Side Hustle Nation Millennials Are Making Major Money With Side Gigs com

Side Hustle Nation Millennials Are Making Major Money With Side Gigs com

Side Hustle Nation: Millennials Are Making Major Money With Side Gigs Bankrate.com Caret RightMain Menu Mortgage Mortgages Financing a home purchase Refinancing your existing loan Finding the right lender Additional Resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Bank Banking Compare Accounts Use calculators Get advice Bank reviews Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Credit Card Credit cards Compare by category Compare by credit needed Compare by issuer Get advice Looking for the perfect credit card? Narrow your search with CardMatch Caret RightMain Menu Loan Loans Personal Loans Student Loans Auto Loans Loan calculators Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Invest Investing Best of Brokerages and robo-advisors Learn the basics Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Home Equity Home equity Get the best rates Lender reviews Use calculators Knowledge base Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Loan Home Improvement Real estate Selling a home Buying a home Finding the right agent Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Insurance Insurance Car insurance Homeowners insurance Other insurance Company reviews Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Retirement Retirement Retirement plans & accounts Learn the basics Retirement calculators Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Advertiser Disclosure

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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Welcome to the United States, where the American Dream isn’t just limited to that 9-to-5 life but is apparently achieved through a string of side hustles. A new survey from Bankrate reveals that we are seriously a country of hustlers, with 44 million American adults claiming they have a side gig—aka an extra way to rake in cash aside from their main source of income. The age group most likely to grow their green with a Millennials. Yep, that’s right. We millennials are—yet again—defying our stereotype as being “lazy and entitled” and are actually a generation of go-getters. Looks like we’ve been really taking those #MondayMotivation posts to heart. Bankrate’s survey found that younger millennials (ages 18 to 26) are the age group most likely to have a side hustle, with 28 percent saying they have an extra way to make money aside from their main source of income. And they’re not using these gigs to make a quick buck every now and then just to fund their trip to Coachella; 61 percent of younger millennials say they earn extra money on the side every week, and 96 percent of them say they do it at least monthly. 25 percent of younger millennials make more than $500 a month. Income from side gigs isn’t just limited to some loose change from a lemonade stand, either. Millennials are raking in serious cash from these side hustles. The survey found that millennials make a median of $200 monthly from their side jobs, and 25 percent of younger millennials make more than $500 a month. Looks like we can afford that after all. It makes sense that millennials are ; we’ve grown up with social media and the internet, so we’ve got a firm grasp on not only how to properly filter an Instagram post, but how to really grow our green in a gig economy dominated by apps and other on-demand services. This isn’t just your mama’s Tupperware party. Hayley Welz, a 24-year-old living in Los Angeles, says she started a side hustle to save more money and to pay off debt. While her primary source of income comes from her role as a business client solutions executive, she also works on the side as an executive consultant for a skincare company. Welz regularly posts on her social media platforms about the brand’s products, leveraging social media to market the skincare products through posts, live events, and video tutorials. “I use this money (from my side business) for some savings to travel and to help pay off my student loan,” Welz says. “There was zero risk in trying out the business because there is a 60-day empty-bottle money-back guarantee on a business kit to start. If in 60 days I decided I didn’t want to continue the side business, I could get my money back on my initial investment with no penalty. So for me, it was obvious. Why not try it out and give it a chance?” Have a side hustle of your own? . An extra stream of income could serve as the perfect excuse to spend sporadically … but if you’re smart, it shouldn’t. Resist the urge to splurge! Your money from your side hustle is best stashed in a , where it can serve as an emergency fund (ICYMI, you should always have between four to seven months’ of expenses in case things don’t go as planned). If your savings are already in good shape, use that money to pay down debt (helloooo !), or . If you’re living within your means, your primary source of income should take care of all your fixed and fun expenses; everything else should be used to invest in your future self. SHARE: Sarah Berger

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