Side hustles have a purpose and a place in our lives. They can be significant outlets for fun and for our pockets. My problem with side hustles is that they are pitched to us as these catchall opportunities that will somehow multiply our savings, preserve our free time and bring us fulfillment. I’ve seen so many women attach a whole lotta hope to the idea of a side hustle (me included), only to learn that its promises are not so easy to realize.
To make a lot of money in a sustainable way while not giving away all of our time, we need to have a clear talent or skill that is highly valued by someone willing to pay us. If we’ve invested all of our education and training in our careers, and not in a side hustle, then cultivating a talent or skill and getting others to value it is going to take a ton of time and risks costing us a lot more money than it promises to yield.
https://unsplash.com/@kellysikkema Tax forms, calculator, and coffee neatly organized on a table top
I’m not saying you shouldn’t look to diversify your income but I do think you should do some serious research and simple arithmetic to decide whether accepting a new side hustle opportunity is going to be more trouble than it’s worth. Here’s my method of assessing the true value of a side hustle. Consider:
How much time (hours per week) will this new gig demand of me? (Include travel, research, prep, and training time.)
What are costs that I will incur weekly to do this gig? (Child care, gas money, uniform, etc.)
How much money will I realistically bring home every week?
How much money am I really going to make through this new gig? (Divide your answer to question 3 by your answer to question 1. Then subtract your answer to question 2.)
Is this still a desirable gig to take on?
Only you can know and decide what’s worth your time. I just want to make sure that you are valuing your time for what it’s really worth and not committing beyond your means to something that is more likely to produce burnout than cash.