Insider Today: Side hustles’ turning point

September 21, 2023 • 5 min read

with Dan DeFrancesco

Hey there! Winning the lottery can come with headaches. Just ask Randy Rush, whose $37 million payday wrecked relationships with his mother and best friend. 

In today’s big story, we’re looking at how generative AI is making it easier for people to hold multiple jobs, and it’s a trend everyone seems on board with. 

What’s on deck:

But first, I’m working on a couple of things.

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The big story

Hustle harder (with AI)

The rise of AI could mean giving you more jobs instead of taking yours away.

A new study from Morgan Stanely makes the case that generative AI will enable people to work multiple jobs, writes Insider’s Alistair Barr. In the US alone, multi-earning has increased 11% over the past year, largely thanks to the rise of generative AI tools like ChatGPT.

All that extra work will lead to some big money. In a best-case scenario, multi-earning income globally could reach $1.4 trillion by 2030, with more than 20% coming from generative AI, according to the bank.

Affiliate marketing, content creation, graphic and web design, and programming were among the jobs identified by Morgan Stanley that could see a boost from generative AI. 

It’s a trend at least one cohort is already embracing: Generation Z. New research from EY found that nearly 40% of Gen Zers had a side hustle to earn extra money. 

Adding fuel to the fire is the fact bosses don’t seem to care if their employees are working multiple jobs, albeit with one caveat. 

The vast majority of executives (82%) had no issue with employees using AI to work multiple jobs as long as they got their work done, according to a survey from education platform edX. 

Anna Kim/Insider

The rise of multi-earning due to AI could lead to fascinating developments in the labor market. 

To be sure, executives' acceptance of employees working multiple jobs might be short-lived. From conflict of interest concerns to wanting workers' full attention, some bosses might eventually put the kibosh on multi-earning. 

But that doesn’t mean the trend will die. Some Gen Zers might take things further and just embrace being a full-time freelancer.  

Gen Z already doesn’t tend to trust big businesses, often opting for small companies or starting their own ventures. And while plenty of Gen Zers want to be in the office, many of their older colleagues don’t, another potential deterrent to pursuing a traditional career.

Add in the fact Gen Z has a knack for upsetting the status quo, and it’s not hard to see them leverage AI tools to become their own boss.  

That shift might be a welcome change for big companies. Some managers have already voiced their displeasure overseeing Gen Zers. And fewer full-time employees means a lower fixed cost for companies.

Instead, companies can opt to contract out work they need on an ad-hoc basis. Consider this the latest iteration of the software-as-a-service trend: working as a service.

3 things in

Markets

🔔 Before the opening bell: US stock futures fell Thursday after the Fed signaled rates could be higher for longer.

Alex Wong/Getty Images

1. A break in the war on inflation. The Fed announced a pause on interest-rate hikes on Wednesday. But we’re not out of the woods yet. Most Fed members who vote on rate decisions predicted one more hike this year.

2. NFT = Not funding those. It’s been a hard crash for non-fungible tokens after they exploded on the investing scene in 2021. Nowadays, 95% of NFTs are effectively worthless, according to a report by dappGambl.  

3. The best quotes from the CEO of one of the most successful hedge funds in history. Renaissance Technologies CEO Peter Brown talked about everything from sleeping in the office to his hiring approach. Here are 11 of his best quotes from a recent interview.

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3 things in

Tech

Bugatti, Tesla

1. Video shows a Tesla Model S drag racing a $4 million Bugatti. The results were surprisingly close (both cars took 9.6 seconds to travel a quarter of a mile). It highlights how EV motors provide the neck-snapping quickness  previously reserved for the likes of Porches, Ferraris, and Lamborghinis.

2. Meet the Instacart mafia: 14 company alums who founded their own startups. They’ve collectively raked in at least $144 million from VCs. And they’re building companies across industries: insurtech, co-living, AI, and more.

3. The beneficiaries from Klaviyo’s IPO. The marketing automation platform’s CEO has a stake worth billions after the company went public. Others — including its chief product officer — also have valuable stakes in the company.

3 things in

Business

Brooks Kraft LLC/Corbis via Getty Images

1. The distressing downside of fitness trackers. They certainly motivate some people to move around more. But for others, it’s far from a silver-bullet solution for healthy living. Instead, the culture of self-optimization can stand in the way of some people’s well-being.

2. US developers want to transform a Scottish village into a playground for billionaires. Thousands of locals are protesting the development. It would convert the previously abandoned Taymouth Castle into a private clubhouse with a golf course.

3. Nobody has figured out return to office — but Asia and Europe are winning the battle. Office occupancy in the Americas sits at just 49%. Meanwhile, Asia-Pacific’s occupancy is 79%, and Europe’s is 75%. Why? This disparity could be due to cultural differences, transportation, and government policies.

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The Insider Today team

Dan DeFrancesco, senior editor and anchor, in New York City. Diamond Naga Siu, senior reporter, in San Diego. Hallam Bullock, editor, in London. Lisa Ryan, executive editor, in New York.

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