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Happy Friday! These multimillion-dollar California mansions are quite literally living on the edge after landslides rocked the region. The pictures are equally shocking and terrifying.
In today’s big story, we’re looking at why side hustles are all the rage these days.
What’s on deck:
Markets: Why you should feel good, or bad, about the economy.
Tech: Our tech overlords are fighting in public.
Business: Streaming is about to get worse.
But first, I’ve got a couple of things in the works.
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The big story
Side-hustle security
iStock; BI
The only certainty these days is uncertainty.
Citi chief economist Andrew Hollenhorst said we’re headed for a recession this year, the latest twist in the daytime drama that is the US economy.
Meanwhile, unemployment remains low, but that hasn’t stopped people from feeling grim. Maybe it’s because there is not much loyalty between employees and their companies.
With so much up in the air, why not hedge your bets? Call it “overemployed light,” but working side jobs for some extra income is en vogue, especially for young people.
One Gen Zer took that to the extreme by trying to make $100 a day for 100 days. Jackie Mitchell chronicled her journey on TikTok, ultimately earning nearly $11,000 outside her normal job, which went toward a down payment on a house, she said in one video.
Mitchell spoke to Business Insider’s Madison Hoff about the best way to get into the side-hustle game, from setting earnings goals to deciding which jobs are worth your time.
Michell isn’t alone. Almost 40% of Gen Zers have a side hustle, according to a 2023 poll. And bosses don’t seem to care (as long as you get your work done).
klyaksun/Getty Images
So what’s pushing so many people to pick up extra jobs?
The economic uncertainty that’s loomed over us for the past few years plays a role. BI recently surveyed more than 600 Gen Zers and found that a good chunk (44%) describe themselves as financially insecure.
Artificial intelligence has also made it easier. People can quickly spin up additional revenue in fields they don’t have experience in. Here’s a rundown on how to use tools like ChatGPT to get started.
But Gen Z also has a unique relationship with work. For as much energy as they put into eliciting change, they also view their job as… just a job. It’s about a good salary and quick promotions, Eve Upton-Clark writes.
And sometimes, a side hustle can turn into the hustle. Keida Dervishi tried running an Etsy shop when she was 17. But when the orders dried up, she pivoted her strategy. Business is now booming, with over $1 million in sales in less than a year.
3 things in markets
Jeremy Grantham is highly regarded in markets as a value investor.
Boston Globe/Getty Images
Elite investor Jeremy Grantham is pretty bearish on just about everything in the market. Stocks are overvalued. AI is a bubble set to pop. That all spells trouble for an economy “living on air,” Grantham said.
The good and bad of the economy. Pros: Labor market data is strong, and Americans are confident. Cons: Monthly job openings are falling, and lower-income Americans are still hurting. More on the positives and negatives of the US economy.
The markets are so emo these days. Fundamentals aren’t driving stock gains these days, B. Riley Wealth’s Paul Dietrich said. Instead, emotions and the fear of missing out (FOMO) are causing investors to push cash into the market, which could ultimately lead to the S&P 500 tumbling if there’s a recession.
3 things in tech
AP Images; Bryan Erickson/BI
Tech CEOs are duking it out. Top execs have been taking shots at each other (see, for example, Zuck’s public takedown of Apple’s Vision Pro.) There could be a good reason: They’re all trying to secure their place as leaders in the new generation of AI and mixed reality.
TikTok is making everyone mad. The app is pushing its e-commerce feature, Shop, irking some of its users — and the force-feeding tactic could backfire.
OpenAI is coming for Google. The ChatGPT maker is reportedly developing a web search product to compete with Google Search. The move would put OpenAI more directly in competition with Google.
3 things in business
Craig Hastings / Getty Images; Isabel Fernandez Pujol/BI
Streaming is about to get worse. At inception, many streamers launched without ads. Then, Netflix announced that it would implement an ad-supported tier. Now, many platforms are trying to increase the number of ads they show per hour — and it will alter streaming as we once knew it.
Buying Vizio could send Walmart’s ad business surging. Walmart is reportedly in talks to buy the TV manufacturer. Doing so would expand Walmart’s inventory and improve its margins, giving it an edge against Amazon’s massive ad business.
You should be dressing for success. While many of us are still enjoying our pandemic-era soft pants and athleisure, dressing professionally for work can help you get ahead in your career.
In other news
The cushy Big Tech job is dead.
Slack promises its new AI features will fix one of its most frustrating problems.
New report sheds light on Apple’s upcoming AI features that will rival Microsoft’s Copilot.
Commercial real estate is in big trouble — and the problems may have major financial fallout.
A behind-the-scenes look at the Twitter company retreat that brought Jack Dorsey out of his shell.
The richest man you’ve never heard of isn’t sure what to do with his billions.
Here’s how your boss could be keeping tabs on you.
Tesla’s new update is designed to make charging in the cold less of a headache.
What’s happening today
“Oppenheimer” is available to stream on Peacock.
The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Hallam Bullock, editor, in London. Jordan Parker Erb, editor, in New York. George Glover, reporter, in London.