Inflation gives rise to side hustle boom
Whether it's the growing price of gasoline, your electric bill or a dozen eggs, inflation has more and more Americans thinking of ways to generate more income.
What's happening: According to a recent LendingTree survey, 44% of Americans say they have a side hustle in addition to their full-time jobs, up 13% from 2020 with inflation as the biggest motivating factor.
- 16% of employed Ohioans take on freelance or contract jobs, according to ADP Research Institute, the eighth most of any state.
Why it matters: The average cost of goods and services in the U.S. increased 6.5% in 2022, but Ohio residents' income grew just 4.6% during the year, according to the Ohio Legislative Service Commission.
- "When the basic cost of life gets more expensive by the day, people are going to look at side hustles to make more money," LendingTree chief credit analyst Matt Schulz tells Axios.
By the numbers: On average, Americans with a side hustle earn an extra $473 a month, or nearly $5,700 a year.
Zoom in: Avon resident Beth Ballinger tells Axios she and her husband, Jeff, who is a software engineer, launched their resale business, Forking Good Finds, on eBay four months ago.
- "It's brought in an extra $1,000-1,300 a month," Beth says. "Since I started doing this, I've had at least a dozen people ask me to show them how they can do it, too."
What they're saying: Cleveland property manager Chrissy Cavotta tells Axios her side gig of event planning "makes her feel safer, like having a tiny nest egg to fall back on."
📧 Do you have a side hustle? Hit reply, and tell us about it.
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