Having a side-hustle is a new normal for many entrepreneurs.
The Hustle surveyed people and found:
- 35 percent have some sort of side-hustle
- Real estate is the most popular and lucrative side-hustle
- The average side-hustle earns $12,609 on 11 hours per week
- The vast majority of side-hustles are self-funded
Private Wealth Advisor Derrick Kinney said side hustle money is a motivating tool for works for Baby Boomers and Gen Xers who want to do some travel, pay off a debt or put their child through a better school.
"A side hustle designated for those goals can be very motivating for people to want to work extra because they have something to show for it," said Kinney.
Non-millennials come in as an authority figure to work when and how they want.
"Most side hustle folks have their own business, we find, and so they have some flexibility. But, typically it's people that have skills that can translate to doing freelance type of work," said Kinney.
He said the ability to work evenings and weekends will give them a higher rate.
One of the top side hustles right now is real estate, like being a landlord or short term rentals like AirBNB.
Kinney reminded people to stay focused on their day job, what butters the bread allows them to do a side job. Don't reverse the two.