More than half of young professionals cannot afford basic expenses other than housing, highlighting the growing importance of side hustles in 2024.
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According to a recent CardRates.com survey of more than 1,000 young professionals, nearly 53% of Gen Z and Millennial Americans spend more than half of their income on housing alone. This goes against the general guideline that up to 30% of your salary should go towards housing costs such as mortgage payments and utilities.
This study highlights a worrying reality. This means that most Gen Z and Millennials who are entering the workforce or working in mid-career jobs pay for basic expenses other than housing, such as weekly groceries, travel, eating out, and other necessary expenses. I can’t afford it.
Additionally, nearly half of Gen Z and Millennials have started a side hustle to make more money online, according to a Bankrate study. The top reason for taking on gigs was the need to earn extra income to cover daily living expenses (this accounted for 33% of side hustles). This is understandable considering the current financial situation of many young and mid-career professionals.
If you are a young professional in a similar financial position and are worried about whether you have enough career experience to become a freelancer, don’t panic. There are many ways to make money online without requiring extensive experience.
1. Review products online
One great way to make money from home outside of work, even if you have little experience, is to find and review products in a niche that you’re passionate about.
According to Google Trends data at the time of writing, the relative popularity of “product reviews” in Google searches has increased by 35 points since October 2019, demonstrating how integral product reviews are to the shopping and e-commerce experience. is shown.
Since most consumers buy online and don’t have anything they can physically test before spending their money, many consumers prefer to hear from similar people who have tested the product and provided honest feedback. I choose to search for “product reviews” on Google to hear.
Product reviews can be provided in the form of a personal blog or as a vlog on YouTube, TikTok, or Instagram. You can earn money by hyperlinking your affiliate link to your blog, copying and pasting it into your video description, and refer your viewers to it throughout your video. Once you build your presence, brands will start giving away products for free for you to test and review.
Seek to solve everyday problems and find gaps that you are uniquely positioned to fill
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2. Gig job
Another easy way to make money online without any experience is to find gigs that are always popular with students. Platforms like TaskRabbit, Rover, and even Nextdoor are great places to find quick work and make money to cover emergency expenses.
You can easily perform these tasks (from dog walking and pet care to DIY assembly and store pickup) in your free time, either in the evening after work, perhaps before work, or on the weekends or when you have paid vacation time. can be incorporated.
3. Solve everyday problems
The last idea of making money online requires you to think like an entrepreneur. Think back to your daily experiences, such as at work or during your university days. Ask yourself, what can I do better and more efficiently? Where are the gaps and needs that I can uniquely fill based on my knowledge of this gap?
It doesn’t even have to be something important. You don’t need to be the next Mark Zuckerberg or develop breakthrough technologies like AI to make this work. All you have to do is identify what is frustrating you or what is preventing you from performing your tasks effectively and ask yourself, is there anyone else having the same problem? is.
If you do some research, identify trends and growing needs in your field, and brainstorm some ways to solve them, you’ll have successfully identified a way to make money. Masu.
You may need to collaborate or partner with others to make your dreams a reality. For example, ClothesLyne founder Camden Olivero created a laundry service business following the same model as ride-sharing apps like Uber after recognizing the need for his own laundry service. in the midst of his hectic schedule. In an interview with Chase.com, Olivero said ClothesLyne is growing 15% month over month and the team is now planning to expand its footprint nationally. All because he identified his basic needs and acted on them.
The widespread availability of digital tools and money-making apps has made it even easier to earn extra income…(+)
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It takes a little bit of genius to make money. With the widespread availability of digital tools, money-making apps and platforms, and artificial technologies, there are few excuses. All you need is some creativity, a unique approach to work, a laptop and Wi-Fi. Sooner or later, you may be able to earn more than what you are paid for your work.
