We hear so much about side hustles. They’re the new thing. They’re fun. They’re trendy.
A CareerBuilder survey of nearly 4,000 people across the U.S. provided further perspective. Although 32 percent of workers have a second job, those side gigs likely aren’t passion projects.
A second job isn’t always fun
Of those surveyed, 67 percent said they didn’t want to turn their side gig into a full-time job. And 71 percent said they didn’t plan to own a business.
That’s contrary to much of the conversation about the supposed freedom and excitement of side hustles.
Furthermore, 42 percent of respondents said they were more passionate about their day job than their side hustle. Only 32 percent said they were more passionate about their side hustle. And 25 percent said they weren’t passionate about either.
Here’s who is working a second job
The reason people work a supplemental job is simple: to earn more money.
“While we continue to be at what is considered full employment, the quality and pay of jobs isn’t always what workers want, causing them to seek out new ways to supplement their full-time income,” said Rosemary Haefner, chief human resources officer at CareerBuilder.
Many people who work a second job are members of populations that face more economic challenges than others.
For example, 36 percent of people earning less than $35,000 have second jobs — compared to 19 percent of people earning more than $100,000.
Then there’s women: 35 percent of women have second jobs, but only 28 percent of men do. That might be because women carry two-thirds of the nation’s student loan debt, head nearly 80 percent of single-parent households, and earn less money.
As for race, 46 percent of black workers have a second job — compared to 26 percent of white workers.
A likely explanation? The chart below and stats like this one: Four years after graduation, black borrowers have almost twice as much student loan debt as white borrowers, according to a Brookings Institution report.
So maybe it’s time to change the conversation about side hustles.
Maybe it’s time we stop lauding them and instead acknowledge the fact that, for most people, they’re a necessary evil, not an outlet for empowerment.
What to do if you’re struggling financially
None of that really matters, though, if you’re struggling. If that’s the case, you probably care less about the conversation and more about ways to keep going.
Here are a few ideas that might help:
- Figure out your priorities so you avoid burnout.
- Create a community through side hustle blogs.
- Use productivity apps to carve out more time.
That said, there are only so many hours in a day.
As the 32 percent of Americans working a supplemental job know, life in the current economy is tough.
We can hope things will get better and vote for people who support our interests. But in the meantime, take care of yourself and remember you’re not alone in the struggle.
Interested in a personal loan?Here are the top personal loan lenders of 2018!
|Lender||APR Range||Loan Amount|
|1 Includes AutoPay discount. Important Disclosures for SoFi.
2 Includes AutoPay discount. Important Disclosures for Payoff.
3 Important Disclosures for FreedomPlus.
4 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
5 Important Disclosures for LendingPoint.
6 Important Disclosures for LendingClub.
All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.16% to 35.89%. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at time of application. The origination fee ranges from 1% to 6% and the average origination fee is 5.49% as of Q1 2017. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months or longer.
7 Important Disclosures for Earnest.
8 Important Disclosures for Avant.
* The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.
** Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33
* Important Disclosures for Upgrade Bank.
Upgrade Bank Disclosures
** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.
|7.73% – 29.99%||$1,000 - $50,000||Visit Upstart|
|5.81% – 15.37%1||$5,000 - $100,000||Visit SoFi|
|6.87% – 35.97%*||$1,000 - $50,000||Visit Upgrade|
|8.00% – 25.00%2||$5,000 - $35,000||Visit Payoff|
|4.99% – 29.99%3||$10,000 - $35,000||Visit FreedomPlus|
|5.99% – 18.99%4||$5,000 - $50,000||Visit Citizens|
|15.49% – 34.49%5||$2,000 - $25,000||Visit LendingPoint|
|6.16% – 35.89%6||$1,000 - $40,000||Visit LendingClub|
|5.49% – 18.24%7||$5,000 - $75,000||Visit Earnest|
|9.95% – 35.99%8||$2,000 - $35,000||Visit Avant|