In the best-case scenario, a side hustle could turn right into a multimillion-dollar business that generates a passive income stream—but on the very least, starting a side hustle could help pay some bills.
A brand new one Opinion poll from Quicken, a private finance software company, shows that almost half (43%) of Americans with a side hustle or a further source of income to their primary income make more cash overall and work fewer hours than those with out a side hustle.
The three hottest side hustles for many who work less and earn extra money were personal assistance (20%), cooking and baking (16%), and nursing (16%). One in five individuals with a part-time job said they were also entrepreneurs, selling products online or offering services akin to photography.
The majority of individuals with side hustles (82%) said starting a side hustle helped them financially and kept them from living paycheck to paycheck. Most with part-time jobs (57%) had savings corresponding to at the least 4 months of living expenses.
Related: Side hustles are on the rise as entrepreneurs start a business working part-time or full-time in one other location, in response to a brand new report
The survey also found that for younger part-time staff, the trail to additional income can be a path to higher employability. 44% of Generation Z (born between 1997 and 2012) select to start out a side hustle to achieve skills for a long-term profession, much higher than the entire of 18% of Americans who’ve began a side hustle with the identical motivation.
Quicken conducted the survey online and picked up responses from greater than 1,000 Americans.
Further research on side hustles published in August by NEXT Insurance showed that three out of 5 people earn lower than $1,000 a month in side income, while 22% earn $1,000 to $10,000 a month and 15% earn greater than $10,000 Earn US Dollars.
Related: Starting a side hustle should include a warning label – here’s what it’s essential to know
