Long Islanders opt for side hustles to cope with the high cost of living

Danielle Edwards, of Merrick, works full time as a mortgage processor, but on weekends, instead of blowing off steam, she’s often found blowing up balloons.

Outside of her 9 to 5, Edwards is owner of the Havin’ A Blast Balloons — a home-based business she started in 2018 that specializes in balloon bouquets, garlands, arches and sculptures for events including birthday and anniversary parties, weddings, baby showers, corporate gatherings and school functions.

The 42-year-old mother of two is among what authorities say is a growing number of people with a side hustle — a job or activity someone does in addition to their main job, usually to earn extra money. According to a MarketWatch Guides survey of 2,000 Americans released this month, more than half — 54% — said they had taken on a side hustle to supplement their income in the past 12 months.

It’s not that side hustles are anything new, authorities add, but they’re becoming popular go-tos for dealing with today’s high cost of living at a time when interest in entrepreneurship, especially among younger generations, is on the rise.

"The general concept of a side hustle has been around for a long time, even going as far back as the Industrial Revolution when the practice of ‘moonlighting,’ or working a second job in the evenings, became a popular way to supplement household income," said credit and debt expert Leslie H. Tayne, who is founder and head attorney of Tayne Law Group P.C., in Melville.

Although inflation is cooling, she said, "prices are still incredibly inflated compared to just a couple of years ago. The prices we paid back in 2020 to 2021 are not coming back. A side hustle is one way to afford the higher cost of living while minimizing debt."

NerdWallet’s personal finance expert, Kimberly Palmer, said side hustles could provide exposure to the world of entrepreneurship for those interested in starting their own business.

"Interest in side hustles tends to go up when the economy is less certain," Palmer said. However, they "can also fulfill the urge to be more entrepreneurial and to build something based on your own skills, creativity and interests."

MarketWatch found Gen Zers are most likely to take on a side gig (71%) with millennials nearly the same (68%), and almost a third of baby boomers surveyed saying they’ve gotten a side job.

In demand side hustles

The most sought-after side hustles include consulting, pet-sitting, writing, cooking, tutoring and coaching, said Palmer. "They’re popular because they’re very much in demand, so if you have these skills it’s easy to find paying customers. Also, they have relatively low startup costs, so you can begin without too much financial risk."

Edwards says although her husband, Mark, has a full-time job too, being able to earn extra money helps pay the bills — and her side gig allows her to test the waters of entrepreneurship. Prices for Edwards' balloon creations range from about $60 for a bouquet to "the thousands."

"I do about 30 or 40 [balloon jobs] a year," Edwards said.

She noted her interest in the business "really stems from my two daughters who always loved the big, extravagant events I gave for them with the clowns, the princesses ... and my husband saying, ‘We’re not the Rockefellers, so figure out a way to cut costs.’ ”

Edwards learned the skills needed for her balloon business from a class and videos on social media platforms such as YouTube.

"Things really took off during COVID with balloons being used for things like drive-by birthday parties — that took balloons to a whole other level," Edwards said. Over-the-top balloon displays have become a thing in films and TV, inflating the balloon business even more, she said. "In five years, I’d like to do this full-time. It is a sustainable business."

Although there are advantages to having a side hustle and there are many resources for getting one going, such as Fivver, Upwork, Thumbtack, Uber and DoorDash, experts warned side jobs aren’t for everyone.

"The pros are flexibility, extra financial return, and potential to get into a new area," said Richard Chan, an associate professor of management at Stony Brook University’s College of Business. "The cons are the lack of work-life balance, startup costs, and performance issues with the 9 to 5 job."