Whether to pursue their passions, gain experience for a career change, or simply make ends meet, more and more Americans are running side hustles these days, including a little more than half of all millennials. They’re making pretty good money doing so, earning an average of $700 a month.
But the side-hustle grind isn’t all sunshine and roses. It has its downsides, too — like burnout, stress, overwork, and even legal issues.
We don’t mean to alarm you, but when you embark on a side hustle, you may accidentally wind up on the wrong side of the law, if you’re not careful. See, as a side-hustler, you are essentially running your own business — and business is complicated. Complying with all appropriate tax rules and regulations is probably the most common concern, but you also need to worry about your contract with your day job. There may be some clauses in it that restrict your side hustle activity, and ignoring those clauses could land you in real hot water.