Side-hustle, gravy, gig-income…everyone has a different name for it and almost everyone wants some of it: Extra money.
It seems almost everyone is trying to make a little extra cash on the side these days. Just look around any workplace and you’ll see the accountant that DJs at night, or the office manager cultivating her vegan catering business, or the intern on the cusp of making virtual millions with his new gaming app.
According to a recent study by Bankrate, a U.S. based financial services company, 51% of American millennials have at least occasional side hustles that they rely on for a cash stream outside their regular source of income. However not all side-gigs are created equal. For instance, some gigs result in irregular, insignificant income – while others have high earning potential. The Bankrate survey found that only 15% of millennials earn over $1,000 per month; while 22% of millennial respondents admitted that they typically earn $50 or less a month from their side job.
The study also lists the three most popular side gigs for millennials:
- Home repair/ landscaping: 12%
- Childcare services: 9%
- Selling & reselling goods online: 8%
Multimedia, hair & makeup, and tutoring gigs were some of the other common side-hustles that were listed.
Taking your gig-income to the next level
One potentially lucrative side-gig that more and more millennials are discovering is Options Trading – which involves two key strategies:
- Predicting how high or low the stock will move from its current price.
- Determining the time frame during which the stock price is likely to rise or fall. It all sounds more complicated than simply buying and selling a stock or asset class, but many millennials have gone from newbs to experts within days – thanks in large part to online trading tutorials on YouTube.
Ashley Vuong, a 29-year old nail technician, learned how to trade from just watching videos when she first started. Within a year, she quit her job at the salon and now trades full time, earning an average of $3,000 a month.
“I don’t even remember studying economics in high school, never mind the stock market,” says Vuong.
“But a few of my girlfriends started Options Trading, and that’s all they would ever talk about…so I just watched the same YouTube videos they watched and I just started trading. I did research, I followed trends, by reading updates on my phone and joining e-newsletters about trading. I had some early success by just following the experts. Then I turned that market knowledge into things that I liked and had expertise on, such as the beauty products industry…Next thing you know, I made enough to quit my job –with enough funds to try this for a year, at least. Options trading couldn’t come at a better time, because the nail polish fumes were starting to get to me in the salon.”
With the help of YouCanTrade, you can gain the ability to turn a side hustle into no longer having to hustle 9 to 5.