Search
Close this search box.
Blog » Business Tips » How Much Should You Earn from Your Side Hustle?

How Much Should You Earn from Your Side Hustle?

A side hustle can help you turn around a difficult financial situation. Whether you are looking to pay off debt, improve your retirement savings, or are looking to pad your cash flow to retire early, it may be possible with a side hustle. A recent Bankrate survey found that the average side hustler brings in $8,000 per year for their efforts. How does your side hustle stack up, and what can you do to reach that $8,000 range and beyond.

How much do people earn with side hustles?

The June 2018 Bankrate survey found that 37 percent of Americans have a side job, meaning nearly 4 in 10 Americans are side hustlers. That is a massive number of people! If that number applies to all working adults, that means there are more than 50 million people with a side hustle in the United States bringing in a total $400 million per year!

While 49 percent of side hustles bring in up to $200 per month, 15 percent of side hustlers bring in more than $1,000 per month. Imagine an extra $12,000 or more per year in income. What could that do for you? Could it help you get out of debt? Perhaps it could get you on track for early retirement? Maybe you would choose to split your side hustle income into savings and an extra annual trip? There are no rules for how you use your own money as long as you follow your budget.

The average monthly income from a side hustle was $686 for all surveyed, or about $8,200 per year. That can be life changing money!

How people hustle

Of those who side hustle, not all do so on a daily or even weekly basis. Of survey responses, the distribution between weekly, a few times a month, about once a month, and less than once a month were roughly even among side hustlers. That means about half of side hustlers work on their hustle once a month or less.

A tip from someone who turned my side hustle into a full-time, six-figure business: you need to work on it more than monthly if you want your side hustle to thrive.

The report also found that Millennials are the most likely generation to hustle. Side hustles decline with age, though it should be the opposite! As your skills grow, your opportunities to earn more on your own go up as well! Don’t let your golden years be idle years. Turn them into a fun business opportunity and challenge that can grow your wealth.

When they get to work, the most popular side hustles are home repair and landscaping, online sales, crafts, and child care. Substitute teacher and artist/musician came up next. It blows my mind that people are not taking advantage of additional skills and education for higher end and creative side hustles like writing, bookkeeping, and website design.

Interestingly, men also earn more from side jobs than women by a large margin, nearly 3x. Men bring in $989 per month from side hustles while women typically bring in $361. While we don’t know hourly rates for these gigs, this is a vast income disparity and something that warrants further study. There is no reason men should be making more than women with side hustles unless they are simply working harder, but I doubt that is the entire story.

Side hustle your way to financial success

You never know what your side hustle can do until you give it a try. Amazon started with its first sale in Jeff Bezos garage. Facebook came out of a dorm room idea. My business that pays for my entire life and allows my wife to stay at home with the kids started as a hobby. Give your side hustle idea a try and you might find yourself on the way to your first million, or at least a little less financial stress.

About Due’s Editorial Process

We uphold a strict editorial policy that focuses on factual accuracy, relevance, and impartiality. Our content, created by leading finance and industry experts, is reviewed by a team of seasoned editors to ensure compliance with the highest standards in reporting and publishing.

TAGS
Personal Finance Expert
Eric Rosenberg is a personal finance expert. He received an MBA in Finance from the University of Denver in 2010. Since graduating he has been blogging about financial tips and tricks to help people understand money better. He is a debt master, insurance expert and currently writes for most of the top financial publications on the planet.

About Due

Due makes it easier to retire on your terms. We give you a realistic view on exactly where you’re at financially so when you retire you know how much money you’ll get each month. Get started today.

Categories

Top Trending Posts

Due Fact-Checking Standards and Processes

To ensure we’re putting out the highest content standards, we sought out the help of certified financial experts and accredited individuals to verify our advice. We also rely on them for the most up to date information and data to make sure our in-depth research has the facts right, for today… Not yesterday. Our financial expert review board allows our readers to not only trust the information they are reading but to act on it as well. Most of our authors are CFP (Certified Financial Planners) or CRPC (Chartered Retirement Planning Counselor) certified and all have college degrees. Learn more about annuities, retirement advice and take the correct steps towards financial freedom and knowing exactly where you stand today. Learn everything about our top-notch financial expert reviews below… Learn More