Side hustles and the gig economy

In today’s gig economy, it’s becoming more common to have a “side hustle” — a flexible second job that’s done in addition to a full-time position to generate extra income.

The emergence of gig-based companies like Airbnb, Uber and Etsy has made it easier than ever for people to have a side hustle. Some popular side gigs include renting out apartments, driving for rideshare companies and selling handmade products online. Additionally, freelance writing, editing and designing for the web are prevalent types of side hustles.

While side hustles are often associated with making a hobby into a source of income, most people turn to them because they need the extra cash. Many people working side hustles are millennials struggling to find well-paying jobs and pay off student loans. However, studies also show that older Americans are starting to use side hustles to boost their retirement savings.

If you’re thinking about taking on a side hustle, be sure to choose something you enjoy doing. This way your motivation to work during your free time will be high. In most cases, however, you shouldn’t depend on what you earn from your side hustle. The availability of freelance work tends to fluctuate, making it a source of income that’s unreliable.