You are currently viewing Behold, the most lucrative (and fulfilling) hustles

Behold, the most lucrative (and fulfilling) hustles

While the United States added more than 300,000 jobs in February, according to a jobs report released on Friday, wage growth has remained stagnant – so many Americans may be looking to earn extra money. The average hourly wage rose 4 cents to $26.75 an hour, according to the report, but the annual wage increase fell to 2.6% from a revised 2.8% in January.

Meanwhile, the side hustles are peaking: More Americans are working multiple jobs today than at any time in the past 20 years, according to a study by financial education firm CreditLoan. Topping the chart for lucrative gigs is the sale or rental of property, earning people a median income of $500 per month and a maximum of $7,000. Next is carpooling, which brings in a median monthly income of $350 and a high of $3,000, although some drivers dispute how lucrative carpooling can be. Physical training or coaching was third on the list of profitable jobs, with a median of $200 and a maximum of $3,000 per month.

Personality type has a lot to do with how much money can be made on the side: extroverts earn 80% more than introverts, according to the CreditLoan study. Introverts are more likely to do computer repair, e-commerce, and housekeeping, while extroverts may do more bartending, fitness coaching, and blogging.

The biggest key to success is taking advantage of the secondary hustle, the CreditLoan study concluded. “‘As long as you balance your time properly, working on the side can have benefits that go beyond the extra money earned,’ he said. “You might also pick up a few extra creative skills along the way. .”

Jobs with the highest median hourly rates include selling or renting goods ($81 per hour), computer repair ($20 per hour), and fitness training ($20 per hour). ‘time).

More online platforms make it easier to access side hustles. TaskRabbit lets users advertise skills like building furniture or moving boxes, Fiverr is a similar service for freelance services like resume writing or translation jobs starting at $5 per job, and Wow! is for dog walkers and takes a reduction in fees paid by pet owners. Another app, Live.me, allows users to live stream for money by doing various antics, singing, or playing video games. One user, ‘PrincessUK’, said she started streaming on Live.me to earn more pocket money and claims to have made $10,000 in the past two months. “As a single mom homeschooling my kids, that makes all the difference,” she said.

She is not alone. According to CreditLoan, some 66% of people who get into a side hustle do so simply because they want to spend the extra cash, while 46% say they’re trying to pay off debt. It comes as credit card debt hit an all-time high of over $1 trillion in 2017 and student loan debt topped $1.4 trillion.

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In reality, however, these side gigs vary widely in earnings, according to the latest study, with Americans reporting earning as little as $25 or as much as $7,000 a month.

Secondary hustle doesn’t have to take too long: more than 1 in 5 people surveyed were working on their secondary hustle while they were on the go at their main gig. Selling or renting a property can be done to generate passive income and survey taking can take as little as 10 minutes (or a lot longer). Some companies are even encouraging their employees to continue their side gigs: Subscription service Birchbox has employees who work at choreography, craft and Etsy stores, and men’s loungewear, said Melissa Enbar, vice-president. company president for people and culture.

“We strongly believe in building two-way relationships with our team members — they give us so much energy and passion, and we also want to support them in their personal passions,” she told MarketWatch.

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