Side hustles can be a good way to learn new skills, explore a fun hobby, or even make serious money. According to a new survey from NEXT, a small business insurance platform, a surprisingly large percentage of side hustlers are making thousands of dollars per month.
Want to see how much money you can make with side hustles? Let’s dig into the NEXT side hustle survey data.
About 1 in 5 side hustles earn $5,000 (or more) per month
NEXT recently conducted a survey of 1,000 Americans who have side hustles. The NEXT survey found that, although most side hustlers are making less than $1,000 per month, some side hustles earn full-time money: thousands of dollars per month. In fact, a total of 22% of side hustlers earn $5,000 or more per month.
Here’s a breakdown of how much money side hustles make, according to the NEXT survey:
| Side hustle earnings (per month) | How many side hustlers make this much |
|---|---|
| Less than $1,000 | 62% |
| $1,000-$5,000 | 15% |
| $5,000-$10,000 | 7% |
| More than $10,000 | 15% |
Data source: NEXT survey of 1,000 side hustlers.
Highest-paying side hustles: $10,000 per month?
One finding from the NEXT side hustle survey was especially surprising: a large percentage of respondents (15%) said they’re making over $10,000 per month with side hustles. That number seems unrealistically high, unless these are all software developers or people with other lucrative career skills who are secretly working two full-time jobs.
Some other survey data about the best-paying side hustles shows that even the most lucrative side hustles might only pay $30-$60 per hour on average. Those are good hourly rates, but to make $10,000 per month, you’d have to work 167 hours at $60 per hour — or about 5.5 hours per day, every day, all month.
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Another way to earn $10,000 per month from a side hustle would require you to work 100 hours (about 25 hours per week) at $100 per hour.
The takeaway: It’s mathematically possible to make $10,000 per month from a side hustle, but you probably won’t have much of a social life — or get much sleep.
How side hustles can change your financial life
Although I can’t verify the accuracy of every part of the NEXT side hustle survey data, lots of people clearly are making good money with side hustles. You don’t have to make $10,000 a month or $100 per hour to have a great experience with a side hustle. Even earning an extra $1,000 per month, or a few hundred dollars per month, can feel incredibly empowering as you see that extra cash going into your bank account.
Imagine if you could make some extra money on the side, above and beyond your full-time job paycheck, just by skipping some TV shows and making better use of your spare time on nights and weekends. What financial dreams would become possible for you?
Here are a few examples of how much money you could save, based on a few average side hustle monthly earnings and assuming you keep your cash in a high-yield savings account (5.00% APY):
| Monthly side hustle income |
Savings after 6 monthsĀ (5.00% APY savings account) |
Savings after 1 yearĀ (5.00% APY savings account) |
Savings after 2 years (5.00% APY savings account) |
|---|---|---|---|
| $300 | $1,825.84 | $3,696.77 | $7,578.39 |
| $500 | $3,043.07 | $6,161.29 | $12,630.64 |
| $1,000 | $6,086.14 | $12,322.58 | $25,261.28 |
| $2,500 | $15,215.35 | $30,806.44 | $63,153.21 |
| $5,000 | $30,430.70 | $61,612.89 | $126,306.42 |
Data source: Author’s calculations.
Not every side hustle is going to make thousands of dollars per month. And every small business has its ups and downs; stiff competition, slow-paying clients, inconsistent revenue, and bookkeeping challenges. But if you can find a way to make extra cash with a side hustle, and stick with it for a few years, you can make life-changing amounts of money.
Bottom line
The new survey from NEXT, a small business insurance platform, shows encouraging signs for how much money you can really make with side hustles. There are many types of side hustles, from dog walking and driving for ride-hailing apps, to creative projects and corporate consulting. But if you’re serious about your side hustle, you can turn it into big-time income — or even a new full-time career.
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Source: Can You Make $5,000 a Month With Your Side Hustle? See What This Survey Found
