Second Job: 3 things to know about taking on a side-hustleThe List Trending
You've got bills so you need a job, but for more and more, one gig isn't enough. Over 44 million American adults have a side hustle, which is a way to make extra money aside from your primary source of income. Jimmy Rhoades and Bankrate’s The Cashlorette, Sarah Berger, are talking about America's side-hustle economy.
1. Millennials Cashing In
About 28 percent of people between the ages of 18 and 26 actually have a side hustle. We're seeing millennials in particular hustling pretty hard. As digital natives, they are comfortable turning to tech like Uber, Lyft, TaskRabbit.
2. Milk Money? Mortgage Payment?
Around 25 percent of younger millennials are making at least $500 a month from their side hustles. So that's obviously significant and can make a big difference in your budget and how fast you're paying down debt. Baby Boomers between the ages of 53 to 62 are the age group most likely to pull in at least a $1,000 a month from a side hustle.
3. What Should You Do With the Extra Dough?
You should resist the urge to splurge with your side-hustle money. Sarah recommends putting it in a high-yield savings account where you can build that emergency fund. Also, try investing it in your 401(k) so you can maybe retire earlier, or paying down that student loan debt, or other high-interest credit card debt that might be carrying.
Do you have a side-hustle? Join the conversation on our Facebook page, @TheListShowTV.