From glitzy influencers to armchair authors, side hustles offer a side stream of income and the option to cultivate a passion into a profit-making venture without waving bye to the stability of a full-time job.
With mounting (student) debt, increasing housing costs, fewer full-time permanent positions, and lagging wage growth, people are turning to other revenue-generating streams in big numbers to even the playing field (or simply, to get themselves onto it). But is saying you have more than one job really worth it though? Rarely, it turns out.
5. The hours are long and monopolize other areas
You only have 24 hours in a day, and side hustles by their nature need to exist outside your regular 9-to-5. This means that any time invested in your side hustle comes at the cost of your time to restore and reset for the next workday,
To bond with family friends, or to pursue other activities you find enjoyable. The side hustle may even creep into your actual workday, jeopardizing your full-time job too.
4. Making a profit from your passion is killing it
Whether it be baking, knitting, photography, crafts, or anything else you’re hoping to develop into a side hustle, once you add other components of a business such as accounting, or marketing, you may find the joy you initially got from your hobby diminishes quickly.
3. The financial benefits aren’t adding up either
For this reason, adding a new way to earn cash may seem appealing, but not all platforms are created equal, and side hustles may come with hidden and unexpected costs.
Upfront investments could also take a longer time to recoup than you expected, be it a camera, vehicle investments, or other material costs. Lastly, not only do side hustlers underestimate how much side hustles will cost them, but they also routinely overestimate the amount they will be raking in when it’s all said and done.
2. Reality isn’t living up to the dream
We hear of overnight success stories who made billions from the comfort of their living rooms…And IG and other social posts certainly make these self-made entrepreneurs look glitzy and glamorous. This idealized version of reality seems only a few simple clicks away. Sadly, side hustles are seldom glamorous.
Many hustles are merely pyramid schemes thinly disguised as multi-level marketing, and there’s nothing glamorous about being taken advantage of to pad an opportunist’s pockets. We also seldom hear of all the would-be hustlers who tried and failed. This group would far outnumber the seeming success stories.
1. The pressure is real
With the potential for side hustles and more flexible platforms that allow us to work from anywhere, anytime, there is the mistaken belief that everyone should or could be doing more, all the time.
While before having more than one job was seen as a measure of financial insecurity, today we idealize side hustles as aspirational and celebrate side hustlers as entrepreneurial innovators. This always-on mentality is draining, at the very least and could lead to serious burnout.