Around 36% of American adults are earning money through a side hustle, per a 2024 Bankrate survey, bringing in an average of $891 a month. And while the idea of working before or after your full-time job may not instantly sound appealing, the benefits of doing so extend beyond more financial flexibility and freedom.
Whether it’s selling prints on Society6, driving for a rideshare service, tutoring, or starting a dog-sitting business, cultivating an additional means of income can not only boost your wallet, but also your confidence, creativity, and social network. Read on to learn about the perks and considerations of starting a side hustle.
Financial
Between high interest rates, inflation, and a cooling job market, many people’s pursestrings are tighter than they’d like them to be. The biggest boon to finding another source of income is just that: another source of income. Per Bankrate, 37% of side hustlers spend their money on discretionary purchases, 36% use it to fund daily living, and 31% save some of it. And the majority of those folks are somewhat new to the game — 52% have been doing it for two years or less.
Having a source of extra money can make funding your next vacation feel more doable or help pad your retirement investment accounts. It can also help you pay down debt, which may benefit your well-being.
Confidence and Creativity
Some of the best ways to build confidence are by learning new things, mastering a skill, and doing more of what you’re talented at. There’s also the satisfaction of creating something from scratch and being your own boss. And a 2023 American Psychiatric Association poll established a link between participating in creative activities and maintaining mental health — making side hustles like designing jewelry or filming YouTube tutorials all the more enticing.
But you don’t need to launch a passion project or invent something new to get a confidence boost. Achieving your goals is also a great way to gain self-assurance, whatever those goals may be. Perhaps you simply aim to make an extra $200 a month, and then do so by delivering groceries twice a week. The act of accomplishing what you set out to can give you a great sense of pride, not to mention cover a couple of bills.
Social Interaction
Depending on the type of gig you do, side hustles offer the chance for increased social interaction. As many people work remotely these days, opportunities for friendly and meaningful conversation are more welcome than ever.
If this is something that appeals to you, consider driving for a rideshare service to chat with a wide range of people each shift. Pet- or babysitting may lead to long-term friendships with the families you care for, and becoming a part-time companion or caregiver for an older adult or someone with a disability could also result in you developing a meaningful relationship while earning money.
What to Choose?
So a side hustle is starting to sound pretty good, but what job is right for you? Begin by taking stock of what you really want to get out of it. Are you most concerned with generating additional income as easily as possible? Or are you more interested in cultivating creativity and building a portfolio?
“If your goal is to start generating short-term cash to meet short-term goals, then the gig economy is a great place to do this,” Jannese Torres-Rodriguez, a money expert who helps Latina women create additional income streams and build wealth, told Harvard Business Review. “You can download apps like Instacart or Uber, and start doing those things on the side when you have free time. Then use that money to accomplish whatever those short-term goals are.”
She added: “Look at your professional and personal skillset and see which things on those two lists you would want to think about pursuing. If there is something that you’re good at and have taught people in your personal life, that’s something to think about.”
An important consideration here is how much time you have and are willing to put into your new hustle. It’s easy to feel overwhelmed by the idea of adding another to-do item on top of your likely already packed daily itinerary, but Forbes contributor Bobby Hoyt points out that many of us have more time than we think.
“The average person spends 1,300 hours a year on social media or 3.5 hours a day. That’s Facebook, Youtube, Instagram, etc.,” he writes, adding: “But what if you tried to cut one hour of your social media time-spend and put it toward a side hustle? That’s just one hour a day.”
Ideas
There are tons of different side hustles you can pick up. Click here for a list of creative ventures, and here for roundup of unique ideas — like becoming a bridesmaid for hire, renting out your basement, or selling candles. And check out these 30 suggestions from Forbes Advisor.
Other resources to look into:
Fiverr: Market your freelance services, from yard work to graphic design
Etsy: Sell your handmade goods
Rover: Sign up to be a pet sitter
Care: Become a companion or caregiver
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