Side Hustles
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I Asked ChatGPT the Side Hustles Not Worth the Effort in 2026: Here’s What It Said
Yahoo Finance· 2026-02-04 15:00
Most people pick up a side hustle in hopes of earning some extra cash, but they want it to be worth their time. After all, a side hustle is something you do on the side after your main job. To help narrow down the options, I asked ChatGPT which side hustles are not worth the effort in 2026. These five came up as the least likely to pay off. Rideshare Driving Rideshare driving is easy to start, but the operating costs are a problem, ChatGPT said. Drivers pay for fuel, maintenance, depreciation, insuran ...
The IRS is cracking down on a type of income earned by millions of people. Here's how to prevent a letter from Uncle Sam
Yahoo Finance· 2026-02-02 12:15
Group 1 - The IRS is intensifying its scrutiny on side income, with approximately 27% of American workers engaged in side hustles by 2025, although the median income from these gigs is only $200 per month [1] - The modernization of the IRS, funded by the Inflation Reduction Act of 2022, has enabled the agency to utilize advanced data analytics and AI tools for tracking income [2] - The IRS defines "gig work" broadly, encompassing earnings from ride-sharing, property rentals, online sales, errands, and freelance services [3] Group 2 - Any side income exceeding $400 annually must be reported to the IRS, which has various methods to track unreported income [3][4] - Third-party vendors and corporations are required to report payments made for gig work, with companies like Airbnb and Uber confirming this obligation [4] - Banking institutions report direct payments to accounts, while peer-to-peer payment processors like Venmo and PayPal must report accounts with over 200 transactions and $20,000 in net transaction value within a tax year [5]
Ex-Meta employee now scoops ice cream to stay afloat. How side gigs are saving professionals frozen out of job market
Yahoo Finance· 2026-01-11 14:00
Labor Market Trends - The labor market has seen reduced fluidity, with 75% of Americans planning to stay in their current roles until at least 2027, primarily for comfort and security rather than job satisfaction [1][6] - Job cuts in 2025 exceeded 1.2 million, with the technology sector experiencing the highest layoffs at 154,445 [2][6] - The unemployment rate reached 4.6% in November 2025, the highest since September 2021, indicating instability in the labor market, especially in tech [2][6] Side Hustles and Financial Strategies - A survey revealed that 45% of Americans have at least one side hustle, with 34.2% relying on this extra income to cover essential living expenses [7][9] - Side hustles provide not only financial relief but also a sense of community and purpose, which is crucial for mental well-being during unemployment [9][10] - Side gigs are viewed as temporary solutions rather than long-term career paths, often leading to burnout if not managed properly [10][14] Financial Management - It is recommended to use side hustle income strategically, such as paying down high-interest debt or building an emergency fund [11][12] - For those in a better financial position, side hustle earnings can be invested in long-term opportunities or professional development [13] - Setting clear earnings goals and regularly reassessing the value of side gigs is essential to avoid burnout and ensure alignment with broader financial objectives [14]
Prof G shares reliable path to getting rich in America, says his dad earns $52K/year and is already there
Yahoo Finance· 2025-12-28 18:45
Core Insights - Scott Galloway defines being "rich" as having passive income that exceeds expenses, suggesting that financial freedom is a more accurate measure of wealth than income alone [1][2] Group 1: Definition of Wealth - Galloway's father earns approximately $52,000 annually from various sources, including a pension and rental income, while spending $48,000, illustrating the concept of wealth through passive income [2] - Galloway argues that many high-income individuals may not be truly wealthy if their lifestyles exceed their income [1] Group 2: Steps to Financial Freedom - Galloway proposes a three-step process to achieve financial freedom, emphasizing the importance of focus [3] - He criticizes the trend of side hustles, suggesting that individuals should concentrate on excelling in their primary job to become top performers in their field [4] - Galloway highlights the significance of understanding controllable factors in wealth management, such as spending and investing in low-cost ETFs and index funds [5]