Average Side Hustle Boosts Millennials Income by 20%

Research reveals that what we spend has now overtaken what we earn for the first time in 30 years – and we’re turning to second jobs – side hustles – to make extra cash.

A lot of people use the extra income to improve their financial situation. They usually also get one of the no credit history credit cards to help them afford the resources they need to carry out their side job. They invest in products like cameras and materials using their credit card and then make the money back by selling their services or products.

This new Equifax infographic shows:

  • Households are spending г900 on average more than they received in income in 2017*
  • Four in 10 UK employees now has a second job
  • 45% of side hustlers work more than 40 hours a week
  • 25% work more than 50 hours in a week
  • The average side hustle boosts millennialsТ income by 20%
  • Collectively, side hustles generated г72 billion for the UK economy last year, or 3.6% of GDP

ThereТs a wide range of side jobs available for millennials who want to earn some extra cash. You can read the emmadrew blog for more ideas, but these are some of the most popular.

Jobs include:

  • Freelance event photography
  • Selling clothes on ebay
  • Dog walking services
  • Influencer marketing & blogging
  • Selling and trading virtual goods
  • Teaching online courses & private tutoring

If you’ve never considered any of these avenues before, you may be about to stumble onto a whole new source of income that could significantly help you and your finances. It may not surprise you to learn that serious money can be earned through trading virtual currencies such as bitcoin, but you may be shocked to learn that you could earn a piece of the action yourself by using a trading platform such as https://bitcointrader.ai/. A new source of income like this could ease your finances tremendously and give you more peace of mind.

Top reasons why people take on extra jobs:

  • Extra income and the chance to build a career doing something they love
  • Gives the individual confidence and boosts self-esteem
  • Potential chance to give up their job one day and do the hustle full time

However, it may not be for everyone:

  • You might have to pay extra income tax on what you earn
  • YouТll lose a huge chunk of your spare time and you risk burning out/extra stress
  • Your employer might not allow you to take on a second job, and if they find out youТre moonlighting, you could lose your main job

What does this mean for your financial life?

  • A start-and-stop income means you may not be able to get a mortgage
  • You may move more to find cheaper rent, so your credit score might be affected
  • It can be harder to pay back debts as your cash flow may be erratic
  • Non-traditional banking methods, such as Bitcoin, may affect your credit score

If you are looking for new ways to increase your credit score, you might want to consider using a credit repair company. For further support go to the Repair.Credit website, where you can compare companies and find a credit repair solution to meet your needs.

More info can be read here:

https://www.equifax.co.uk/resources/money_management/millennials-and-money.html

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