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Millennials are reportedly the most likely group to find ways of making extra money on the side than any other generation. In addition to their professional work schedule, young people in their 20’s and 30’s commonly create earning opportunities to supplement their income.
The trend is so popular that it has become known as the “gig economy”, which basically means to exchange services for money outside of a payroll structure.
High student loan debt and lack of job security motivate a large number of millennials to seek additional income. Still others might use the extra cash to stash away for retirement or save for a dream vacation. Whether intended to reduce debt, make ends meet, or create a savings cushion, making money with a side hustle is an economic movement that is steadily on the increase. Side gigs are here to stay, and the unlimited numbers of millennials raking in cold hard cash prove it.
College grads are taking their computer skills outside of the corporate office to work for themselves. Setting up shop at home is as easy as opening a computer. The internet is flooded with individuals and businesses that need someone to provide services either full time or on an as needed basis. Millennials are meeting those needs by snatching up opportunities to showcase their talents and interests while making money at the same time.
Top 5 online side gigs:
Freelance graphic designers make as much money as they want since millions of people need designs for book covers, logos, business cards – actually too many projects to name.
Millennial wordsmiths have their choice of customers with good ideas but no talent to write. A huge percentage of website content, copy writing, proofreading, and ghostwriting is done by young adults working in their spare time. Translating and transcribing also fit into this category.
It’s not hard to find busy executives that will pay good money for other people to do online work like make phone calls, answer email, and book appointments.
Grads and students that are good with numbers usually grab up any remote accounting positions available. Many of these jobs have led to full-time employment with large companies.
This area presents endless opportunities since corporations need people who have skills in data visualization, data extraction, mining and analysis. Since a lot of this type of work is needed only until a project is complete, employers often use freelancers rather than hire a worker full-time.
Freelancers can make as much money as they want taking jobs when they have the time. They have the freedom to set the price of their services and work when they want. Working part time from home is also a way to make business contacts and network with other people that have similar interests.
Millennials and other people looking for work find employment with companies looking to hire remote workers. The process is the same as applying for a job in person except applications, interviews, and the job itself are all done via the computer. Unlike freelance work, the individual is actually hired by the business and their salary, hours, and benefits are dictated by the employer.
Working remotely can be a second job to bring in extra money every month. The main benefit is that the work can be done from home.
Many millennials show up for work with this kind of secondary job by signing in on their computer after dinner or late at night when the rest of the family is asleep.
In addition to the types of online entrepreneur jobs, other popular remote jobs are in the teaching and sales professions.
Millennials that prefer hands-on physical work usually take part time jobs to supplement their income. Usually, these are the people that spend most of their work day at computers and are looking for an outlet for their energy, a break for their eyes, and a few bucks for their pocket. Among the benefits of taking part time work is the opportunity to engage in interesting tasks on a temporary basis which are unrelated to the daily grind they endure.
Millennials are making extra cash and creating new experiences taking the following jobs:
Just like working part time remotely, there are in-person job options like picking up a few hours at any large box store, movie theater, or even corporate businesses. But more frequently, millennials are leaving those jobs to older people and choosing side gigs that are a little more fun and challenging.
One side hustle makes money for a lot of millennials while they sleep. Smart investing no longer takes a ton of cash to start. New investment solutions for young people let them start with as little as five dollars. At the same time, they teach investment strategies and participants are allowed to invest in what matters to them most.
Investment apps and desktop versions are widely available. Investors should look for legit online companies that provide a team to help them understand the process. Investors advise people to start with the companies that have zero commission trading. Small hardworking investments are one of the best side gigs to passively make extra cash over time.
It may not seem to make sense to save money when the whole point is to make money to spend on necessities. And yet, when planned properly, saving money and watching it grow can be just as lucrative as actively working another job. How can that be possible? By automatically putting away money that won’t be missed.
Banks are competing for customers to open accounts with automatic savings features. Every time a person shops or pays for other services, an app transfers either the change (rounding up to the next dollar) or another amount specified into an account. The savings keeps earning interest, which is another form of passive income. Many millennials have doubled down on this hustle by adding a small payroll savings deduction into the mix to capitalize on growing their savings.
There are no limits any more when money is needed to help make ends meet. Millennials can implement any of thousands of strategies to stay above water in a money pinch.
These figures represent a sizable number of individuals who find themselves with more days left in the month than cash.
Working for extra cash is not always due to a financial problem, however. Millennial parents are creating side hustles to raise money for school projects, field trips, and equipment. They are also using side gigs as opportunities to teach children about starting their own companies or to pursue other passions. The gig economy is wide open for everyone with a passion, purpose or need.
