We recently compiled a list of the 30 Most Profitable Side Hustles to Make Extra Money and in this article, we will talk about the most profitable side hustle to make extra money.
What Does the US’s State of Economy Mean For Gen Z?
The state of the economy is increasingly pushing younger generations toward side hustles and alternative income sources. Inflation and rising interest rates have been key factors as US inflation has hit a high of 7.8% in 2022 before easing to around 4.3% in early 2024. This economic strain has left many young adults struggling with debt, as evidenced by a 30% increase in credit card balances among Gen Z since the pandemic began. With traditional job markets fluctuating and wages often not keeping pace with the cost of living, many are turning to gig economy jobs or freelance work to make ends meet.
Simultaneously, “phantom debt” from buy now, pay later services has worsened financial pressures which leaves many without a clear picture of their true liabilities. The lack of transparency surrounding these platforms means that the young may be unaware of the full extent of their financial obligations.
Why Are Side Hustles Growing Popular?
The growing popularity of side hustles in the US has become a defining feature of the modern economy. According to a survey by Bankrate, more than a third of US adults, including nearly half of millennials and Gen Z, have a second stream of income.
In 2023, the median US side hustle earned around $250 per month, which, while not sufficient to live on, largely helps with paying off debt or saving for bigger expenses. Bankrate found that 45% of side hustlers use their earnings for essential expenses. With student loan debt and credit card debt each surpassing $1 trillion, many Americans, particularly millennials and Gen Z, find side hustles a necessary financial lifeline. For instance, Shonnita Leslie, a 40-year-old program manager, paid off a major portion of her student loans through DoorDash Inc (NASDAQ:DASH) earnings.
Interestingly, side hustles are not just a necessity for those struggling financially. Even those with household incomes exceeding $100,000 are engaging in side hustles to fund leisure activities such as vacations and entertainment. Bankrate reported that 52% of side hustlers use their extra income for discretionary spending or savings.
How to Make an Extra $2000 a Month?
To make an extra $2000 a month, especially with a side hustle or in passive income, you need to generate money even while you are sleeping or working full-time. Let’s look at some of the days you can do it.
By recording a 30-minute audio clip of your voice, you can allow the AI to clone it with platforms like ElevenlabsAI. Each time someone uses your voice for text-to-speech or speech-to-speech applications, you earn royalties. With the default rate of 2 cents per 1,000 audio characters generated, consistent use can bring in sufficient passive income.
Another option is Pinterest Inc (NYSE:PINS) affiliate marketing. For that, you need to create visually appealing pins promoting products from affiliate networks like ClickBank. For example, promoting a language learning course that pays $15 per sale and achieving 133 sales a month would net you $2,000. Consistently publishing high-quality, affiliate-linked pins on Pinterest Inc (NYSE:PINS) can help build a steady income stream and thus, you can make extra income while working full time.
Speaking of Pinterest Inc (NYSE:PINS), over the past month, Pinterest Inc (NYSE:PINS) has fallen 14.14%, while the tech sector lost 5.32%. Analysts expect Pinterest Inc (NYSE:PINS) to report an EPS of $0.28 for Q2 2024, up 33.33% year-over-year, with projected revenue of $847.84 million.
Lastly, consider teaching English online. Platforms like Preply and Cambly offer average rates of $20 per hour. Working just 25 hours a week at this rate will earn you $2,000 a month. To read more about teaching English online, see the 13 Best Companies for Teaching English Online.
A close-up shot of a businessperson typing on a mobile device, highlighting the company’s mobile messaging application.
Is App Development the Most Profitable Side Hustle to Make Extra Money?
To identify the most profitable side hustles to make extra money, we identified 50 jobs with flexibility/jobs with remote work availability/low-stress jobs that can allow easy and passive income. Out of those 50, the 30 highest paying were eventually selected. We acquired the salaries/earnings for each role from our salary database. Our methodology revealed the app development is indeed the most profitable side hustle to make extra money in 2024.
With the proliferation of smartphones and the increasing reliance on mobile apps for everyday tasks, the app development market is ripe with opportunities. Developers can generate handsome income through app sales, in-app purchases, and advertising. Even simple, well-designed apps can attract a large user base and generate passive income over time. Additionally, freelance projects and consulting for businesses looking to develop custom apps can be highly profitable.
The skills required to excel in app development are highly sought after and accessible. Knowledge of programming languages such as Java, Swift, and Kotlin, along with proficiency in app development frameworks, sets the foundation. Software engineering graduates are well-positioned to capitalize in this area with their skills, but even those with basic programming knowledge can create successful apps with the abundance of online resources and tutorials available. Given that the average earning of an app developer can be as high as $50/hr, it is the most profitable side hustle to make money in 2024.
To check out the extensive list of profitable side hustles, please visit 30 Most Profitable Side Hustles to Make Extra Money.
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Disclosure: None. 30 Most Profitable Side Hustles to Make Extra Money is originally published at Insider Monkey.