If you're reading this, I'm earning money. Thanks for helping to feed my family. Please see our disclosure for more information. Also, any advice provided is for informational purposes only. I'm not a CPA, lawyer, or doctor, although my parents wanted me to be all three. So, talk to a professional before acting on anything you read below.
The cost of living is increasing year on year. Many families are feeling the pinch and finding that the cost is unsustainable for a variety of reasons.
So it's no wonder that more people than ever before are looking at a way to earn more money in a flexible and most importantly sustainable way. As wage growth continues to flag, taking on a second job may seem like a good idea but working 80 hours plus a week is unsustainable for many people in the long term, not to mention can wreak havoc with your health in the long run. It’s easy to think that you will be making huge amounts of extra money from your side-gig, sometimes enough to quit the 9-5 and make your hobby a full-time gig. However, this sometimes is not the case! Here we've outlined a few myths when it comes to chasing your side hustle.
The notion of ‘being your own boss’, is having something of a moment. Of course, there are plenty of advantages of bringing in extra cash at the end of the month. From saving for a big purchase more quickly to clearing your debts in lightning speed, it definitely looks like a great idea from the outset. However, a side-hustle can mean a whole lot more stress and can take chunks out of your free time. If you’re content in your current role and honestly feel that you earn enough to mean that you feel financially secure then adding another job may not be for you. Unless your dreams of entrepreneurship are where your heart truly lies, the extra time, money and stress working another job may bring may just not be worth the investment. There's nothing wrong with working hard and progressing in your career within a company, the traditional way.
As mentioned acquiring an additional income can make it easier to chip away at your student loans or to save up for an expensive purchase, like a house. But the thing about having a side job is that new entrepreneurs often underestimate the sheer amount of they’ll actually be bringing in and how much it will cost in the initial set-up and then the expenses to keep your business running and out of the red. For example, Uber and Viavan drivers, need to pay for car maintenance, passenger insurance and fuel to be able to use the platform. Other gig platforms like Ubereats and Deliveroo also have hidden start-up costs and expenses, not to mention the commission rates that can be as high as 25% for some companies. Make sure you’re aware of these fees before calculating your final earnings to avoid disappointment when your paycheck arrives.
One in five side-jobbers admits to working on their part-time job while at their main place of work. Sometimes even with the best intentions, it is possible to find aspects of your side-job creeping into your main one. From answering a quick business email or arranging deliveries and logistics, it means that you are pulling yourself thin when it comes to your overall productiveness. Of course, this lack of productiveness can have a detrimental impact on your performance at your day job and you may find yourself in trouble and putting your full-time job at risk. So be sure to set aside some time to make sure you can tackle both workloads properly. Be sure to check your employee handbook or ask HR to be sure if there are any restrictions to the type of work you can do outside of work, especially as depending on what you're doing it may count as a conflict of interest. In some cases, if you are caught moonlighting, you may be dismissed on the spot. In this case, you are still entitled to any money you have accrued and if your employers refuse to give it to you, you may be entitled to sue them for wage theft.
For many of us, our side hustle grew out of a hobby that we truly enjoyed. However, once your cooking or designing or singing hobby becomes a business model, it can be difficult to maintain such a passionate stance. It can become a burden and a responsibility which is not what having a hobby should be about! It’s perfectly fine to have a hobby and it doesn't need to be your life's work.
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