Second jobs and high inflation: Risks associated with working a side hustle – Fox Business

by | Aug 28, 2022 | Jobs

Check out what’s clicking on Many employees are turning to side hustles amid the uncertain economic environment to make ends meet. However, some of those side hustles could impede on and threaten an employee’s main income source, according to experts.  More than 40% of adults across the U.S. reported having a side job in 2022 in order to get extra income to pay for everyday living expenses, up from 31% during pre-pandemic times, according to a recent Bankrate report. In some cases, it could also be a chance for employees to pursue a passion of theirs. Still, there are many issues that can arise from taking on another gig.   3 THINGS TO KNOW WHEN FILING TAXES FOR YOUR SIDE HUSTLE For one, working a side hustle can take up a lot of time and employees can run the risk of letting it spill over into their regular work day, according to Luke Doyle, outreach team lead at NeoMam Studios. They can also run the risk of working into any needed time off, which can lead to a higher chance of burnout. A photo of a student serving in a cafe on July 20, 2021.  (Photo by Frank Rumpenhorst/picture alliance via Getty Images / Getty Images)”You might find yourself eating into work time and also losing much-needed vacation time, meaning you have no downtime at all,” Doyle said. “This could result in you losing both your side hustle and full-time job.”Ultimately, you could “jeopardize your full time job… and that kind of defeats the purpose of having this side hustle,” he added. WORKERS ARE CHANGING JOBS, RAKING IN BIG RAISES—AND KEEPING INFLATION HIGHIf employees do take the plunge and take on a side gig, it’s important to make sure it doesn’t get done on company time or while using company equipment such as a work laptop, cell phone or software program, he added. One of the biggest issues, though, is that it can infringe on a company’s policy, which could lead to serious, and even legal ramifications. Misty Marris, co-managing partner at Gordon Rees Scully Mansukhani LLP, said it’s vital to know a company’s policies before taking on a second gig because “many employees believe that if they do not have an employment contract they don’t have any limitations.” That’s a huge misconception, Marris told FOX Business. Lyft signage on a vehicle as it exits the ride-sharing pickup at San Francisco International Airport in San Francisco on Feb. 3, 2022.  (David Paul Morris/Bloomberg via Getty Images / Getty Images)Even at-will employees, which are employees that don’t have a specific contract relating to their employment, “are subject to all of their company handbooks and polices,” Marris added. Those employees will still generally sign numerous documents, and it’s critical to know what they mean, she added. For instance, there could be a non-compete clause or a non-disclosure agreement preventing certain work. US ECONOMY ADDS 528,000 JOBS IN JULY, BLOWING PAST EXPECTATIONSThere could be many conflicts of interest as well. Employees could risk endorsing a product that is at odds with their company, or they could be working with a company that has a relationship with their employer, both of which can cause issues down the line.  Barman prepares a glass of Whiskey of Teeling on Augu …

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