Definition

A part-time job or gig that you do in addition to your regular job to earn extra income.

What to consider

  • Know the contribution limits and how they compare to other plans.
  • Consider the ease of administration for both you and your employer.
  • Review the plan details to avoid unexpected penalties.

Real world scenarios

  • To pay off her student loans faster, Emma started a side hustle as a rideshare driver, earning extra income during evenings and weekends.

Related terms

Reviewing: Entrepreneurial Finances (98 of 100)
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