It’s the end of the month, you don’t get paid for another week, your bank account has about $42.57 left and rent is due in two days. What do you do? Well, according to a recent survey by Bankrate, if you’re a millennial, you work a “side hustle.” Despite the reputation millennials have gotten on being entitled and somewhat lazy, they are the generation that is most likely to have one.
Uber, Mary-Kay, Cutco—they’re all business ventures that bring in extra money, but don’t need to be tended to daily like a 9-5. Younger millennials between the ages of 18 and 26 are most likely to have a side hustle and 61 percent of them say they aren’t actually using ever so often to fund trips or avocado toast, they use it every day. Ninety-six of them say they’re utilizing their side job at least monthly, and it’s not just chump change.
Bankrate’s survey showed that millennials make a median $200 monthly from their side hustle, and more serious participants, 25 percent of them, are making more than $500. The embracing of social media has been a positive for the generation because they’ve learned how to successfully navigate the on-demand world in a way that benefits them.
When Bankrate asked Hayley Weltz, a 24 year-old side hustler, how she utilizes the internet for a skincare company she works for, she said it’s mostly through social media platforms through posts, live events, and video tutorials.
“I use this money for some savings to travel and to help pay off my student loan,” Welz said to Bankrate. “There was zero risk in trying out the business because there is a 60-day empty-bottle money-back guarantee on a business kit to start. If in 60 days I decided I didn’t want to continue the side business, I could get my money back on my initial investment with no penalty. So for me, it was obvious. Why not try it out and give it a chance?”