Popularized in recent years by people like Gary Vaynerchuk, the “side hustle” has quickly become a preferred mentality for aspiring entrepreneurs to make additional money on the side.
The gist of it is: by working hard outside the traditional hours of a 9-to-5, a side hustle allows you to build a business around what you are truly passionate about. And if that endeavor is successful, it can also help you make the full transition into permanent entrepreneurship later on.
Enter the Side Hustle Economy
Today’s practical infographic from Quid Corner highlights 25 different ways to dip your toes into the side hustle economy.
Some of these side hustles, like building courses or writing eBooks on your area of expertise, are great ways to begin building your personal thought leadership brand.
Meanwhile, other hustles listed here are more appropriate for supplementing your regular income. Getting extra cash in your pocket – and on your own terms – can help give you the confidence to start a business, or invest in further education.
Going From 0 to 60
If you are ready to make the dive into entrepreneurship, we previously posted 5 Ideas for Online Businesses in 2017.
If you’re still just getting your feet wet, it’s side hustle time. Work on the side for additional capital, get a proof-of-concept for your idea, or find ways to build your personal brand.
Even if your ambitions are huge, start slow, start small, build gradually, build smart.
– Gary Vaynerchuk, Serial Entrepreneur
Side hustling allows you to get a start while still having two feet on the ground. However, that’s not to say that side hustling is easy – it takes lot of work and commitment, and you have to be prepared to spend evenings and weekends to pursue your passion, with no guarantee for immediate results.
Here’s a few other infographic resources to help you get started or motivated:
- Why Businesses Fail
- The Habits of Highly Successful Entrepreneurs
- 31 Quotes on How to Launch a Startup
- 20 Reasons Why Startups Fail
- What Can We Learn From the Desks of Elon Musk and Mark Zuckerberg?
Good luck out there.
Mapped: What You Need to Earn to Own a Home in 50 American Cities
What does it take to own a home in the U.S. in 2023? Here’s a look at the salary needed for home ownership in the top 50 metro areas.
What You Need to Earn to Own a Home in 50 American Cities
Once a fundamental part of the American dream, the ability to own a home is drifting farther and farther away for many Americans.
Between skyrocketing prices, stagnating wages, and now rising interest rates, the deck seems to be increasingly stacked against home ownership.
Using May 2023 data tabulated by Home Sweet Home, we map out the annual salary needed to afford a 30-year mortgage (at 6.37%) to buy a home in America’s 50 most populous metropolitan areas.
The monthly minimum mortgage payment includes taxes and insurance as well, and is capped at roughly one-third of the income. This analysis also assumes that the homeowner will put down a 20% down payment.
The Least and Most Affordable American Cities to Own a Home
At the top of the list, and at the very west of the country, San Jose is the least affordable city to own a home for the average American.
One would have to earn at least $374,000 a year to afford a $1.6 million dollar home in the city.
To put those numbers into perspective, the median American annual income is $75,000, about one-fifth what’s required to buy a home in San Jose.
Here’s a look at the annual earnings needed to afford a home in all 50 largest cities in the U.S., ranked from least to most affordable.
|Rank||Metro Area||State||Median Home Price||Annual Salary|
|7||New York City||New York||$577,300||$160,233|
|15||Salt Lake City||Utah||$522,700||$122,717|
Other Californian cities, San Francisco (ranked 2nd), San Diego (3rd), and Los Angeles (4th) all require an annual income of at least $180,000 to attempt home ownership within their metropolitan boundaries.
Boston (ranked 6th) and New York (ranked 7th) represent unaffordability on the East Coast, both requiring at least $160,000 a year to buy homes there.
It’s not just the coasts that are expensive however. To buy a home in Denver (ranked 8th) and Salt Lake City (15th) means earning more than $120,000 a year.
However, cities in the Midwest and South, like Pittsburgh, Detroit, Oklahoma City, and Louisville, are far more affordable, requiring less than $63,000 a year to buy a home.
Interest Rates Rock Home Ownership Chances
Aside from the obvious price differences in housing markets, a key factor that has elevated income requirements across the board is the rapid rise in interest rates in the last year. In fact the average 30-year mortgage has pushed past 7%, the highest it’s been since the 2000s.
This means that while the median price of a house in San Jose has actually come down between 2022 and 2023, the minimum monthly payment has increased from $7,717 to $8,720 this year.
|Rank||Metro Area||State||Median Home Price||Monthly Payment|
|7||New York City||New York||$577,300||$3,739|
|15||Salt Lake City||Utah||$522,700||$2,863|
So to afford a median-priced home in the country, an American needs to earn closer to $100,000 a year, up from $75,500 in 2022. And even then, they would be priced out of owning a home in nearly half of the 50 largest cities in the country.
As a result Americans may yet further delay home ownership. Renting is now a far more attractive option, thanks to the biggest difference between rent and mortgages in over 50 years.
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