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Money Talks | Should you work a second job?

In this economy a "Side Hustle" can put you on much stronger financial footing.

TEMPLE, Texas — In America today, the average worker stays with their current job for just over 4 years. And 5% of the 164 million US workers held two or more job positions to bring that money in. 

Are you someone who has a side hustle? Should you be? 

Well, 45% of Americans had a side hustle in 2022. The average monthly income from that second job is only $483. And to earn that Americans spend, an average of 13 hours per week on their second job. 

That’s something that Financial Planner Rolandus Johnson says can make a huge difference, telling 6 News, "The very unique financial climate that we are in right now, I mean I think that side hustles are a great way to make extra money, to give your budget a little space. And with that space in the budget, you can really tear some things up. And accomplish a lot of financial tasks. So I think that side hustles are a great thing."

But there is a downside. 

You want to make sure that what you are doing doesn't come at too much of a cost. Johnson says, "Do it as much as you want but you know the Mom's and Dad's want to enjoy their kids. So, you don't want to get into a side hustle where it just overtakes anything, right? But make sure you know it's a personal opinion on that deal, make sure that you are still making time for family but don't overwhelm yourself as well because if you do it too much it can become unlikable and then we have a problem."

And again, make that “Side Hustle” something that will build for your future and not something that you are totally dependent upon, otherwise you will be stuck in the future. 

Rolandus says, "I don't think that there's a person in this world that isn't looking to make more money. Uhm side hustles are a great thing, and they are usually part time and if you are going to do it make sure that it's something that you like doing. Don't go and get a side hustle and it's just like, oh I really dread this. So, your side hustle should be something on your down time and then you get paid to do something that you enjoy doing."

So, make good financial decisions, get that money rolling in and then get yourself more financially sound and then your options for a better financial future will open up. 

Rolandus told 6 News, "The options become limitless, I know that the emergency fund is a big one. Several people over the past couple of years and we've got, you know people have started to look at side hustles and you know some of those people have turned those side hustles into full time jobs. And they are getting paid to do what they love. So, they are paying off debt, they are investing. It opens the financial world to the staircase to your financial freedom. Side hustles are great way to open that door."

Now remember to make sure you pay the taxes you owe. No matter how much or how little you make, we recommend you open up a separate savings account and stash 20–35% of all your side hustle money to make sure you have enough for taxes.

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