Americans are doubling up on work at an astounding rate. As GOBankingRates reported in November, about 38% of people said they have at least one side gig and an equal share noted they have more than one.
Bloomberg reports that due to record-high inflation and the dwindling of pandemic-era savings and tax credits, many workers simply need the extra wages to make ends meet.
But via a new report from LinkedIn, citing a survey by LendingClub and PYMNTS.com, it’s now estimated that more like 50% of the U.S. has at least one side gig and it’s not just the middle class, either. Upward of 62% of people earning $100,000 or more reported having some kind of additional income beyond their main job. With so many people side hustling, it’s bringing in about $50 billion in additional revenue for Americans each month.
Part of the reason is that many people now work remotely after the pandemic. According to Zippia, about 62% of employees don’t go into an office — and many have flexible schedules allowing for time to devote to a side gig. And they’re doing so in creative ways, whether it’s owning an Etsy shop, launching a podcast, driving for Uber or owning a pet-sitting business.
It’s also not always used as a means to make more money. Forbes reports, “You may also pursue a side gig as a way to test the waters on a new direction or to feed your passion in ways which are impossible through your regular full-time employment.” Side gigs are a popular option in particular for Gen Z and millennials, who aren’t necessarily beholden to a more traditional working situation. Forbes notes that 72% of Gen Zers and 67% of millennials are into side gigs.
GOBankingRates has compiled a list of 22 side gigs that might pay you more than a regular full-time job. Among them: sign language interpreters, executive assistants, web designers and online resellers.
It’s important to note, however, that when you have a side gig, you’ll need to pay extra in estimated taxes since the work is usually contractual and taxes aren’t automatically taken out.
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