MILWAUKEE (CBS 58) -- A recent survey reveals that one in three Americans are earning extra income through side hustles, such as delivering takeout or freelancing.
One local expert say that the trend reflects a growing need to supplement main job earnings due to persistent inflation and rising living costs.
Financial professional Tom Neumann from Drake & Associates joined us Wednesday, Oct. 2 to discuss the issue, noting that side hustles are becoming necessary for many to make ends meet. He said that about 36% of Americans use income from side gigs for regular expenses like rent or groceries.
Neumann also warned of tax implications, stating that any gig work income over $400 must be reported to the IRS. He advised those starting a side hustle to consider how extra earnings may affect their tax bracket and Social Security benefits.
Find out more from Drake & Associates by clicking here.