UPDATE: 7 side hustles that pay $100,000 a year
By Jacob Passy
Millions of Americans are relying on side hustles to pay for necessary expenses
As the U.S. economy continues to add jobs (http://www.marketwatch.com/story/jobless-claims-subside-in-mid-september-despite-hurricane-damage-2017-09-21), perhaps it's not surprise that millions of Americans are doing the side hustle -- but some are proving surprisingly lucrative.
Canadian entrepreneur Jeff Schwartz has made a successful career out of a side hustle he started following a family member's death that involves buying and selling everything (http://www.marketwatch.com/story/this-guy-makes-a-living-flipping-everything-from-sex-toys-to-coffins-2017-03-30) from sex toys to pianos. Recent college graduate Noam Shapiro has levied one accomplishment -- getting into six Ivy League schools (http://www.marketwatch.com/story/how-to-get-into-an-ivy-league-school-by-someone-who-got-into-6-of-them-2017-04-10)-- to start a college admissions coaching and tutoring business. Some require even less effort: Some families can earn $3,000 (http://www.marketwatch.com/story/how-to-make-3000-a-day-renting-your-house-for-film-shoots-and-maybe-meet-a-celebrity-while-youre-at-it-2017-07-12)a day by renting their homes out for film shoots.
As they have shown, doing something you're truly passionate about is typically preferable than just moonlighting or freelancing by using the same skills from your day job, said Chris Guillebeau, founder of Side Hustle School (https://sidehustleschool.com/), a company that offers workshops on jump-starting a side gig. "An accountant can make extra money doing friends' taxes at night," he said. "That's not bad, but you're probably going to get burned out doing that."
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More than 44 million Americans have a side hustle, according to an estimate from personal-finance company Bankrate (http://www.bankrate.com/cashlorette/side-hustles-survey/)based on an inaugural survey of more than 1,000 adults. Some 28% of younger millennials between the ages of 18 and 26 are the most likely to have a monthly side hustle versus 21% of older millennials, 20% of Generation Xers -- roughly born between 1965 and 1980 -- and 15% of baby boomers.
While some people have turned their hobbies into six-figure careers, many people use them to supplement their income. Younger millennials are less likely to earn big bucks from it. Less than 20% of them earn more than $500 a month from these gigs, compared with 50% of people who are older. Regardless of age, there's a chance that a side gig can turn into a serious money-maker. Here are six side hustles that have made people thousands of dollars: