Delivery jobs 'take up a lot of your earnings,' say experts. - Amid economic uncertainty, Gen Xers, Millennials and Gen Xers are increasingly taking control of their financial futures.
And his method of choice – side hustle – is evolving.
In 2022, two out of five Americans will have an additional source of income, according to a survey by The Harris Poll and workflow integration company Zapier. Journalist and side hustle expert Cathy Kristoff says that while the gig economy was made famous by the likes of Uber, Doordarshan and other delivery services, side hustlers are shifting from "blue-collar work" to "high-end, specialized" opportunities. Huh.
"Five years ago, the big stories were about Uber and Lyft drivers or deliveries for DoorDash and GrubHub," Christophe, founder and editor of SideHusl.com, told CNBC Make It. "Now, the big growth is really with professional platforms where people can earn a six-figure income from home, doing everything from marketing to law."
She says part of the shift may be because platforms like Uber and Lyft "take too much of your earnings."
The platforms don't publicly share what drivers earn per trip. But Uber and Lyft drivers have complained that it can be difficult to meet the fees and other expenses that come with driving on those platforms, and regulators have pushed the companies to increase drivers' compensation.
Christophe says rideshare and delivery platforms are worth giving up for another reason: Specialized work comes with all the benefits of a typical side hustle, but now you can earn even more cash from things you already own. are at your disposal, as are skills and assets, says Christophe.
"View yourself as your biggest investment," says Christophe. "If you do this, your skills will always be in demand because you will be better [than competitors]."
In other words, you can use your existing skill set to "become the expert" and stand out. To start, here are the three most promising sides of 2023, according to Christophe:
Medical Care / Health Care
This category is a dual result of the pandemic: people could not go to work in hospitals with active COVID-19 infections, and nurses and doctors were exhausted from working long hours. A global survey conducted by Elsevier Health found that nearly a third of health care workers in the US plan to leave their current roles in the next two to three years. Nearly one in five planned to retire, while 13% planned to skip health care altogether.
The result is a huge gap in the medical care industry, so Christophe predicts that side hustlers or other part-time workers from all different backgrounds will have to step in.
"Now, there is a huge need for nurses, doctors and lab techs," says Christophe. "There is a huge need for nursing specialists, even those without credentials: people who are patient and compassionate and willing to work with those who need physical and emotional help."
Some caregiving platforms for side hustlers include ConnectRN, which hires nurses, physicians, technicians and aides to fill vacant shifts in medical facilities, and Trusted Health, which places nurses in understaffed hospitals and offices. Connects to temporary positions.
But you don't need any special degree to become a caretaker. Non-medical opportunities are also available on TaskRabbit and Care, according to Christophe's website, SideHustle.com.
Sell your skills and knowledge
According to Christophe, many people are making money selling what they already know.
The numbers prove that he is right. According to freelancing platform Upwork, in 2022, more than half of freelance workers, around 31 million people, will provide "knowledge services". This includes consulting in areas such as computer programming, marketing, IT and business.
One option is online tutoring, with Christophe noting that platforms such as Lessonface, Wyzent and Outschool will remain in demand through 2023 because "kids got left behind during the pandemic" and many of those students are still catching up on their studies.
But you can educate people about the skills you've gained outside of the classroom, too. Compared to the first six months of 2022, Fiverr sees a 73% increase in searches for "TikTok video editing", indicating that demand for social media skills is on the rise as more companies develop a presence on the platform, A company spokesperson told CNBC Make It.
According to a Harris Poll and Zapier survey, while most side hustlers are millennials and Gen Zers, Christophe says retirees are also joining the movement. After stellar careers, Boomers are realizing they can still capitalize on their expertise, even if they're no longer headed to the office.
According to the same poll, 22% of Boomers, who are between the ages of 58 and 76, currently have a side hustle.
"Retirees are moving in," says Christophe. "And instead of doing it for free like they used to, they're getting paid hundreds of dollars an hour to share their contacts, accumulated information, and give people cool ways to solve problems."
Monetize what you already have
It's Christophe's favorite kind of side hustle, partly because he's tried it himself. She says that renting out high-value items or real estate can be a quick way to earn passive income.
In the past, she's used Gigster, a platform where you can rent your home by the hour to film, TV or commercial producers. Christophe says he earned $1,455 by leaving the house for just one day.
Renting out your home on Airbnb remains a tried-and-true passive income opportunity – but many platforms have marketed themselves as the equivalent of cars or boats. You can rent any make or model on Turo and Botsetter. Some rent out their pools or backyards for parties and events—or even as temporary dog parks, like this one at SniffSpot.
But Christophe advises staying away from renting out the little things: “You can also rent out your carpet cleaner or power tools. But to me, they don't make much sense because the amount you rent them isn't really enough to sustain a profit.
Side hustle trends keep changing, says Christophe, especially as free agent workers better understand their rights and the most efficient ways to make money. As specific platforms become more popular, different services can become a commodity, meaning side hustlers may have to pivot at times in their careers, she says.
In addition to remaining flexible and open-minded, the best way to earn extra cash quickly is by paying attention to social media and staying up to date on the new, creative ways people are generating business and income.
"It's just a matter of keeping your eye out," she says. “As we go forward, we will find that the gig economy is going to treat people better and offer them something more akin to employees or salary.”
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