Many American adults are turning to side hustles to supplement their incomes and manage household finances, according to a recent survey from LendingTree. The survey indicates that 38% of American adults currently have a side hustle, a figure that, while slightly lower than a few years prior, remains substantial.
Matt Schulz with LendingTree emphasized the ongoing need for many to extend their budgets, stating, "I think it really indicates how much people need a little bit of help in extending their monthly budget."
One individual exemplifying this trend is Rob Macgregor, who balances a full-time career running a car dealership in Phoenix with his passion for teaching golf. Macgregor dedicates at least 40 hours a week to his primary job before transitioning to his role as a golf instructor. His journey in golf began early, leading him to win a state championship in Michigan and later turn professional, which set the stage for him to teach for money.
Macgregor connects with students through Teachme.To, an online platform that matches individuals seeking instruction with local experts across various activities, including golf, pickleball, tennis, and guitar. For Macgregor, the additional income generated from teaching is crucial. With six children, each pursuing their own hobbies, he relies on the earnings from his side hustle to cover some of these expenses.
The LendingTree survey identifies several popular side hustles. Food and grocery delivery, along with online freelancing, stand out as the most common. Additionally, 14% of side hustlers reported engaging in part-time or seasonal work. House cleaning and making and selling items each accounted for 13% of side hustle activities. Other methods making the list include e-commerce resale, social media influencing, babysitting, pet sitting, rideshare driving, day trading, and teaching.
On average, those with side hustles report earning an additional $1,215 per month, according to the survey. However, Schulz cautioned that this additional income is not easily acquired, noting that "the main thing to understand about a side hustle is that it takes a lot of work. This isn’t free money. This isn’t just a switch that you flip and all of a sudden, you’re bringing in money."
Macgregor diligently manages his online schedule to accommodate students like Mateo Frances, who discovered Macgregor through the Teachme.To platform. Frances highlighted Macgregor's positive reviews, stating that he saw it "as an opportunity to learn a game that I’m sort of falling in love with that I can play for the rest of my life."
The sustained prevalence of side hustles underscores a widespread effort among American adults to bolster their financial stability through diverse avenues of income generation.