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Maybe you saw this article on LinkedIn, “Side hustles gain steam”? Here is the summary:
More than one in three U.S. adults (36%) are supplementing their income with a side hustle, according to a new survey from Bankrate. And the practice is gaining popularity — more than half of side hustlers started after 2022 as a way to pay for typical living expenses and up their discretionary spending power. Younger workers, or Gen Zers and millennials, are more likely to seek out these additional streams of income. They’re also more likely to report high payouts: millennials report earning an extra $1,129 per month due to their side hustle, the highest of any generation. The average across all ages is $891.
Thirty-six percent, more than one third, of adults here in the U.S. are following our passion, diversifying our income stream, boosting our household income, or launching a business on the side that we can eventually do full time.
This last one is fine and a sound strategy, but I feel there may be a darker side to this perennial side hustle trend.
From the Bankrate survey summary:
Working side jobs can be a great way to explore a passion or grow a new business, but for many Americans, it’s also another way to pay their bills. More than 1 in 3 (36 percent) side hustlers use side hustle income to pay for regular living expenses, like rent and groceries, and 32 percent of side hustlers think they will always need that work to make ends meet.
This made me uncomfortable. Is it indicative of a systemic problem? A culture that encourages people to live above their means? A true inability to get by on a single income?
I think this needs to be explored further and root causes identified.
Part of me likes to think about it as American ingenuity, our value of hard work and making things happen in practice.
Part of me is concerned this will lead to even more burnout and mental health issues, and might further contribute to the epidemic of loneliness, as people concentrate on their side businesses, instead of connecting with friends and family.
And then there is the issue of potentially not having enough time for rest, self-care, and exercise.
But I had to acknowledge that I am part of this group that has a side hustle, actually two, even as I run my primary business of career transition coaching. I am the editor in chief of this blog, and have been for 12 years, and now I am starting to sell my art as an effort to monetize a hobby.
In my case, the art project has helped me to join a community of artists and has given me a sense of belonging and connection, which is very fulfilling and healthy.
But I still have concerns that other people’s side hustles are not a stopgap, temporary situation, or a labor of love / passion project.
Am I overreacting? What do you think?
Photo by Garrhet Sampson on Unsplash