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Should I tell my boss about my side hustle?

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I have worked with this company for 5 years and my boss is pretty cool.  We talk alot and sometimes we have lunch together.  He is only a few years older than me and we have many of the same interest.  He doesn’t come down on me when I make mistakes or if I receive a bad customer review.  Recently I got a new freelance side gig, and I would like to tell him about it when we go to lunch.  One of my other friends don’t think it’s a good idea, he said the company may feel that the side gig will interfere with my work whether it’s true or not.  

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