More Americans taking 'side hustles' to make ends meet
NEW YORK - More millennials are working multiple jobs to make ends meet, study finds
On your average sidewalk in New York City, you don’t have to go too far to see the city’s hustle and it’s hustlers in all forms.
Some are like Anastasiya and Liam who currently have 1 side gig.
"For bills, so I can afford to pay my bills and have like side money as well," said Anastasiya.
"I help move couches and do tint lighting for weddings and stuff," added Liam.
Others are like Tyshawn who have held down a few side gigs over the years.
"I used to sell hair at one point, weave to women…social media of course, make money on social media," Tyshawn shared.
But they all agree on the fact that life is getting expensive, and they aren't alone. A survey by Onepoll for Herbalife found more than 6 out of 10 Americans between 27 and 42 have a side hustle to keep them afloat.
"It's expensive out here," Liam said.
The survey of 2 thousand Americans found more than 43 percent needed help from loved ones for either groceries or mortgage payments. ..
"Some of that is just a function of the fact that life is really expensive in 2023 and that’s not changing anytime soon," said Matt Shultz, the Chief Credit Analyst at Lending Tree.
As a personal finance expert he’s found, to get a little more financial wiggle room, the bulk of people are adding to their workload, offering services for extra cash, for unexpected expenses.
"Things like babysitting, pet sitting, being a handy man and food delivery," he said.
The top 3 factors in the survey for that extra hustle were the rising cost of living, those wanting to depend less on just 1 income, and the desire to gain disposable income. Regardless of the reason the trend for building multiple streams of income is here to stay.
"They really kind of took off during the pandemic and I don’t think we’re going to see that trend go anywhere anytime soon," said Shults.
There are 2 questions you should ask yourself though: "How long you plan to take on the side hustle?" How much time you’ll spend doing it every week?"
Consider if the effort it takes to maintain that extra income takes a toll on your overall mental health and wellness.