Side Hustles on the Rise as Inflation Continues to Creep Up Across the U.S.
Side Hustling on the rise.
Script:
Inflation is causing more and more adults across the United States to take on side hustles to supplement their incomes, regardless of whether they already hold well-paid jobs or not. New data from online lending marketplace LendingTree indicates that 44% of Americans now have a side income, which is a 13% increase from two years ago. Gen Z comprises the majority of the side job workforce, followed by Millennials and then Gen Xers.The need for side hustles has become a lifeline for many families. In fact, 71% of respondents in the survey stated that they would not be able to pay their bills without the extra income. Even families with children are not exempt from this trend, with 54% confirming they have at least one child under the age of 18.LendingTree's chief credit analyst Matt Schulz noted that the pandemic "emboldened" many people to try side hustles, and current economic headwinds are pushing people to earn more money. As expenses continue to rise, people's financial margin for error is declining, and the cost of the most basic expenses is particularly concerning.
According to the survey, the average side hustle brings in around $473 a month, equivalent to $5,700 a year. The amount one can earn from a side job is correlated with their mainstream income, with people earning between $35,000 and $49,999 making around $410 a month from their side hustles, equivalent to around 10% of their main income. Freelancer.com, a website that posts freelance work in various fields, including software engineering, programming, ghostwriting, and report writing, looked at 372,000 of its postings from October to December 2022. It found that programming, report writing, and research-related roles were among the highest-ranking categories, as businesses were looking to get their end-of-year reports over the line and offloaded high-volume tasks onto freelancers.Part-time work on an adjustable basis can pay anywhere up to $133 an hour, according to job site FlexJobs. Psychiatrists can charge around $133 an hour, and corporate lawyers can rake in $63 an hour. Freelancer's most in-demand roles have six-figure salaries attached on a remote basis, such as software engineers working from home, who can expect to make around $70,000 in their early career, rising to around $120,000 by mid-career.
"crypto and NFT-related hustles were in high demand"
Experts offer the following seven tips for breaking bad habits:While crypto and NFT-related hustles were in high demand in 2022, demand for those skills has now nose-dived. The search for tech skills, on the other hand, comes as a result of widespread tech layoffs. As companies scramble to plug skills gaps within their organizations, freelancers are becoming increasingly important. In 2023, we can expect to see more demand for tech-related skills as layoffs continue and employers look to hire on-demand freelancers.
Questions:
Part 1: Comprehension
Read and summarize the article thinking of who, what, when, where & why.
Part 2: True or False Questions
a) True or False - People in well-paid jobs living in the US are taking on side hustles. T/F
b) True or False - The majority of the side job workforce is made up of Gen Xers. T/F
c) True or False - The average side hustle brings in around $5,700 a year. T/F
d) True or False - Demand for crypto and NFT-related hustles remains high in 2023. T/F
Part 3a: Guess the meaning of unknown vocabulary/phrases.
a) "Supplement"
b) "Margin for error"
c) "Freelance work"
d) "Rake in"
Part 3b: Vocabulary in Use - Write an example sentence using the words from 3a.
a) Supplement:
b) Margin for error:
c) Freelance work:
d) Rake in:
Part 5: Talking Points
Part 6: Role play Scenarios
Two friends are discussing their financial situation and one mentions they have started a side hustle. The other friend is curious and asks for more information about what kind of side job they have and how it works.
A freelancer has been offered a job that would pay very well but would require them to work longer hours and potentially compromise their existing client relationships. They are debating whether to accept the job or not and seek advice from a mentor on how to make the decision.
A person is considering starting a side hustle but is not sure what kind of job they should do. They ask a career counselor for advice on what skills or experience are in high demand for freelancers and what kind of rates they could charge.
Part 7: Writing Activity
Future tense - What are your future career goals? Where do you want to wok? what kind of work do you want to do?
Part 8: Critical Thinking - The Best Side Hustle
Individually create a presentation outlining what you think is the best side hustle and why. Describe it in detail and outline the pros and cons of it.
After each presentation have a Q&A session then finally decide which is the best side hustle.
Answers:
Part 1: Comprehension
The main idea of the article is that inflation is driving an increasing number of Americans to take on side hustles to supplement their incomes. This trend has been particularly noticeable during the pandemic, with many people "emboldened" to try side hustles to earn more money. The article cites data from LendingTree, which shows that 44% of Americans now have a side income, and the average side hustle brings in around $473 a month. The article also notes that the need for side hustles has become a lifeline for many families, with 71% of respondents in the survey stating that they would not be able to pay their bills without the extra income. Finally, the article discusses the different types of side hustles available, such as programming, report writing, and research-related roles, and highlights the potential earnings from these jobs.
Part 2: True or False
A: True B: False C: True D: False
Part 3a: Guess the meaning of unknown vocabulary or phrases.
a) "Supplement" Answer: This word means to add something extra to enhance or complete something, often in terms of providing additional support, information, or resources. In the article they talk about how people need to earn extra income due inflation and the rising cost of living.
b) "Margin for error" Answer: This means the amount of leeway or room for mistakes in one's financial situation. In this context, people's margin for error is declining as expenses continue to rise, making it necessary for them to seek extra income from side hustles.
c) "Freelance work" Answer: This is a type of work where people are paid on a per-task basis and generally work short hours. In this context, Freelancer.com is a website that posts freelance work in various fields where people can go and search for freelance work.
d) "Rake in" Answer: This means to earn a large amount of money. In the context of this article, freelancer's most in-demand roles have six-figure salaries attached on a remote basis, such as software engineers working from home, who can expect to make around $70,000 in their early career, rising to around $120,000 by mid-career. It could therefore be said that people doing these roles are raking in money.
Part 3b: Vocabulary in Use - Write an example sentence using the words from 3a. (examples)
a) Supplement: I decided to supplement my income by taking on a part-time job in the evenings.
b) Margin for error: The margin for error in this critical mission is extremely narrow, leaving no room for mistakes.
c) Freelance work: Freelance work provides the flexibility to choose projects and clients, making it an attractive option for many professionals seeking independence.
d) Rake in: He managed to rake in a substantial profit from his latest business venture.
Part 7: Writing (example)
As a 30-year-old electrical engineer currently working at Samsung in South Korea, my future career goals involve advancing within the field of electrical engineering. I aspire to take on roles with increased responsibility and leadership opportunities. In the long term, I envision myself contributing to cutting-edge technological innovations and potentially transitioning into a management or research position. I am committed to staying at the forefront of the electronics industry and continuing to work for a globally recognized company like Samsung, where I can apply my expertise and make significant contributions to the development of next-generation technologies.
