More Millennials Are Earning An Additional $12,000 Per Year Through FreelancingBy Emily Marks, UniversityHerald Reporter
More and more millennials are earning extra money through freelancing. The ones most likely to work freelance, in addition to their full-time jobs, are millennials and men.
Inc. reported that there is a growing number of full-time workers who also have a freelance job on the side. This data is taken from LinkedIn's survey of over 9,600 users on its latest ProFinder platform, which is a program that connects businesses and freelance workers.
Majority of ProFinder users are full-time freelancers. However, 20 percent are now listing their freelance services as a side gig to their full-time jobs.
The data revealed that millennials are more likely to jump into part-time freelance work. It was also noted that it's usually men who are more likely to be working a side gig.
47 percent of the said workers live in states with the highest cost-of-living cities in the nation. This includes California, Florida, Illinois, Massachusetts, New York and Texas.
Freelance industries range from entertainment to financial services and insurance to professional service to staffing as well as tech and software. These full-time professionals earn an average of about $21 per hour.
Moreover, with 10 to 15 hours of client work per week, part-time freelancers are able to earn up to $12,000 or more each year, based on Payoneer's survey. That's extra money on top of their salary from their full-time jobs.
It was previously reported that the gig economy has also helped students pay for college. With services from Uber and DoorDash, students can earn extra cash between classes. This also helps them pay off their student loan debt.
One student is able to make about $17.50 an hour doing yard work with Nextdoor. There are other services like running errands through TaskRabbit and making deliveries for Postmates.
Students earn more through on-demand work, which ranges from $10 to $20 an hour. This is better than the hourly wages in retail or traditional jobs in the food and beverage sector, which only earns students about $9.16.