"One Job Is Not Enough"... U.S. Gen Z Seeks Income Through Side Hustles and Startups

Securing 2–3 Sources of Income Instead of a Single Job

Traditional Success Metrics Shaken by Job Insecurity

AI Lowers Barriers to Solo Entrepreneurship

The rapid spread of artificial intelligence (AI) is fueling growing job insecurity, shaking the traditional definition of success, which was “joining a good company and working there for a long time.” Among young people in the United States, there is a clear trend of seeking to diversify sources of income rather than relying solely on one employer, with many entering entrepreneurship or side businesses.

New York, USA. The photo is not directly related to the specific content of the article. Photo by Yonhap News.

"One job is not enough"… U.S. Gen Z turns to startups and side hustles

According to Bloomberg on August 16 (local time), a new survival strategy called “income stacking”—securing multiple sources of income beyond a single job—is emerging among American youth as a response to a difficult job market, soaring housing costs, and increasing personal debt.

This approach involves maintaining two or three income streams simultaneously, such as operating a business or doing freelance work in addition to a main job, so that a decrease in one source of income can be offset by another.

This trend is evident in a survey conducted by the online freelance platform Fiverr and the market research agency Censuswide. Of 5,001 American Gen Z respondents, 64% said that having multiple income streams is necessary for financial stability. Additionally, 55% responded that they believe traditional forms of employment will disappear in the future, while 39% either currently work as freelancers or said they plan to do so for extra income.

Interest in entrepreneurship is also on the rise. In a survey by the U.S. fintech company Intuit, 43% of Gen Z respondents said they are considering launching a business or starting a side hustle this year— the highest proportion among all age groups.

The spread of AI is also fueling the entrepreneurial wave. As AI enables businesses to be operated with fewer people and lower costs, barriers to entry for solo entrepreneurship are lowering as well.

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"Up to 75,000 dollars a month from a vending business"... YouTube content and startup coaching follow

As an example, Bloomberg highlighted 24-year-old Myka Stanley, who started out three years ago as a night janitor at a high school in Nebraska and now makes up to 75,000 dollars a month (about 106 million won) in profit through a business operating around 150 e-cigarette vending machines.

Stanley discovered that while he and his friends used to buy e-cigarettes for about 25 dollars each at a tobacco shop, they could purchase them online in bulk for approximately 8 dollars each. He jumped into the vending machine business, installing e-cigarette machines at bars and clubs to grow his operation. Recently, he has expanded his vending machine products to include Pokémon cards and phone chargers.

Through YouTube, Stanley shares his experiences in the vending machine business and his entrepreneurial insights, showing how to achieve financial freedom and escape the constraints of fixed working hours. Lately, he has also offered vending business coaching for aspiring entrepreneurs.

Of course, Stanley's story does not represent all Gen Z. Still, Bloomberg pointed out that it illustrates a recent trend among young people, who are choosing to seek out income opportunities themselves and increase their income streams, rather than relying on stable employment.

Having multiple jobs does not guarantee a stable high income. Business earnings can vary greatly from month to month, and starting a business means taking on the risk of losing personal capital. Even so, Gen Z's awareness that it has become difficult to plan for the future with a single job and salary is only growing stronger.

This content was produced with the assistance of AI translation services.