As financial pressures continue to tighten their grip on people’s lives, especially those belonging to Generation Z, side jobs and activities have increasingly become a common solution to offset the rising cost of living.
According to a study conducted by the “EY” research firm in 2023, more than 50% of Generation Z cites financial concerns as a major source of stress in their lives.
In response, nearly 45% of those surveyed in the study sought financial support from their family members over the past year, highlighting the urgent need for additional sources of income.
Forbes states that in the digital age we live in today, earning extra money from home has become easier. Rachel Wells, a contributor to Forbes magazine and an award-winning entrepreneur, suggests 5 side jobs that require minimal initial investment and promise significant returns.
Here’s a closer look at these opportunities:
Consulting platforms.
Joining an expert network such as GLG Insights allows individuals to capitalize on their professional expertise. Consultants can engage in short projects, such as surveys or one-hour video calls, and receive competitive rates.
This flexible arrangement is ideal for those looking to monetize their knowledge without a long-term commitment.
Online Training
Online training offers a lucrative avenue, with earnings ranging from $100 to $2,000 per session. Success in this field relies heavily on choosing the right industry and business model, enabling trainers to maximize their financial gains by catering to specific client needs.
AI Training Tools
For those with a background in technology and training, creating an AI coach offers an innovative way to generate additional income.
By developing an automated or AI-based coaching service, professionals can deliver scalable, round-the-clock guidance to clients, enhancing accessibility and convenience.
Translation services
With globalization at its peak, the demand for multilingual individuals is on the rise. Freelance translators can find great opportunities on specialized platforms, set their own rates and execute projects that fit their schedules.
These side hustles not only provide financial relief, but also enable individuals to build diverse income streams from the comfort of their own homes.
As the labor landscape continues to evolve, embracing such flexible and scalable career opportunities could be key to overcoming economic uncertainties in 2024 and beyond.
Rachel Wells points out that the success of these side jobs depends on the individual’s skills, availability, and ability to effectively identify and meet market needs. With the right approach, anyone can turn these side activities into significant sources of additional income, providing financial security in these challenging times.