How Young People Earn 5 Figures Without a 9-5 Job: Report
One recent Upwork survey found that the majority of Gen Z workers (53%) opt for freelance careers over traditional 9-5 jobs, and another report from Acorns revealed that 69% of 6-to-14-year-olds have started or plan to start a side hustle.
Nowadays, there are countless ways for young people to make money on their own terms — and online education platform K12 recently dug into some of their strategies for achieving their first $10,000 in independent income.
Related: I Made Over $4 Million on Upwork While Battling Kidney Disease. Here's How I'm Helping Patients Like Me Achieve Health and Financial Freedom.
K12's study, which surveyed 380 young entrepreneurs who graduated from public, private and online schools, found that most of them (68%) have one motivation in common when it comes to earning their first $10,000: gaining independence.
Cost of living (45%), peer influence (8%) and family pressure (6%) rounded out the top four motivators for the young professionals, according to the data.
The survey also found that a range of work opportunities contribute to young people's five-figure incomes. Many of these new entrepreneurs offer freelance services (30%), sell physical products (29%), or resell or flip items (18%).
Related: Tired of 'Culturally Obtuse' Products, This 27-Year-Old Took His Side Hustle From $1,000 a Month to 7-Figure Revenue: 'Pick the Right Opportunity to Pursue'
Additionally, more than half of all young entrepreneurs surveyed (62%) rely on their own savings to fund their first serious business effort.
Many of the young adults surveyed wish that their educations had better prepared them to run their businesses: They would have liked to learn how to market themselves or their business (45%), create a business plan (45%), pay taxes (44%), invest or save for the future (44%) and budget (40%).
Regardless of where their careers take them, young professionals should remain curious — and keep soft skills sharp, chief people officer at edtech company D2L Amy Clark told Entrepreneur earlier this year.
Related: After a 12-Year-Old's Side Hustle Made Over $4,000 in 1 Day, He and His Dad Grew the Business to Nearly $50,000 a Month: 'It Takes Commitment
"If your skills don't yet align with your dream job, look for guidance about how you can learn more," Clark said. "Remember, your human skills — communication, collaboration, problem-solving — are just as important as the technical skills you need (sometimes even more important). Don't neglect them."
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This article is part of our ongoing Young Entrepreneur® series highlighting the stories, challenges and triumphs of being a young business owner.
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