Mr Branding: Americans With Side Hustles Are Now Earning Over $800 a Month on Average

Sunday, June 4, 2023

Americans With Side Hustles Are Now Earning Over $800 a Month on Average

Starting up a side hustle has become increasingly important because of the fact that this is the sort of thing that could potentially end up helping people pay their bills. According to a recent survey conduced by Bankrate, 39% of Americans say that they have a side hustle. 44% even said that they will always need one since a single job no longer pays enough to help them stay ahead of their expenses.

33% of the people that participated in this survey stated that they need their side hustles for basic living expenses, with 27% using their side hustle to get some discretionary money for expenses other than necessities. 25% of survey respondents indicated that they use this side hustle money to save for the future, and 12% are compelled to start a side hustle in order to make their debts easier to pay off than might have been the case otherwise.

It is unsurprising that a large chunk of people with side hustles are low income and hail from more recent generations. 53% of Gen Z and 50% of Millennials said that they have side hustles, and 42% of people that bring in under $50,000 a year stated that they need side hustles in order to keep the lights on. However, 45% of people that earn over $100,000 per year said that they have side hustles as well, indicating that this practice is not the sole purview of low income groups.

With all of that having been said and now out of the way, it is important to note that the average monthly income that people can bring from their side hustles is around $810. In spite of the fact that this is the case, this number might be skewed by those that bring in far more than this on a monthly basis.

Around 28% of the people that currently have side hustles bring in just $1 to $50 on a monthly basis, with 14% earning between $51 and $100. 11% admitted to earning between $101 to $200, 6% mentioned $200 to $300 and 14% are currently bringing in around $301 to $500 per month with all things having been considered and taken into account.

12% of survey respondents did mention monthly incomes that range from $501 to $1,000, however. What’s more, 7% of the people with side hustles that answered questions in this survey referenced monthly incomes that exceed $1,001 and reach up to $2,000. 7% even said that they earn over $2,000 on a monthly basis.

If we were to zero in on this data on a generational basis, Millennial seem to be earning more than any other cohort. They bring in around $1,022 per month on average, with Gen Z earning $753 per month, Gen X earning around $670 and Baby Boomers coming in dead last with $636 in monthly earnings.

All in all, side hustles have become a popular way for people to make ends meet. While this says a lot about the state of the economy, it also reveals that the modern world is offering new avenues for people to bolster their revenue streams and diversify so that they can meet their needs.