The Wall Street Journal had an interesting article about professionals working a side hustle to help make ends meet. More people of all income levels are exploring increasing income with a side hustle or gig.
The number of people working a side job has increased by six percent over last year, and while those numbers tell a story, they don’t tell it all.
We’ve been exploring and testing side hustles at the Penny Stupid Project.
More People Earning With Side Hustles
A survey found 81% of Gen Z workers were pursuing a second income while 77% of millennial workers were looking at side hustle income.
Traditional side jobs are more accessible to track than an independent contractor picking up one of the many side hustle opportunities out here. So logically, the second job numbers are way underreporting the uptake in outside income.
Most people have reported needing more income to help make ends meet due to inflation.
The Wall Street Journal said, “Some recruiters say it isn’t just blue-collar workers seeking extra work this year. People in professional jobs are starting to look for additional income too, said Jennifer Knippenberg, chief recruiting officer of staffing firm Kelly Services Inc. In prior years, one of 100 white-collar professionals were looking for a second job—now it’s one in 30, she added.”
There is nothing wrong with that at all.
Find a Side Hustle That Fits Your Personality
Not every second stream of income is suitable for every person. We all have different personalities and comfort levels.
And that’s okay.
The secret is finding the right side hustle to make extra money for fun, investment, or bills.
You don’t have to embark on a side hustle only when the month doesn’t meet the money; you can also do it to make extra income to invest, grow, or save for a memorable vacation.
Here are some examples of good side hustles for the wrong person.
Being an Uber or Lyft driver is not for everyone. You should not do rideshare if you don’t enjoy meeting new and exciting (sometimes strange) people. If you are not thrilled about strange people riding around in your personal or family car, you won’t keep doing this, and your earnings will reflect your lack of interest.
If dealing with people isn’t your thing, then delivery side hustles like DoorDash, Roadie, GrubHub, Amazon Flex, and others might be worth exploring.
Delivery gigs can be broken down into tighter categories:
- Food to eat now
- Large items that require trucks
- B2B item delivery
- Prescription delivery
- And many more
These side hustles are better suited for someone who mostly doesn’t give a damn and could care less about people.
Don’t get me wrong, there is no need to be a jerk, but since you don’t have people sitting in your car, you only have to deal with people for short moments.
But don’t expect delivery gigs to be big earners if you don’t pay attention to what you are doing.
You can also explore side hustles using your skills. Opportunities exist from sites like Upwork, Fiverr, Thumbtack, and others.
I’ve used gig workers to write and record songs, do artwork, complete mechanical engineering assignments, develop complex mathematical formulas, design structural beams, etc.
Right now, I’m testing doing a gig writing for others on Fiverr. Click here to see my gig page.
I’m doing this as a test for the Penny Stupid Project and will report on how it goes. So be sure to subscribe to our email updates to find out.
Starting some MLM or side business might be attractive, but this might not be for you unless you are comfortable selling. Unfortunately, some people get sucked in by the thrill of setting something up rather than loving sales, and they fail.
Under this category, I’ve put online arbitrage or retail arbitrage.
Both online arbitrage and retail arbitrage are when you buy items for less and sell them elsewhere for more.
I’m currently testing selling items on Amazon and eBay that I’ve purchased elsewhere.
Online arbitrage is good if you don’t have the time to run to retail stores to bargain hunt, don’t want to deal with people, are computer comfortable, and enjoy figuring out how a multilayer process works, this might be for you.
Crack the Code – Be Smart and Selective
There are side hustles out here for every person and every personality. I’ve met high-paid executives that did rideshare gigs on the way to work every morning—getting paid to commute. Smart.
But ultimately, the key to success is enjoying whatever side hustle you select, and then, here is the secret, crack the code.
The code is learning the best way to work the side hustle and understanding rules.
For example, Lyft can be very lucrative if you know how to accept the highest-paying rides and how to get those riders. If you don’t crack the code, you will be left doing the low-paying rides nobody else wants.
Damon and I have done a lot of videos on this subject and have provided advice on how to maximize earnings. You can see all the Lyft posts and watch our videos here.
Ultimately how much you will make each month depends on picking the right side hustle that fits your personality, understanding how the app or gig works to maximize your income, and having a blast. But, of course, the best side hustle should be fun, not work.
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