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Why You Shouldn’t Get a Side Hustle

Jordan Bishop • July 30, 2024

36% of U.S. adults say they have a side hustle, and the numbers are probably even higher among those who have fallen into entrepreneur TikTok.¹ It’s easy to feel pressured to jump on the bandwagon.

Before you dive into that second (or third) gig, let’s pump the brakes and consider why a side hustle may not necessarily be the golden ticket you think it is.

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Burnout is your worst enemy

Picture this: you’ve just finished a tough 9-to-5, and now you’re gearing up for hours of additional work. Sounds exhausting, right? That’s because it is.

Consistent work without adequate rest is a recipe for burnout, which usually feels like exhaustion and stress.

Your mind and body need downtime to recharge, so aim to find a work-life balance that will help you avoid that stress. Pushing yourself too hard can lead to fatigue, anxiety, and even chronic health issues.

Jack of all trades, master of none

When you spread yourself thin across multiple jobs, your focus, energy, and abilities become divided. Your main career may also suffer for the same reason, which is definitely something you want to avoid. Success often comes from honing your skills in a specific area, not juggling multiple mediocre performances.

Financial reality check

Sure, everyone loves extra cash, but let’s crunch the numbers.

After factoring in taxes, expenses, and the value of your time, make sure your side gig is lucrative enough to justify it.

Don’t forget to consider the potential costs of equipment, marketing, or additional childcare. Sometimes, the juice isn’t worth the squeeze.

Quality of life: the hidden cost

Time is our most precious resource, and a side hustle can eat into the hours you’d normally spend with family and friends, or simply relaxing. Ask yourself: is the potential financial gain worth missing out on some memories?

If you do want to pursue a side hustle, make the effort to proactively schedule hangouts with friends or activities with your family.

Conflicts with your day job

Many employers have policies about outside work, and some side hustles could put you in a sticky situation.

Competing with your employer or using company resources for personal gain are obvious no-nos, but even seemingly unrelated gigs can cause issues if they affect your performance or availability at your day job.

When a side hustle makes sense

Now, we love a good side hustle. We’re not saying the default is “no!” Side hustles can be the right choice when:

  • Exploring a passion project
  • Developing new skills
  • Transitioning to a new career
  • Generating extra income for a specific savings goal

Be realistic about your motivations and the potential impact on your life.

Side hustles aren't for everyone

It’s okay to say no to the side hustle. Your worth isn’t determined by how many jobs you juggle or how busy you appear. Sometimes, the smartest financial move is to invest in yourself, whether that’s through further education, networking, or simply taking care of your well-being.

Before you leap into a side hustle, take a hard look at your goals, your current job satisfaction, and your work-life balance. You might find that focusing on excelling in your main career or negotiating a raise could be more beneficial than burning the candle at both ends.

Remember, there’s no one-size-fits-all approach to financial success. It’s perfectly fine – and often wise – to prioritize your time, energy, and peace of mind over the allure of a side hustle. Your future self might thank you for it.

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  • 50,000+ fee-free ATMs~
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