Written by: NicheSites
This result is backed up by an analysis of a year's worth of Google Trends data. It shows that people are continuously searching for passive income, side hustles, side hustle ideas, side hustle stacks, how to make passive income, and side hustle jobs.
First of all, a large number of the high-scoring states (states with scores above 400) offer low-state minimum wages, for instance, Utah, Georgia, and Tennessee offer $7.25 an hour. So it is no surprise that individuals from those states would want to look for side gigs (avg score 80+) and passive income sources (avg score 80).
As for the states with higher minimum wages, like Washington, California, Maryland, etc., they offer wages between $13.25 and $15.74 hourly. So individuals from these states are more focused on pursuing their passions and living with financial freedom. This thing, paired with the already high living costs and inflation in those states, influences people to look for side hustles and passive incomes.
On the other end of the spectrum, states with the lowest scores (lower than 200) offer relatively higher minimum wage amounts. For instance, Wyoming, Nebraska, Dakota, etc. offer somewhere around $7.25–$10.5 an hour on average. Individuals from these states tend to be less competitive and more focused on traditional earning means.
However, states with higher minimum wages, like Columbia and Vermont, offer around $13.18 to $16.10 hourly, but people still look for passive income sources and side hustles. Because despite the higher minimum wage and lower living costs, inflation still exists.
According to a spokesperson for https://nichesites.com/ "Gen Z and Millenials are more focused on pursuing their passions and enjoying life, and they find the idea of a 9 to 5 job to be mundane and repulsive. That is why we notice that these generations always seek smarter earning sources. They find the idea of side hustles and passive incomes so attractive because it provides them with a stable cash flow and allows them to pursue their passions and focus on things that matter to them.
It's clear that many Americans are very interested in passive income. This information can be useful for policymakers, businesses, and people who want to help their communities deal with financial problems and take advantage of financial opportunities."
On top of this, the increasing cost of living and inflation motivate people to seek out passive income sources. Because having a passive income brings them one step closer to achieving the American Dream, the belief is that anyone, regardless of their past, can achieve financial stability and improve the standard of their lives.
As a result, there's been an increase in interest in doing something other than their regular source of income.
People slowly realize that there needs to be a work-life balance in the modern world. Balancing work and life is something we've been struggling to do. People are now focused on working less, not because they are lazy, but to spend that time doing things they love.