Is a Side Hustle Worth Your Time?

Having a side hustle is gaining popularity. 45% of working Americans have reported to having a side hustle. They do so for many reasons, oftentimes, because they can’t make ends meet. Whatever inspired you to consider having a side hustle, this article will give you a guideline to find what works best for you personally.

I’ve had at least 5 different side hustles in 2020. Reason being that ever since I finished school, I’ve wanted to do so many things. I’m a big believer of “A jack of all trades is a master of none, but oftentimes better than a master of one.” (Yes, that is actually the full quote). My passions are diverse, I love learning and experimenting with different jobs and gaining experience in varying areas. Below are the tips have helped me to bring the most out of my side hustles.

Taxes

You have to consider that you will have to pay taxes from your side hustle. Although, it depends a lot on where you live and your situation. Don’t forget to do your own research and get help from a tax professional since it can get quite complicated.

Once you have your information, it’s time to calculate. Let’s do so with some examples. If you earn $1000 USD a week from your primary job, and each weekend you earn an extra $100 USD, then you gain a 10% increase from your side hustle. However, in the U.S., when you get a raise in your primary job then your taxes will go at higher rates directly to the added income. Therefore, if you earn $2000 USD a week and an extra $100 USD from your side hustle, minus taxes, then it will be less than a 5% increase to your general income. In that case, you would need to ask yourself if your side hustle is worth it.

Skills

If your career goals are more so focused on your main job, then a side hustle could be nothing more than a distraction. Your side hustle needs to have some kind of purpose that will help you better your skills to reach your main goals. Or better yet, if you plan to replace your main job with your side hustle, then it is clearly worth your time.

Let me give you an example. My main job is front-end web development, and one of my side hustles has been doing UI design and web illustrations. They are both related, and I know having a good eye for design will help me improve my coding and vice versa.

Passion

If you’re going to work on your free time, then you have to find something that actually fulfills you so that it motivates you even when it starts getting difficult to stay committed. Think of it as making money from your hobby. Do you enjoy making crafting? You could sell your work on Etsy. I love art, and one of my side hustles is creating minimalist portraits of people. It has been as easy as setting up an Instagram account for it, promoting it a little and I was already getting commissions done. I know that if I were not getting paid for it, I would still be doing it.

Mental Health

Hustle culture is now becoming the norm, and it is unhealthy. Overworking can kill you. Not only that, but in the end it’s not productive because you lose focus of what’s important. With a side hustle it can be easy to drive yourself to burn-out. It has happened to me, and I use it as a reminder to take it easy and only choose to do the things I absolutely want to do. If you’re emotionally exhausted it can be difficult to be productive on both jobs, meaning, your primary job could be affected by your side hustle.

Take a look at your situation, your lifestyle, and your emotional needs and wants. Does a side hustle fit into your life, without it taking too much from you? How can you plan it in a way to make it as efficient as possible? If you decide to have a side hustle, make sure to practice self-care routinely, and learn not to push yourself too far..