{"id":116003,"date":"2023-10-21T15:00:00","date_gmt":"2023-10-21T19:00:00","guid":{"rendered":"https:\/\/www.shortform.com\/blog\/?p=116003"},"modified":"2023-10-25T15:01:03","modified_gmt":"2023-10-25T19:01:03","slug":"benefits-of-a-side-hustle","status":"publish","type":"post","link":"https:\/\/www.shortform.com\/blog\/benefits-of-a-side-hustle\/","title":{"rendered":"The Benefits and Downsides of Starting a Side Hustle"},"content":{"rendered":"\n

Why are so many Americans starting side hustles? What are the pros and cons of having a side hustle?<\/p>\n\n\n\n

Nearly 40% of Americans rely on side hustles to supplement their incomes as inflation has outstripped wages. While extra earnings provide a financial cushion, side hustles can negatively impact work-life balance<\/a> and health.<\/p>\n\n\n\n

Continue reading for more insights into the downsides and benefits of a side hustle.<\/p>\n\n\n\n\n\n\n\n

Americans Are Hustlin’<\/h2>\n\n\n\n

A record 39% of Americans<\/a> now have a side hustle to supplement their income. For many, the trend is fueled by necessity, not choice.<\/p>\n\n\n\n

We’ll go over why side hustles are suddenly so popular and the downsides and benefits of side hustles.<\/p>\n\n\n\n

What Is a Side Hustle?<\/strong><\/h3>\n\n\n\n

A side hustle is <\/strong>additional work beyond one’s primary job<\/strong><\/a> to earn extra income<\/strong>, covering a broad range of activities such as rideshare driving, grocery shopping, dog walking, freelance writing, consulting, and selling handmade crafts.<\/p>\n\n\n\n

Side hustles\u2019 popularity has surged in recent years, driven in large part by <\/strong>stagnant wages and a high cost of living<\/strong><\/a> stemming from high inflation<\/strong>. <\/p>\n\n\n\n

Roughly <\/strong>33% of Americans<\/strong><\/a> now rely on a side hustle to cover basic living expenses<\/strong>, with the average American dedicating 13 additional hours a week<\/a> to them.<\/p>\n\n\n\n

Who\u2019s Side Hustling<\/strong><\/h3>\n\n\n\n

Experts say that <\/strong>both younger and older Americans have turned to side hustles<\/strong><\/a> <\/strong>in recent years. Younger Americans have taken on additional work to afford larger purchases they’ve made or want to make, such as homes and financed items like cars, where prices have jumped significantly. Individuals over 60 who believed that savings or pensions would carry them through retirement have been forced into gig work in the face of soaring costs.\u00a0<\/p>\n\n\n\n

Side Hustle Benefits<\/strong><\/h3>\n\n\n\n

Experts say the main benefit of a side hustle is increased income<\/a>. The average side hustler earns $810 a month<\/strong>\u2014nearly $10,000 a year in extra cash flow that can go toward daily necessities, achieving financial goals<\/a> more quickly, or building savings<\/a> as a cushion against emergencies. Some individuals manage to transform their side passion<\/a> into a lucrative, full-time business.<\/p>\n\n\n\n

Although some employers worry that engaging in a side job will negatively impact employees\u2019 performance in their primary role<\/a>, studies suggest that side hustles can <\/strong>empower workers<\/strong><\/a> by fostering new routines and skills that improve their performance<\/strong>.<\/p>\n\n\n\n

Side Hustle Downsides<\/strong><\/h3>\n\n\n\n

Others contend that side hustles are no panacea, but instead a necessary response to the reality that many Americans\u2019 primary jobs <\/strong>don\u2019t cover basic living expenses<\/strong><\/a>. Some argue that modern society’s celebration of hustle culture<\/a>\u2014emphasizing relentless productivity and ambition while undervaluing rest\u2014can lead to burnout, chronic stress<\/a>, and health issues. The unpredictable and unstable<\/a> nature of side hustle work and fluctuating income can exacerbate these problems and the feeling of a lack of control in one\u2019s life.\u00a0<\/p>\n\n\n\n

Many Americans view side hustles as a <\/strong>lifelong ball and chain<\/strong><\/a>:\u00a0<\/p>\n\n\n\n