36% of Americans have a side hustle, according to a Bankrate survey. Meanwhile, 72% of people say they feel more financially secure with more than one source of income, according to a recent Quicken survey. Quicken CEO Eric Dunn joins Wealth! to discuss how a side hustle might help you get closer to meeting your wealth goals. Dunn notes that Quicken’s survey revealed to him that “a side hustle is not a stopgap, a desperation measure to make ends meet. It’s a positive in these people’s lives.” Thus, because side hustles are often born from personal hobbies or other endeavors, they are usually not seen as a stressor. Rather, many view their side hustles as “an efficient way to make extra money.” According to Quicken’s survey, most side hustles help people bring in over $1,000 extra a month, which could make a significant difference in their lives. “In the majority of cases, they’re using the income from the side hustle to do something positive in their financial life. Certainly in many cases, they’re paying down student debt. It’s funding leisure activities, or sometimes, they’re saving,” Dunn explains. If you’re considering starting a side hustle, Dunn encourages starting off slow to avoid overcommitting and creating more stress than needed. He advises picking up a side hustle that matches your passions or hobbies, so it will bring something positive into your life. While side hustle income may vary, he encourages using products like Quicken Simplify or Quicken Classic as a way to manage financial complexity. He advises, “Pick something that aligns with your passion and get started early with the right financial tools so that you don’t end up juggling the math as well as the time.” Watch the video above to also hear what Dunn says about the expansion of the IRS’s free tax filing.
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