Inflation has run rampant the last 2 years. It’s more expensive than ever to pay the rent, pay the mortgage, buy a car, raise children, etc. Which is why so many people are launching side hustles in an effort to supplement their incomes and make ends meet.
But what percentage of the population has a side hustle?
New Research: 50% of Young New Yorkers Have Side Hustles
According to new research, about 50% of young professionals in New York are holding down 5-to-9 jobs in addition to their 9-to-5s. The study focuses on New Yorkers under the age of 24, with 70% of respondents suggesting that it’s simply too risky to have one source of income.
We’re also starting to see significant layoffs by major companies, especially in the tech industry.
If you have one job and get laid off, your income shrinks down to $0.
If you have a side hustle and get laid off from your job, you still have money coming in. In fact, you can start scaling your side hustle into a full-time job rather than seeking new employment.
My Side Hustle Success Story
This research aligns with my story. In 2014, I was working at a job I hated for a company that was clearly headed toward layoffs. So I started freelance writing. And I eventually grew that writing business into something that could be a full-time gig.
And the internet is full of similar success stories.
I was reading just today about a woman who makes $1 million-plus each year by running an agency that creates presentations for big companies like The Home Depot, Adobe and others. It all started for her as a side hustle.
Just Start: The Time is Now
So, if you haven’t already, consider diversifying your day-job income with a side hustle. It might come in handy if you lose your full-time job. And it might even replace your need to have a full-time job in the future.