But, what happens when a side hustle becomes too much? Is it okay to stop side hustling? Can you really just be a person with only one?paying job?
The answer is yes. Here are some reasons why a side hustle may not be worth the hassle.
It Doesn’t Pay Enough for Your Time
Depending on the type of hustle, you might not get paid enough to keep doing it.
For example, if you love crafts, so you decide to knit sweaters and sell them. By the time you add cost for yarn, and how much your time is worth, your sweater price jumps up. A lot!
Because you know it won?t sell at this price, you lower to what it will sell for. This puts your per hour costs in the single dollar range. At this point, it isn?t worth your time to try and turn this into a business.
It’s Physically or Mentally Exhausting
When you are stressed from a busy day at work, or with your kids, coming home to take on another exhausting project is not always worth it. If you are getting sick from the stress of your side hustle, it?s probably not worth the money it’s bringing in. Sometimes you have to say no and do what makes you stress free and healthy.
It Takes Away From Your Family Time
All work and no play makes for a not so fun personal life. Side hustles are generally supposed to help you get ahead financially, or find a fun, new thing to do. They aren?t there to pull you further away from your family.
Family is important and you really don?t have that much time with them. If you notice your side hustle is keeping you away from important family time, either take a break or consider if you really need this hustle.
It?Hurts Your Day Job Performance
A side hustle is just that, a hustle on the side. It?s secondary to your day job.
If your day job performance starts to slip, it won?t be good for you. You may even risk losing your main job! You might have to decide whether you stay at your day job or go full-time with your used-to-be side hustle.
In the end, it all comes down to this. If you are putting in more than what you are getting out of it, your side hustle may not worth the hassle. Your time is valuable. That?s why you get paid to do a job. But if your side hustle isn’t worth it, you shouldn’t continue. It’s ok to give yourself a break, you deserve one.
When did you decide your side hustle wasn’t worth the hassle? Did you stop?
The following is a contribution from my blogging friend, Jon.
When dealing with personal finances, there are only two ways to improve a bad situation. You can save money by cutting expenses or you can increase your income by earning more money. Most will only focus on one side of the equation and that tends to be saving money on monthly expenses. The problem with this is that you can only cut so much from your monthly expenses before you will need to focus on increasing your income. After all, you might be able to go without a car, but if you live somewhere that doesn’t have public transportation, your quality of life is going to suffer.
As a result, going without a car is not an expense you can realistically cut.
The problem with increasing your income is that many people are not sure how to increase their income so they don’t do it. The obvious options for increasing your income are to get a raise or work a second job. But what if you already earned a raise or don’t want to work a second job? Then what? Here are 6 overlooked ways to boost your income.
#1. Rent Out Your Car
If you own a car, then you have an asset. Your vehicle helps you get around and increases your mobility. While many will think of a car as just a personal asset, it can also help out others in need of transportation.
There is a growing trend of services that will allow you to rent out your car and earn money. Companies provide a marketplace where people wanting to rent a car can find one from someone willing to rent theirs out. Car owners that live in larger cities and don’t drive their car often can bring in an additional $250 on average per month.
When it comes to car insurance, you need not worry. Car insurance follows the driver and not the car. So for example, if I were to borrow your car and get into an accident, it would be my car insurance that pays for the damages, not yours. I realize that checking and verifying that potential renters of your car have insurance can be cumbersome. That is the nice thing about using a third party. For a small fee, they do the work for you of verifying things and even handle the back and forth in the case of an accident.
Of course, before you go this route, be sure to check with your car insurance provider anyways just to make sure your policy doesn’t have any limitations or exclusions that you may not be aware of.
#2. Rent Out Your Car
Become a cab driver. Thanks to technology, you don’t need to fork over hundreds of thousands of dollars for a medallion that most cab drivers are required to have. You can get a job for Lyft or Uber. You can choose to work the hours you want. Maybe you only want to drive people around on weekends? With either of these apps, you can do this and make some decent money on the side.
And since you are driving people around as a business, you should track your gas purchases, miles driven and maintenance so you can write them off on your taxes.
You might even do this on a short-term basis. Maybe there is a big event in town and many out of town people are visiting. You can just work during this period and earn a few bucks.
#3. Test Websites
Do you spend time online looking at websites or love to shop online? There are thousands of companies that get regular people to test out their websites in order to find issues or just to get general feedback. There are many opportunities each and every day for people to sign up to test a company’s website. You start out earning $10 per website and it takes about 15 minutes per test. If you can do one test a day, you can earn $300 per month.
The great thing about this option is that you don’t need an advanced degree to be able to test the websites. In most cases, you are just clicking on links and making sure you don’t encounter any errors or broken links. In the case of providing feedback, you just have to record your thoughts and opinions as you surf around a website.
#4. Sell Services on Fiverr
One of the most overlooked income generating opportunities is using Fiverr. While it is relatively new compared to other services, it has blown up in popularity. Fiverr is a marketplace where people can offer services starting at $5. When it first started, you could only charge $5 for your service, but the model has changed. You now can provide basic services for $5, but can offer add-on services for more money.
There are thousands of people looking for simple services each day. You might not think that you can offer a service, but check out Fiverr to see what people are offering (I was blown away at all of the various offerings).
Some people offer copy-writing, editing, drawings, design, video work, Facebook likes, back linking, and everything else under the sun. It would be relatively easy to come up with an idea that you can sell. If you can sell one service per day at the base price of $5, then you could bring in $150 per month. That is just one service sold per day. Bump it up to just 5 per day and you are making $750 extra each month.
#5. Running Errands
Do you know that most people hate running errands, but have no problem paying someone else to do it for them? While you might think it could be hard to find such jobs, the best place to go is on Craigslist. You can either promote your services or find people looking for an assistant. The pay will depend on what type of errands you run, but the need is definitely there.
If you aren’t comfortable with Craigslist, then do a Google search for errand runners in your local area. If you live in a well-populated area, you might find a local errand running service website where you can join to advertise your services.
As with the previous tip of driving for Uber, you should track miles driven and gas purchases so you can write these off of your taxes.
#6. Rent Out A Parking Spot
When someone lives in a prime real estate location or owns an awesome parking spot that is not being used, then they can make money renting out that location. Many homes that are near popular locations can rent out a spot in their driveway to people looking for easy parking. This is a popular type of service in small college towns along with large metropolitan areas. If you own a parking spot that you are not using, then it could be easy to rent it out to other drivers for easy monthly income.
I know of a few people that live near the professional football stadium in my city. They have a driveway and a nice sized front yard that they rent out for parking. The price is less than at the stadium, and an additional benefit is that you avoid the traffic jam at the end of the game. I usually see around 10 cars in their front yard/driveway during games. At $20 per car and 8 home games, that’s $1,600 over the course of a few months. And that doesn’t include any baseball, basketball, hockey games and concerts!
When looking for overlooked ways to boost your income, it’s important that you look outside the box. The caveat to this though is that you need to look for solid opportunities to produce income. It would be easy to make money illegally, but we both know it won’t last and odds are you will get in serious trouble!
Additionally, asking for and getting a raise is a great first step, but you can only earn so much from your job before needing a promotion. By diversifying your income to other areas, you not only increase the amount you earn, but you protect yourself with an additional income stream should your main job ever be lost.
Jon writes at Penny Thots, a personal finance blog whose goal is to improve your finances one day and one penny at a time.
The current economic climate has left a lot of people feeling a bit tight on their budgets. To some, this can only be a mild inconvenience that stops them from an occasional indulgence. To others, it can become a matter of survival.
While it is not unsound advice to encourage thriftiness and frugality for college students, this is not always an option. For those who need to throw hundreds of dollars on textbooks, it means passing down on good health care or a healthy meal.
These kind of situations can generate anxiety and stress for most college students ? which ends up affecting their academic performance.
Most college students are already juggling their education and one part- or full-time job to make ends meet. ?This, in itself, is quite remarkable, especially when you consider the huge academic loads they are also carrying. For this reason alone, it might be very hard for a student to take a second job, even if having an extra income would help their cause
Now, we all know that sacrifices must be made at some point in our lives to hopefully enjoy a better future. And, while these students are definitely investing in their future well-being, their present state should also be considered. Working yourself half-to-death for books and tuition could end up causing more harm than good in the long run.
This is why you should consider online tutoring to help you make ends meet and survive college.
Online Tutoring as a Way to Catch a Break
The good thing is, though, that college students possess two qualities that make them the perfect candidates to serve as online tutors: the knowledge they have acquired during their year in college and the experience of navigating the world that they acquired, well, since before they went on to college.
Also, chances are that most students have, at least, some informal teaching experience; whether it be from explaining something to a fellow classmate or an underclassman. And, even when this is lacking, they have first-hand experience being taught and have, for sure, determined which methods are more effective when it comes to transmitting knowledge.
What are the Advantages of Online Tutoring?
For college students, the most clear-cut advantage to online tutoring is the flexible schedule they?d be allowed to take. Since online tutors select their own working hours, they will never have to worry about their routines clashing. See, with online tutoring, the tutor gets to decide what times of the day will be devoted to the work. So, for days that are completely hectic, the student would have the freedom to simply not check-in to work. And, in the days of complete leisure, the student could choose to spend their entire day devoted to the work.
Another advantage is the freedom to choose which subjects to teach about. A student with a current major in Literature, for example, could teach English and Writing while a student with a major in Business Administration, could teach economics and finances. And, for those with multidisciplinary talents, could make their teaching experience as varied as they?d like because while the tutors can choose to specialize in their areas of interest, this does not limit their ability to take on other subjects.
Where to Settle In?
If you do decide to take on the task, there are different platforms available that will let you set up shop. The signup process is usually rather simple: register, create your profile, and set your rates. Now, depending on the platform the modality of teaching might change which is why I?d recommend you to go through as many in order to find your perfect fit. For first time tutors, the best options can be:
WizIQ offers various ways for you to handle your tutoring business. Here, you will be able to set up private classes or group lectures. You choose your hourly rates for both kind of lectures,
Studypool lets you handle tutoring on a Question and Answer basis. You bid to take control of a question and then get paid once you have answered. Notebank, a feature which allows you to upload your notes, and get paid by those who wish to buy them.
BuddySchool like WizIQ, lets you choose between personal and group lectures. It has its own grading system which students use to give you a score depending on your performance. The higher you score, the greater the amount of students coming your way will be.
Keep in mind that your attitude will be as important as your knowledge. Be kind with your student and, if you can, bask in the noble pursuit that is sharing information. This kind of job might not just fill your pockets but also your soul. Oh, and one more thing: Never forget to spend wisely.
Have you ever done any online tutoring? Did you consider online tutoring to make money in college?
Have you recently received a large raise? Congratulations! There is nothing quite like a bump in pay to keep you motivated as you move forward in your career. While there is more to work than just your salary, it is the major driver in keeping you focused on your long-term goals. Also, it is nice to know that your efforts are being appreciated ? and rewarded ? by your superiors.
However, along with that big salary increase comes some new responsibility. It is easy to waste money, so you might find that you are blowing through your newfound income quicker than you imagined. It is important that you understand how to manage your larger income so that you can make good decisions which position you for a successful future.
No Immediate Changes
Assuming you were successfully making ends meet at your previous salary, the best way to handle an increase in income is to to nothing at all. That?s right ? even though you are making more money, resist the temptation to spend that money on things you don?t need.
For the first month or two, simply put all of your ?extra? money into your savings account and let it sit there for a while. Most likely, you will enjoy the feeling of putting your money away for later, and you will likely continue this habit on into the future instead of giving in to lifestyle inflation.
Of course, you don?t have to save all of your money, as it is acceptable to spend some of it on certain things you want or need. One example of this kind of purchase would be a new car. Even if your current car is still running, you may decide that you can now afford to upgrade your wheels without denting your budget too severely.
Before making this kind of purchase, do all of the necessary math and make sure you will still be well within your comfort zone in terms of a monthly budget. Also, this may be a good time to use some of that saved up money to make a large down payment which can cut the amount of interest you wind up paying on the purchase as a whole.
Nothing is Forever
Don?t make the mistake of thinking that you are guaranteed to make this much money for the rest of your career without interruption. Things will eventually change as businesses go through hard times, and people lose their jobs on occasion. It is important to keep the real world in perspective even in the face of success, so you can position yourself properly for the future.
Put away as much money as possible while still living a comfortable lifestyle so you will be able to take care of yourself and your family even if your career doesn?t exactly follow the path that you had expected. With the right attitude and a smart savings plan, you should be able to parlay your new salary into a secure financial future.
When’s the last time you got a large salary increase? Did you give in to lifestyle inflation??How could you use a salary increase to get ahead financially?
When thinking about how you can earn some extra money in order to make ends meet each month, you might run into one specific problem quite quickly ? a lack of marketable skills. That isn?t to say that you don?t have any skills, but you are probably already using the skills you do have in your regular job. If you would like to pick up some side work in order to pad your income, you may find it tough to identify things that would be a good fit.
Not to worry ? you don?t have to have any incredible skills to pick up some side income in the near future. Consider the following four possibilities.
If you are in good physical condition, you could look into the possibility of picking up a part-time manual labor job to help pay some bills. Since you will only be doing this work part-time, you shouldn?t have to worry about your body wearing down as it might if you were doing this kind of work on a day-in, day-out basis.
Of course, many manual labor jobs require some specific skills of their own, so make sure you will be capable of completing all tasks that are required of you.
Local Yard Work
It doesn?t take much skill to do things like mow lawns and pull weeds, yet nearly every neighborhood across the country has work like that which needs to be completed. Start by asking your neighbors if they would be interested in some help with their yard work for a small fee.
If you do a good job, you will probably get more and more requests from others around the neighborhood to work on their yards as well. In addition to making extra money, you might find that you enjoy spending time outside working on these side jobs.
The freelance economy has exploded in recent years, and you may be able to carve out a little piece of the action for yourself. Even if you don?t have a specific skill such as graphic design or writing, you could find jobs completing basic computer tasks such as research or data entry.
As long as you know your way around the standard functions of a computer, there is likely work out there that you could complete with ease. Even if you feel like you don’t have many technical skills you can still make money online in your free time with no skill at all. You won’t get rich quick, but survey sites can be a great way to make a little extra money in your spare time. Some of the best survey sites are Swagbucks,?Harris Poll, Reward TV,?Opinion Outpost?and ProOpinion.
Do you have an assortment of old possessions around the house that you would like to move out? Most people do ? yet they just allow that stuff to sit around year after year. Instead of letting clutter take up the space in your home, try selling them online to turn that ?junk? into some cash.
The amount of money that can be raised with this method will depend on what it is you own and wish to sell, but most people can turn this approach into at least a little bit of money. In the end, you will be left with more money in your pocket and less junk in your house ? a win-win situation!
Have you used any of these methods to make extra money? How else can you make extra money?