dodging financial pitfalls, stay savvy, my friends. And if all else fails, remember—you can always sell your unwanted garage items, or, say, your cat’s likeness as an NFT. Because nothing screams financial expert quite as loudly as a dilapidated side hustle. Cheers!
