More People Doubling Up On Jobs For Extra Income
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MIAMI (CBSMiami) – Odds are you know someone working a full-time job and another on the side.
Millions of Americans are now earning these so-called hybrid incomes.
Emily Beach shifts roles throughout her day from coach to entrepreneur, working on multiple projects.
She coaches field hockey full-time and she’s also an inventor. She created a training tool to help her players and now sells it online. She also launched a recruiting web site that will help connect athletes with coaches.
“I think I have some form of obsession with just coming up with ideas and trying to make them come to fruition,” said Beach. “I do know that because of how my brain works that I’m always going to have side things that I’m involved in.”
Labor statistics show nearly 7 million U.S. adults have more than one job, with about half holding a full-time and part-time position.
Kimberly Palmer is author of The Economy of You: Discover Your Inner Entrepreneur and Recession-Proof Your Life. She said Beach is far from alone in earning what she calls a hybrid income.
“There’s basically no such thing as job security anymore, so we all have to build our own job security by having multiple streams of income,” said Palmer. “It’s all about leveraging the experience, the skills, the resources that you have.”
According to Palmer, it’s often a life-changing event like a layoff or becoming a parent that drives people to their side jobs. She urged people to be proactive and pursue their passion before they need the extra cash or stability.
Career consultant John O’Connor believes having multiple incomes is becoming the norm. He said it’s about more than an extra paycheck.
“It’s almost surprising when people tell me that they don’t,” said O’Connor. “The No. 1 benefit is peace of mind. You can sort of breathe easier at night. If worst came to worse, I have a backup.”
But before juggling jobs, O’Connor stressed the need to prioritize the position that’s paying the bills.
“If you’re smart, you’re going to say, ‘Look, I do owe loyalty, and I don’t want to create any waves.’ So you have to really plan how to do this without alerting or offending or creating a concern with your main gig that you’re doing this on the side,” said O’Connor.
Beach believes her side businesses make her better at her full-time job, but she does offer a word of cautionary advice.
“Make sure you’re doing what you need to in your full-time job, and then go for it,” said Beach. “It’s really rewarding to see something come to terms.”