The days of working just one job are gone. Now, more than 7.6 million Americans are juggling multiple jobs, a number that’s the highest it has been in 20 years.
CreditLoan recently surveyed over 950 side hustlers to find out why. What they found was that in our pursuit of money and happiness, we are blurring boundaries between when one job ends and another begins.
Survey: Renting out your home is the most lucrative side hustle
The primary motivator to working a side hustle when you are already working one full-time job is what you would expect — more money. Having more spending money, increasing savings and paying off debt were the top reasons for creating a side hustle. They show us that too many of us are not feeling financially supported by our primary jobs.
If you are contemplating a side hustle solely to supplement your income, consider renting out your home. Selling or renting property was the most profitable side hustle in the survey, earning workers an average of $500 a month.
Ride-sharing ($350), becoming a fitness instructor ($200), and consulting work ($200) were the other top lucrative side hustles. In fact, if you want the most money in the littlest time, brush up on your IT skills. Computer repair earned workers an average of $20 per hour.
More than 1 in 5 do side hustles while at work
When you are working a side hustle, you are sacrificing the time you could be spent sleeping, hanging out with your family — or doing your actual job that pays your rent. While 18% of lucky participants said that their side hustle required no sacrifice on their part, more than one in five admitted that it required them to do work while they were on the clock at their main job. But when we are truly passionate about our side hustles, we will carve out the time for it, even at the expense of our mental health and social life.
When you are constantly working, something’s gotta give, and it’s usually your relationship with your family and your mind. The top sacrifices side hustlers said they needed to make to maintain their gigs were recreation, family time, and sleep. These findings should give us pause. It may seem productive to work two jobs at once, but after a certain amount of logged hours, our visions swim and our productivity stalls.
People who worked more than 11 hours a day increased their risk of experiencing a major depressive mode, the research found. And this hard work does not even pay off in our jobs. One five-year study found that if you work more than 65 hours a week, your performance and productivity sharply falls.
The gig economy can tempt you with its promises of flexibility and get-rich-quick schemes, but just make sure you know the time and energy sacrifice you are signing up for before you embark on one.
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