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28Jun2018

“Side Hustles” Are Paying Off for Hard-Working Americans

June 2018

By Selina Stoller, Summit Consumer Receivables Acquisitions, LLC

 

Americans are working hard for their money and many of them taking on a “side hustle” in order to supplement their income.

The average person spends around 90,000 hours at work during the course of their lifetime. People are increasingly turning their hobbies and talents into a secondary job. Around 37 percent of Americans have a second job or side hustle.

The term refers to the hustling involved when taking on an additional part-time or second job. “Side-hustlers” are driving, writing, and finding ways to increase their income while working hard for their money. Now, nearly 4 in 10 Americans have a side gig.

Having more than one source of income is a smart way to help achieve financial goals, boost savings, and buy big tickets items. These hard workers on average earn an additional $686 per month, and 49 percent make $200 a month. The most popular jobs are home repair/landscaping, online sales, crafts, and child care.

Nearly 75 percent of people with side hustles make extra cash monthly. Men are more likely than women to have a side hustle and make more while doing so. Men are earning an average of $989 in secondary jobs – nearly triple the $361 earned by women.

Millennials are more likely to have a secondary job. More than half surveyed said they have side hustle)\ due to increasing student loan debt and living expenses. College students are working just as hard to prevent crippling, post-graduation debt.

Side hustles create more disposable income if they are not a waste of time. To ensure these gigs are worth it, break down how many hours are worked to figure out hourly earnings and be sure to include any expenses incurred.

Make the hustle worth it by spending time wisely and make sure all transactions favor financial goals.

  • 28 Jun, 2018
  • Summit Consumer Receivables Acquisitions, LLC

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