This millennial is a full-time pharmacist, but also earns five figures per month in her side hustle.
Updated: Oct 9
Original article by:
Serah Louis
FINANCIAL POST
December 5, 2024
📰 Read the ORIGINAL ARTICLE here.
I was interviewed by the Financial Post for this article on young Canadians who are turning side hustles, especially content creation, into serious income. Here are the highlights and my contributions.
Key Takeaways
Side gigs are especially common among younger Canadians: survey data cited in the article shows nearly half of 18- to 24-year-olds and about four in ten 25- to 34-year-olds took one on in the past year, compared with roughly a third of all Canadians.
The article profiles a Toronto hospital pharmacist who earns a five-figure income from fashion content focused on mindful buying, while keeping her full-time job for security.
Rising living costs and a softer job market for young workers are pushing many people to look for extra income, whether to build savings, buy property or invest for the future.
Keeping side-hustle income separate from your personal finances, for example by incorporating, can protect your personal credit and may offer tax advantages, though you'll likely want professional help with filing.
Income from content creation can swing month to month, so it's wise to have a backup plan before relying on it full time.
My Perspective
In my work with millennial and Gen Z clients, I see two very different pictures: some are worse off financially than their parents were at the same age, while others are doing surprisingly well because they've built a second stream of income. Content creation comes up more and more in my workshops and presentations.
"It's a platform that's available to us to make money that wasn't there before."
Most people, including the pharmacist featured in the article, don't start creating content with the goal of becoming an influencer. But like any small business, relying on that income without a backup plan is risky, and some creators may feel pressure to promote brands that don't match their values just to get paid.
"It just depends on how established you are in the industry, and whether you can bank on the consistency of these brands or companies wanting to continue to work with you."
Originally published in the Financial Post by Serah Louis on December 5, 2024. Use the link at the top of this post to read the full article.
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