Amid economic uncertainty, intelligent people are increasingly taking control of their financial futures, by earning additional incomes. And their method of choice to have another income is side hustles.
In 2022, two in five Americans had an extra stream of income. While the gig economy was made famous by the likes of Uber, Doordash and other delivery services, side hustlers are shifting from blue-collar work into high-end, specialized opportunities.
Interestingly, while most side hustlers are new generation, retirees are also joining the trend. After illustrious careers, Boomers are realizing they can capitalize on their expertise, even if they’re no longer going into the office.
A number of 22 percent of retirees, who range from age 58 to 76, currently have side hustles. And instead of doing it for free like they used to, they’re getting paid hundreds of dollars an hour just to share their contacts, accumulated information and give people good ways to solve problems.
Five years ago, the bigger side hustles were services companies, such as Uber and Lyft. Now, the big growth side hustles are with professional platforms, such as Fiverr, where people can earn six-figure incomes from home, providing expertise from marketing to law.
Uber and Lyft drivers are complaining that the cost of fees and other expenses that come with driving on those platforms can make it difficult to earn more money and regulators have pushed for the companies to heightening drivers’ financial benefits.
In the other side, specialized work comes with all of the benefits of a typical side hustle, but now you can earn even more cash from things you already have at your disposal, like skills and property.
Look at yourself as your greatest investment. In other words, you can use your existing skill sets to become a specialist.
Becoming A Specialist
A lot of people are making money selling what they already know. For instance, in 2022, over half of freelance workers, about 31 million people, provided knowledge services. That includes consulting in areas such as personal finance, computer programming, marketing, IT and business.
One option is online tutoring, here we can notice that platforms like Lessonface, Wyzant and Outschool are on the top services platforms in 2023, because many students fell behind during the pandemic and many of those people are still playing catch-up on their studies.
But you can educate people on skills you’ve gained outside of classrooms, too. In comparing the first six months to the last of 2022, Fiverr saw a 73 percent increase in searches for TikTok video editing, indicating those social media skills are increasing in demand as more companies develop a presence on the platform.
Monetizing Your Existing Assets
For same this is a favourite type of side hustle, partially because renting out high-value items or real estate can be a quick way to earn passive income.
In the past some websites, such as Giggster, a platform where you can rent out your house to film or advertising producers by the hour, were poplar. You can earn around one thousand USD by just getting out of the house for one day.
Nowadays, renting out your home on Airbnb continues to be a tried-and-true passive income opportunity — but several platforms have dubbed themselves the equivalent for cars or boats. You can rent out any make or model on Turo and Boatsetter. Some also rent out their swimming pools or backyards for parties and events — or even as temporary dog parks, like on Sniffspot.
Side hustle trends continue to change, especially as free agent workers better understand their rights and the most efficient ways to make money. As specific platforms become more popular, different services can become a commodity, meaning side hustlers may have to pivot multiple times in their career.
Beyond remaining flexible and open-minded, the best way to stay up to date on how to earn extra cash quickly is by paying attention to social media and watching for new creative ways people are creating businesses and income.
As we go along, we’ll find that the gig economy is going to treat people better and offer them something more akin to employees or wages.