{"id":10024,"date":"2022-07-01T20:51:14","date_gmt":"2022-07-02T01:51:14","guid":{"rendered":"http:\/\/blog.jlbn.net\/?p=10024"},"modified":"2022-07-01T20:51:15","modified_gmt":"2022-07-02T01:51:15","slug":"more-than-9-in-10-working-americans-have-a-side-hustle-in-2022-but-is-it-the-best-way-to-boost-income","status":"publish","type":"post","link":"http:\/\/blog.jlbn.net\/?p=10024","title":{"rendered":"More Than 9 in 10 Working Americans Have a Side Hustle in 2022 \u2014 But Is It the Best Way To Boost Income?"},"content":{"rendered":"\n

Side hustles are no longer just a way to\u00a0earn a little extra income<\/a>\u00a0to finance some big purchase or dream vacation \u2014 for many Americans, they have become a\u00a0financial lifeline<\/a>.<\/p>\n\n\n\n

Nearly all working Americans (93%) have some kind of side hustle in 2022, according to a new survey of 1,000 adults from Insuranks<\/a>, a small-business insurance marketplace. Nearly half of respondents (44%) said they need a side hustle to make ends meet and cover bills. Twenty-eight percent said surging inflation has pushed them into a side hustle, while 26% said they need an extra job to pay down debt faster. Around one-third (32%) said they just enjoy working side gigs.<\/p>\n\n\n\n

Nearly four in 10 respondents (38%) work one side job, and an equal percentage work two. One-fifth work three or more.<\/p>\n\n\n\n

In the case of side hustles, not all jobs involve a big investment of time or energy. The overwhelming majority of respondents, 95%, take part in online surveys to earn extra money, while 18% sell items on sites such as eBay, Craigslist and Facebook Marketplace. Only 13% do some kind of freelance work.<\/p>\n\n\n\n

The average monthly income from a side hustle is $483, or roughly $5,800 a year, the survey found. It appears that gender inequity exists even when it comes to side gigs. Men earn an average of $596 a month, while women earn an average of $378. Working Americans spend an extra 13 hours a week on average to their side hustle.<\/p>\n\n\n\n

Despite their popularity, side hustles might not be the best way to boost your income \u2014 especially if your main job is in a high-paying profession. In this case, you are probably better off asking for a raise or promotion, Paula Pant, host of the \u201cAfford Anything\u201d podcast, said during a recent financial seminar hosted by CNBC.<\/p>\n\n\n\n

You could also devote your time to consulting within your area of expertise rather than launching a side hustle in an entirely different field.<\/p>\n\n\n\n

\u201cChoose whatever is the most time-efficient and energy- and spirit-efficient way of earning more,\u201d Pant said.<\/p>\n\n\n\n

Your life circumstances should also weigh into your decision to start a side hustle, Anh Tran, a certified financial planner and managing partner at SageMint Wealth, told CNBC. If you\u2019re just starting a family, for example, you need to consider how much time you have to pursue a side gig vs. the potential payoff.<\/p>\n\n\n\n

\u201cWhat are you going to have to put into it to get a return, and does that make sense for you from a financial standpoint?\u201d Tran said.<\/a><\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Side hustles are no longer just a way to\u00a0earn a little extra income\u00a0to finance some big purchase or dream vacation<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[254,3421],"tags":[3461,888,3429],"_links":{"self":[{"href":"http:\/\/blog.jlbn.net\/index.php?rest_route=\/wp\/v2\/posts\/10024"}],"collection":[{"href":"http:\/\/blog.jlbn.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/blog.jlbn.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/blog.jlbn.net\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/blog.jlbn.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10024"}],"version-history":[{"count":1,"href":"http:\/\/blog.jlbn.net\/index.php?rest_route=\/wp\/v2\/posts\/10024\/revisions"}],"predecessor-version":[{"id":10025,"href":"http:\/\/blog.jlbn.net\/index.php?rest_route=\/wp\/v2\/posts\/10024\/revisions\/10025"}],"wp:attachment":[{"href":"http:\/\/blog.jlbn.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10024"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/blog.jlbn.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10024"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/blog.jlbn.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10024"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}