Sadly this is not an uncommon boiler plate piece that is stuck in a lot of contracts. First, depending on your state this may or may not be legal, some states protect work that you do on personal time and equipment. So you may want to research that as regardless of the boiler plate it would be unenforceable (gets more complicated if crossing state lines too). As for the contract, you should think hard about whether or not to sign it if you are wanting to do anything personally. I'll also point out that these aren't really new clauses, I had companies sending me contracts like that 15 years ago, so it isn't really new, just more common now.
Your options are, contact the company and discuss the concern over this clause and either have them strike the entire clause or suggest a modification that states they own anything you do that is directly related to your primary job function with them (and define it in the contract). E.g. If they make toasters and you are writing firmware for their toaster you won't make your own toaster firmware. But that all other inventions, creations, concepts and software you write on personal equipment and personal time is yours exclusively.
If they refuse either of those, then honestly I'd seriously think about saying no thank you the terms just aren't fair and find a new place to work, and I'd be honest with them as to why. Or if you are jammed for cash, work for a few months while you find something else. I am not generally a fan of the second option because it is unfair in some ways to the employer unless you put your all into it to make sure they get some value out of you.