For years, older generations have characterized millennials as lazy, entitled brats, but it turns out they have it all wrong. A new survey from Bankrate found that millennials – particularly young millennials – are the most likely to have a side hustle. Take that, Simon Sinek!
About 28 percent of 18 to 26 year olds supplement their income from a side gig. This isn’t just a few bucks to fund their frappuccinos, either. Millennials make a median income of $200 monthly from their side hustles, while a quarter of young millennials say they make more than $500 a month from side gigs.
Young people have not been afraid to immerse themselves in the sharing economy; whether that’s driving around strangers in their cars, shamelessly promoting products on Instagram, or starting makeshift dog kennels in their homes. The lucky ones write articles for Red Alert Politics.
Why are millennials working so hard when the economy seems to be growing so quickly? After all, about 222,000 jobs were added during the month of June, and unemployment has shrunk to 4.4 percent.
It’s simple: millennials are underemployed and don’t make enough to pay back loans or enjoy any discretionary funds. More than 50 percent of millennials reported that they were underemployed in 2016 — a number that increased by 10 percent in just three years.
Millennials can blame President Obama’s disastrous economic policies over the last eight years for most of their troubles.
They were forced to bear the burden of Obamacare as soon as they fell off their parents’ insurance, and employers have had to cut costs based on the financial impact of Obamacare’s employer mandate. During his two terms, Obama created more national debt than all of his predecessors combined.
Also, millennials were forced on the college track and encouraged to get degrees that align with their “passion” rather than the jobs that are out in the real world. The easy-to-get loans only flooded the education industry with more cash, causing tuition prices to rise.
The Trump administration’s push for apprenticeships marks a step in the right direction, but millennials who already spent four to five years in college are unlikely to change course and pick up a trade. Many still have years to go in paying off their college loans. Any policy changes that happen now will be for future consumers of higher education.
Millennials are not sitting around waiting for their lives to change, however. They are working their tails off to avoid poverty. Despite hard luck, millennials have accepted the side hustle as the new normal and their only chance at achieving the American Dream…which obviously includes some smashed avocado and $4 coffees.