Side hustles are increasing rapidly as Americans tackle second jobs to afford the same old necessities.
One group is especially hard hit by rising inflation and property prices and is taking up extra work in response, in line with a brand new survey.
Bankrate published its Survey on part-time jobs on Wednesday and located that multiple in three adults within the U.S. earns more money from a side job, equivalent to a weekend job or freelance work.
The survey found that folks of youngsters aged 18 and under usually tend to have part-time jobs than parents without children or with older children.
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“Many Americans still feel that having a job is not enough,” said Bankrates senior industry analyst Ted Rossman. “The cost of living has risen sharply in recent years.”
Nearly half (45%) of oldsters with children under 18 have a second job, compared with 36% of childless adults and 28% of oldsters with adult children.
The average monthly side income is $891 per thirty days, and nearly all of Americans with side jobs (52%) have been doing it for lower than two years. They likely use the cash to pay bills, construct savings, or for discretionary spending.
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“My schedule is a mess,” said 41-year-old Jordan Chussler, father of a 5-year-old daughter and editor of a financial publication, Market statement.
His daughter’s private school tuition is $10,600; inflation has driven up the family’s overall household expenses. Chussler works freelance and in restaurants during his lunch breaks and at night to make ends meet.
Chussler and his wife make about $165,000 combined from their primary jobs. Chussler takes on additional jobs all year long to bring their combined income to about $200,000, providing greater financial security.
He puts the more money from his side jobs right into a Roth IRA and his daughter’s education fund.
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