A recent Side Hustle survey by Bankrate showed
that 45% of Americans have a side hustle; that's roughly 70 million people. And
if you're a millennial, that statistic rises to 50%. If you're considering
picking up a second or third job to make ends meet or to get a little extra
cash, there are some important things you need to think about before making
that extra money.
1. Do you really need it? Second or third jobs are great for the extra cash, but it could be doing more harm than good. If you're other jobs are in brick-and-mortar locations, the long commutes, gas money, and wear and tear on your car could be costing you more. It could also put a damper on your social and family life if you can't achieve a work-life balance.
2. It can impact your taxes. If you start working a side hustle it can potentially throw you into the next tax bracket. Also, if your employer does not take out your taxes, you will be responsible for paying them. Think about putting extra cash in a savings account so that when it's tax time, you have the funds to pay what you owe. Check with your accountant or look at the IRS website to see where you fall when you add new jobs.
3. What about freelance or "gigging." Don't overwhelm yourself by working a ton of hours. Consider getting a freelance or side "gig" that will allow you the flexibility to work temporarily and on your own schedule.
4. Take time for yourself. Whether
you're working one, two, or three jobs, make sure you take time for yourself.
You don't ever want to feel overwhelmed or overworked, so take breaks, keep
organized, and know your limits. Set boundaries to prioritize your multiple
positions.
At Telhio Credit Union, we offer personal services that put our members first, from checking accounts and loans to educational resources, and wealth management. Learn more about Telhio by visiting telhio.org.
Telhio Credit Union is open to anyone who lives, works, worships or goes to school in Franklin, Fairfield, Delaware, Licking, Madison, Pickaway, Union, Hamilton, Warren, Butler and Preble counties. Founded in 1934, originally as the credit union for the Columbus Telephone Co., Telhio is a not-for-profit financial cooperative where its members are also its owners. Driven by its philosophy that members come first, Telhio is committed to the highest standards of responsibility and conduct. Telhio offers a variety of innovative programs, services and products to support its members' financial needs. Telhio offers 9 branching offices throughout Central and Southwestern Ohio and nearly 4,000 shared branching locations nationwide. Federally insured by NCUA. Equal Housing Lender. NMLS #251831
