Every generation has distinctive characteristics, and one of the prominent traits of Gen Z and millennials is their relationship to tech. One was born into it, the other adapted to it, but both are inclined to see it as a source of wealth.
The willingness to dive deep and hard into the side hustle culture is evident for millennials and Gen Z. Seeking more income than they can generate from traditional jobs, they are also more set on reaching financial independence and being their own bosses. Let’s discover how millennials and Gen Z strive for economic success, moving away from traditional ventures.
Moving towards independence through side hustling
According to an Intuit survey in 2024 on Gen Z and millennial approaches to financial freedom, they share similar goals:
- Being their own bosses may be the main goal of those who want to escape the often mundane and restricting 9-5 routine.
- For most, side hustles are a way to make extra money. They are likely to invest or use the additional income usefully.
- A side hustle is not just a way to earn more but also to achieve personal satisfaction by pursuing passions and interests.
- Many of these hustlers focus on ways to make money online instead of opening physical stores or taking on extra work hours. That would mean starting dropshipping businesses, freelancing, or utilizing other options (such as selling their old stuff, sharing unused internet bandwidth, or performing micro-tasks).
So, the biggest impact of millennials and Gen Z on financial success is the path they take to it. Traditionally, you labour at your 9-5 role, hoping to climb the ladder over the years. Now, they take a more proactive approach, aiming to become employers or sustain themselves sufficiently.
What side hustles do millennials and Gen Z choose?
Generally, Gen Z and millennials are influenced by enthusiasm or pleasure, and most of their side jobs reflect that. However, they can also mirror the talents they attempt to fulfill to the fullest.
In general, side hustles for these generations share these aspirations:
- More flexibility and control of working hours.
- Mainly performed online through computers or smartphones.
- Pursuing small business ideas that could lead to bigger things.
- Content creation involves shaping opinions, sharing experiences, or entertaining viewers.
Social media career
Gen Z and millennials have more of that natural flair to attract audiences and pursue careers as content creators. In 2023, a common belief for many was that starting an influencer career is easy, following the fascination with fame and the potential for extra income.
Freelancing
Gen Z and millennials can pursue various freelancing opportunities thanks to their natural talent for technology. Think graphic design, testing, programming, writing, entering data, translating, consulting, etc. Most digital skills are valuable items on the freelancing market. Using the best vpn can also help protect their online privacy while accessing opportunities across the globe.
Daring to invest
Generally, Gen Z is more immune to potential investment risks, while millennials are more cautious. Reports suggest Gen Z begins their investment journeys at 19, with millennials lagging by 6 years. Thanks to this, Gen Z can potentially build more wealth for retirement. Of course, having more courage in this case can be detrimental, and learning how to make smart investment decisions is crucial.
Openness to non-traditional earnings
Gen Z and millennials are, by nature, more ready to try new things, which also relates to how they choose to earn extra income online. Being more fluent in technology allows them to explore such opportunities as affiliate marketing, item-flipping, passive income, and the gig economy. They can juggle multiple side hustles simultaneously, with AI and other automation solutions simplifying their workload.
Additionally, since they can discover passive income, one published online course has the potential to generate money for years. Besides, some options do not require labour, such as sharing unused internet bandwidth or computer resources.
Conclusion
Gen Z and millennials’ unique outlook and entrepreneurial nature make them more willing to start side hustling. For some, it might be a way to express their passions. For others, it may be a starting point for more grand careers and complete financial independence. Thus, the ultimate goal might be turning a small side hustle into a thriving business, giving them autonomy and no longer relying on external employers.
