What to Consider When Considering a Side Hustle
You already know millions of Americans are newly unemployed, with likely millions more to follow. So do most of the finance blogs out there, whose most common topic is what to do if newly unemployed. Out of these posts, there was one surprising nugget of advice I kept seeing repeated: start a side hustle to help tide you over. Besides filing for unemployment and saving money from not going out, there’s a lot of advocates out there for taking on some kind of part-time work. There’s also predictions that this economy will make side hustles more common than ever before.
It’s an interesting line of thinking; there’s a few things with considering a side hustle and it it’s in the cards for you. Speaking as someone who did have a side hustle, money alone really shouldn’t be the reason behind a second job. Can it the primary reason? Sure. The only reason? No. There’s some other aspects you need to consider before buckling in for more.
The Time and Energy Sink
You’re going to sacrifice time and energy, at minimum, to dedicate to this side hustle. There are a lot of side hustles out there that don’t demand a huge time commitment or back-breaking labor, but it could wring more from you than you realize. For example, some of my gigs required me to drive three hours both ways to reach my job site. If the gig lasts for 4-6 hours, that’s just made my shift stretch to 10 hours minimum. And while helping out at weddings and parties was admittedly a swanky job, this wouldn’t have been a match if I suffered from social anxiety or didn’t have the energy to stay upbeat.
In the time of coronavirus, there’s the additional health concerns to think about. If you become a grocery clerk, Uber driver, or delivery guy you could expose yourself to illness with every interaction. And getting sick, even when it’s not a severe case, will impact you a lot more.
Does the Pay Justify the Opportunity Cost?
Some of the most widespread side hustles are those with well-known companies propped up around them. Dog walkers, babysitters, and cheap room or car rentals are all accessible via apps like Rover and Turo. It’s not the ease of access that’s the issue, but more of what it costs to get that extra cash. I had to give up my weekends to go out and work in my slacks and button-downs, which was the worst during summer outdoor parties. My feet would hurt after running back and forth between the kitchen, prep area, dining area, and cleanup station. I very rarely had a day off, and even during those days I worried about if I could really afford to take it. There are definitely things you should never sacrifice for extra money, and you need to consider what you’re missing out on by taking this on.
Extra Perks Beyond the Paycheck
For my old side hustle I also got a ton of leftover gourmet food and to hang out with great people, all in happy atmospheres doing work I didn’t mind completing. It also didn’t leave me feeling sour or exhausted at the end of a shift; I almost always left feeling good about what I did, which was huge for sticking with it. Being on-call got me nothing but a paycheck if I wasn’t actually called in, which was okay. It wasn’t actually as great because I was missing out on the extras I mentioned before.
The best side hustle is one you get more out of. If you love dogs, dog walking gives you that extra perk of a ton of love along with the good exercise. If you like sewing, it gives you that creativity kick and pride in your work. See what you’ll get out of it other than the money; it makes a night and day difference for how long you’re happy doing it.
Are you considering a side hustle or do you already have one? Does it seem worth it to continue?