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Anyone who has earned their way out of a low-income household is probably in no hurry to go back, but they shouldn’t consider their new station in life the finish line, either.
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Beyond the world of middle-class security is upper-middle-class comfort — and getting there means you’re just one step away from being rich.
But can a side hustle take you from the first to the second?Maintaining a middle-class source of income is hard enough, so expanding it enough to propel you to higher socioeconomic prestige may not be easy, but it is possible to work. their path to the upper middle class.
The Pew Research Center defines middle-class families as those earning between two-thirds of the national median income, which the U. S. Census Bureau says will be $74,580 in 2022.
Nationally, that means the middle-class source of income is between $49,720 and $149,160, meaning just under $150,000 puts you in the upper middle class.
But policy prices vary greatly by location.
According to data from SmartAsset, Detroiters and Clevelandans can earn less than $73,000 while occupying a position in the upper middle class. In Fremont, California, it’s just under $312,000.
Find out: How I Make $5000 a Month as a Passive Source of Income Working Just 10 Hours a Year
It’s certainly possible to side hustle your way from the middle class to the upper-middle class, and Michael Dinich is living proof. The founder of the personal finance site Wealth of Geeks, Dinich made it happen through digital brand-building and the monetization of his website and its affiliated podcast and YouTube channel.
“I was one of the middle-class people looking to increase their incomes,” said Dinich, a self-described “side hustle enthusiast.” “A few years back, I was tooling along in a comfortable but unexciting job, making about $65,000 a year. Not bad, but certainly not upper-middle-class material where I live. That’s when I decided to start chasing my dreams on the side.”
“A huge fan of pop culture,” Dinich began blogging and streaming movies, comics, toys, and games in his spare time. You’ve created a logo and attracted enough fans to attract businesses with sponsored content offers.
“Meanwhile, my non-public finance project, Wealth of Geeks, is gaining momentum as social media propelled it to new audiences,” Dinich said. “We’re fast forward to now, and those aspects combined generate a decent income. “
While Dinich’s story is inspiring, he had the skills and experience to create engaging content, optimize his search channels, and create a successful virtual marketing campaign.
But maximum blogs lead nowhere and report nothing.
Dinich also had the hours he needed to bring his concepts to life. A single mom who works two jobs or a caregiver for an aging father probably wouldn’t have time to build anything more than an average side hustle, and in most cases, the average one wouldn’t possibly be enough.
According to Zippia, 45% of Americans had a side hustle in 2023. The average worked thirteen hours per week and earned $483 per month.
That’s roughly $5,800 a year, which won’t elevate you to a higher socio-economic class unless you’re already bumping up against the middle-class income ceiling. But that’s not the main issue with the average side hustle.
Thirteen hours a week equals about 52 hours a month, or $483 versus about $9. 30 an hour, which is not an upper-middle-class wage.
Data from well-known sites on careers and salaries shows that typical aspects like delivery and ridesharing, freelancing on sites like Upwork, content creation, and photography would likely net you no more than a few hundred dollars a month.
While successful e-commerce operations can be lucrative, and specialists like private running shoes can succeed if asked, businesses with higher revenue prospects tend to involve charging fees for sharing valuable and exclusive knowledge. experiences and information.
“For example, if your education or artistic experience gives you specialized knowledge in a lucrative industry, you can offer it to prospective clients or companies as a representative or agency,” said Laura Adams, MBA, an award-winning private university. finance expert at Finder. « So, the wisdom that you have and that others want and package it into one or more forms, such as a newsletter, a book, an online course, a virtual event, a live event, one-on-one. Mentoring or organizational coaching.
If you don’t cling to the back of the middle-class ladder and don’t have the time, talent, and determination to cash in on a saleable skill, a side hustle can propel you into the much-vaunted zone between the middle of the pack and the wealthy. You wouldn’t be the first to achieve this.
“Middle-class people side hustle their way to the upper-middle class every day,” said Adams.
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This article made the impression on GOBankingRates. com: I’m a Financial Expert: Can You Fight Your Way From Middle Class to Upper Middle Class?
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