It looks like millennials aren’t as lazy as the media makes us out to be — at least according to a recent study about the rise of side jobs.
Research from Bankrate shows that 44 million people now pad their main paycheck with side income — and younger millennials (those 18 to 26) are the segment of the population most likely to have a side hustle: 28% of us have a source of revenue outside of our 9-to-5, to be exact.
Of millennials with a side gig, 96% work those jobs at least once a month, while 61% work them at least once a week. The median income earned is $200 a month, although a quarter make more than $500 — not too shabby.
An extra couple hundred dollars a month can go a long way — especially if the money is used to help pay down your student loans or finally get that emergency fund going. If those stats have you interested in starting up a side hustle (I know I am), here are a few tip to keep in mind before you take on the extra hours.
Let your side gig align with when you’re most productive. If you’re a morning person, then consider getting a side job you can tackle before you head to work. If you’re a night owl, then find something you can do in the evenings.
Get extra organized with your paperwork. With an extra job comes extra W2s or 1099s, so keep tabs on those for tax time. If you itemize deductions, you’ll also have to note any business expenses you incur from working a side gig.
Don’t feel the need to hide your side gig. Of course, you have to avoid conflicts of interest with your main job, but if your side gig helps you develop skills or experience that you can use in your 9-to-5, let your manager know.