Side hustles have always been a good way to earn more money and better your finances. With so many people in debt while wages have fallen flat, theyâve become especially popular over the past decade. Now, with the coronavirus pandemic, weâve seen them shoot ahead in popularity even further.
According to a recent survey by credit-building platform, Self, just over half of Americans plan to start a side hustle as a direct result of the pandemic. The numbers get really interesting when you break them down by age, too. The majority of Millennials (around 70%) plan to start a side hustle, while only a few â around 20% â of Boomers have the same idea.
Unless youâve been living under a rock, chances are you already know the heavy toll the pandemic has taken on the economy. Still, itâs worth taking a second look at the numbers. By May 2020, after everything shut down, the number of unemployed people in the U.S. shot up even higher than figures during the Great Depression. It ranged higher than 14 million unemployed people, compared to the Great Depressionâs peak of 8.8 million unemployed. The unemployment rate at its peak in 2020 was 16%.
Today the economy is reopening and the unemployment rate has gone back down, but still stands twice as high as normal â 8% â as of August 2020. Even if you are lucky enough to be back at work today, chances are good that youâre still not earning as much as you were before. Your hours mightâve been reduced, you mightâve missed out on pay raises, or you mightâve suffered a pay cut.
Everyone is seeing how important diversifying your income with a side hustle is right now.
If youâre still unemployed, the picture isnât any better. The extra $600 weekly unemployment assistance dropped off at the end of July, leaving many people with normal piddly paycheck amounts.
Finally, even if youâre one of the lucky ones whoâs been totally unaffected by all of this, at least youâve seen the devastation that can happen and maybe youâre spurred on to make sure that doesnât happen to you. No matter which segment you fall into, everyoneâs seeing how important diversifying your income with a side hustle is right now.
Whether you call them âside hustlesâ or not, people have been finding creative ways to earn a little extra on the side ever since economies have existed. But today, with COVID, some side hustles are more popular than others. Here are some of the most popular side gig options this year:
With so many people trying to keep their distance, one hot job thatâs been booming is food delivery workers â specifically, through apps like DoorDash, GrubHub, UberEats, Instacart, Shipt, and more. All you need is a car and a smartphone. And while your chances of being exposed to COVID are greater than if youâd found an online gig (please, avoid this one if youâre high-risk!), contact-free delivery options are making it a bit safer.
If youâre looking for a good way to boost your typing speed and listen to (potentially) interesting conversations, give transcription a try. You can find partner websites thatâll send you audio files or advertise your services in writerâs groups. All you have to do is type out the audio accurately and send your transcription back to the partner.
The startup cost on this side gig is low â all you need is a computer and internet, which you might already have if youâre reading this. Beyond that, a small investment in a foot pedal â a hands-free way to start and stop audio â keeps your hands on the keyboard so that you type faster and earn more money in the process.
The education system is a mess right now. Many kids are stuck at home and are falling behind in their studies. Parents are at their witâs end, and looking for ways to help their children grow and stay entertained. Thatâs where you come in. There are many opportunities to tutor students online, and if you and the other party is comfortable, you can even meet up in person for socially-distanced learning.
Even though normal travel isnât really a thing right now, there still are more people than ever travelling locally. Many people can only stay in their home so long without going stir-crazy, after all. A lot of pet sitters are finding that business is booming right now, and you can get in on the action, too.
Apps like Rover and Wag! make it easy to get started. Even if you canât watch someoneâs pup for them, you can still offer your services as a dog walker and get out of the house while still distancing yourself from other people.
Do you have an interesting story? Would you like to write about other people who do? If so, nowâs a great time to start your own blog or freelance writing side hustle. Blogging takes a lot of work and time before it really pays off, although if it does, you can earn a lot of money. Freelance writing might be more lucrative right off the bat, and you can even leverage your new blog as a way to showcase your writing to earn work with paid clients.
With so many people working entirely online these days, an entire new industry of workers have cropped up: virtual assistants. As a virtual assistant, your job may be as varied as the people who hire you. You might find sources for interviews, keep track of tasks in a database, answer reader emails, make graphics, write blog posts, and more. And since itâs entirely virtual, your potential client list is global.
This side hustle might not replace your day job, but if you have a few extra minutes while youâre watching TV, baking, or spending endless hours listening in on Zoom meetings, you can earn a bit more cash. There are a lot of places to earn money with surveys, so be sure to try your hand at more than one.
Techy skills are in demand right now, especially with so many people working online. If you know a bit of code â or want to learn â nowâs a great time to get started with this side hustle. You can find work through Fiverr and Upwork, or advertise independently elsewhere. If you know how to develop apps, see if you can come up with any ideas to make quarantine life easier for everyone â that would be a hit for sure.
The only option most local businesses have to reach potential customers these days is online. But the mom-and-pop pizza shop down the road probably isnât up to snuff when it comes to advertising on Google and social media. These skills are especially in demand right now, and there are many courses you can take to learn more and start this side hustle immediately.
Are you good at coming up with stories? If youâve got some time on your hands and you donât have any pressing money concerns, writing ebooks can be a great way to set up a passive income strategy thatâll keep paying you throughout the future. Just like with blogging, it can be a risky strategy since it may not pay off immediately. But if you have a passion for words, a creative imagination, and an entrepreneurial spirit, this could be a great side hustle for you.
Companies often arenât SEO experts, and they arenât social media experts either. But if you were raised alongside Instagram, Facebook, and Twitter, and love mastering the newest social media channels, this could be a great side hustle for you. Youâll need to learn how to work with brands and companies to represent them online so that they sell more products â and in turn, can pay you the big bucks.
Weâve covered some of the websites you can use to earn money during the pandemic right now, but it bears repeating here. Websites like TaskRabbit, Fiverr, and Upwork have many more opportunities than what weâve listed here.
For example, you could help with mowing lawns, helping someone move to a new house, delivering things from stores, designing printable PDFs, teaching someone how to play guitar, and more. The opportunities are endless, and itâs free to browse and see what small odd jobs are available in your area.
The year 2020 will probably go down in most peopleâs books as one of the worst on record. Itâs important to acknowledge the bad thatâs happening, but itâs also important to look forward, too. Even in the midst of all of this craziness, there is an opportunity for growth and a way to better your finances. No one can pinpoint when a pandemic will happen, but you can plan your financial response to big events like this.
The post Why Itâs the Year of the Side Hustle appeared first on Good Financial CentsÂ®.