Business

Financial Planning – Gen Z Take on Side Hustle

New Delhi [India], October 24: Remember, your mommy’s way of keeping aside money for any financial emergency. This lesson is something that Gen Z can keep in mind when they are starting their careers. Just like your mommy has been managing money for emergencies, similarly, you can also create a source of extra income to enjoy trips and movies with friends.

Side hustling can help you earn more than you might be earning from your regular job and you can slay it like a pro. Not only that, it adds an extra feather to your cap by enriching you with some additional experiences and diversifying your life choices.

Fire Ideas to Create Side Income

All Gen Z cheer up! Let’s unfold the 8 ideas that keep you going to create another source of income and side hustle.

Stock Market Investing

Stock investing is nothing new and unheard of, and Gen Zs are also actively participating in this day and age of fin-techy investments. Gen Z doesn’t like to play completely safe by investing in FDs and earning minimal returns. They love taking risks and aggressively moving toward equities to generate market-rising returns on their investments.

With investing on the phone in a few clicks and all the stock market information on the go, Gen Zs are happily participating in the market gains. This is a smartphone generation and don’t like it if something is not tech-oriented.

SMC Global Securities is aware of that and always keeps its game on while making investing cool and knowledgeable for young investors. Investors are actively opening the Demat account by downloading the SMC ACE App from the Playstore/ App Store. The latest NSE report also highlights that investors below the age of 30 constituted 40% of the total investors in August 2024, a sharp rise from the 22.9% share in March 2018.

Dividend Earnings

The dividend is the reward distributed by the company to the shareholders in return for their strong earnings. Dividend stocks are the stocks that give regular dividend payout to the shareholders. These stocks can be a true side income creator for Gen Z to fulfill their monthly expenses. Investors can search for stocks that have a consistent dividend payout ratio and high dividend yield to earn more out of the company’s growth.

SWP (Systematic Withdrawal Plan)

Investing in mutual funds is like a cakewalk with SIPs starting from ₹100 and anyone can invest it from today. Mutual fund SIP can give compounded returns over a period of time, but it also provides a way to regularly withdraw a fixed amount. This way is known as SWP, which helps in creating another source of income while also keeping the money invested and growing over time.

Suppose an investor has an investment of ₹50 thousand in an equity mutual fund which is expected to give a return of 10% per annum. A Gen Z needs ₹2,000 to cover his monthly expenses and he started an SWP for this. After 1 year, he will take out the total withdrawals of ₹24 thousand and still have the remaining corpus of around ₹30 thousand in the mutual fund. With the SWP, he can freely cover his expenses through the regular and fixed side income.

Refer & Earn

Gen Z are always hooked on the phone and chatting with their friends. Surprisingly, it can turn out to be beneficial as they can earn through networking. But how? It is like the old way of bringing customers to the shop and getting a commission from the owner. One can refer their friends and family to their favorite stockbroking apps and earn some extra while relaxing.

One such stockbroker, which provides the “Refer & Earn” offerings is SMC Global Securities. You can get amazing rewards and vouchers by referring a Demat account to friends, family members, or social media followers.

Blogging

Gen Z are someone who doesn’t like writing classroom lectures in notebooks but they definitely love to share their thoughts. Blogging is one of the famous side income hustles wherein one writes content, posts infographics, web stories, and much more. It is a comprehensive way of sharing personal as well as professional thoughts.

People are side hustling and working on a freelance basis as per their convenience. They are creating website content and blogs for big brands and earning a great amount of money. They also write short motivational and life quotes on their own Instagram channel and Linkedin pages and write about history, geography, or finance to get additional ways of living. SMC Global Securities blogs keep investors updated about the latest IPOs, company earnings, stock investing ways, etc.

Influencing

Creating a reel on the trending song’s hook step for fun is not a bad idea, but Gen Zs are leveraging their social media following to create extra income as well. Nowadays, people are having regular conversations through podcasts and earning through ads and brand collaborations.

Influencers are collaborating with companies to make videos and reels on finance, food, health, lifestyle, design, make-up, etc. Through their social media fan base, they are easily side-hustling and earning even on weekends while enjoying what they do.

Pursue your Hobby

Gen Z are said to be always in a delulu but the truth is that they are also actively looking for solulu. They are the ones who can turn their passion into a profession without any fear be it dancing, acting, designing, photography, etc. By pursuing their hobbies apart from their routine jobs, they are making huge money.

Gen Z fulfills their photography passion in college fests or events and earns an extra penny. They are creating videos from home to share their talents like music, dance, graphic designing, and video editing. They are uploading these videos on their social media handles to earn income from ads, collaborations, etc.

Business from Home

Gen Z are risk-takers and they usually get bored with monotonous tasks at the workplace. They seek the mantra of living your best life and taking retirement early by grinding now. But for this, they need to have a strong business plan first at a young age.

Social media is an evident game-changer and people are starting their small businesses from home such as customized gift packing, printed t-shirts, online tutoring classes, website designing, home-cooked foods, etc. These all are manageable and people can start it small with less capital and then turn it into a full-grown business. With their full-time jobs, they can easily start small businesses from home and vibe with the side hustle culture.

Final Note

Side hustling is for real and Gen Z are breaking the old norms and taking the new ways to create a side income. What is being thought of as unachievable, this generation is taking a leap forward and breaking the old barriers of money management and financial planning. From huge participation in stock investing, blogging, influencing, and small businesses, these new-age side hustlers are leveraging tech at every step. Bet, you can also do your side hustle and all those dreams of going on holidays on your own can soon become a reality.

About the Author

I am Sheetal Goel, working as a content writer at SMC Global Securities. I hold 5+ years of experience in financial research and writing. As an Economics graduate and MBA (Finance), I possess the right skills to craft valuable blogs and make finance easy for readers.

Disclaimer: This article is only for informational purposes and does not intend to advise or recommend any sort of investment or platform.