Comments on: Side hustles and second jobs – are they even worth it?

By: Joel

Joel — Sat, 05 Feb 2022 16:59:45 +0000

In reply to Small Budget Retirement. Maybe after you hit FI you could start up photography again and offer your services for free (but only to people that can't afford big weddings)? Could be a good way to renew your hobby, help others, and have some fun in the process? just a thought! Congrats on your NW increases for 2020 and 2021!!!! I checked out your blog and love that you are documenting your journey! Have a great weekend :)

By: Small Budget Retirement

Small Budget Retirement — Sat, 05 Feb 2022 05:24:21 +0000

Great post. I agree with you and the side hustles. Sometimes it can even kill your passion if that’s what you’re doing as side hustle.
I used to do wedding photography on the side and i gave it up. People want to hire you to shoot the engagement, a 12 hour event, an album, a house and the divorce for $500.
Thanks for sharing those numbers. The first time I heard about NW was on this blog. At that time, it seemed to me unreal the idea of individuals like me even thinking about net worth; like that was reserved for just rich people. My credit cards were in the red, plus a student loan and all that.
After becoming financially literate and working on my numbers for very few years I ust can’t believe what a difference it makes when you pay attention to your NW.
We need these stories in front more people.

By: Joel

Joel — Wed, 02 Feb 2022 15:23:28 +0000

In reply to KL. So happy to hear that you love what you do and have opportunity for advancement. Sounds like you've already got the best of both worlds, so there's definitely no point in hustling on something you don't enjoy!

By: KL

KL — Wed, 02 Feb 2022 07:12:20 +0000

Side hustles are good for people who enjoy them, don’t care about their job, have limited income or income growth potential or feel their main job is precarious. I’ve been left cold by the side hustle culture though – never seen the appeal.

To illustrate my point of view, I’m working in an very well paid job in a domain I really like with both potential to advancement and pay raises. I make enough that a few percentage point raise will trump pretty much any side hustle I could come up with. Moreover, spending that little extra time in advancing my skills related to my job instead of dog-walking will have even better chance of higher pay (so I guess you could call that a job-hustle?). It also increases my overall skills and marketability, plus I find it fun.

I do own investment properties and in fact also have a company on the side, just currently not spending much time on it. (The side company does exactly the same stuff I do at my day job.) But I guess from my point of view almost any side hustles are jobs I’d hate – I don’t want to walk dogs, I would never want to work in customer service, I cringe at the thought of being and Uber driver or grocery delivery person and I most certainly don’t want to start monetizing social media.

I think people need to find stuff they like to do, whether it’s writing stuff on the internet, doing a “day job” in a domain that they find interesting, or walking dogs. But I don’t really see side hustles to be for me – unless you count that one day I might go out freelancing, in which case I’d just ramp up that side company of mine. (So I guess I’m inadvertedly anyway counted in the side hustle gang?)

By: Joel

Joel — Tue, 01 Feb 2022 23:10:25 +0000

In reply to IF – Impersonal Finances.

The thrill of making a sneaky profit… I know it well! Sometimes I waste 2-3 hours flipping something for a $40 profit. Definitely not worth my time, but I just love doing it for funsies!

By: IF - Impersonal Finances

IF - Impersonal Finances — Tue, 01 Feb 2022 22:34:28 +0000

Very much depends on the gig, for sure. I know people can make money messing around with various apps or filling out surveys, but to me those are zero enjoyment activities that bring little in return. I try to avoid time sucks like that, but am open to

Something in my personality just likes to find arbitrage opportunities and feel like I got one over on… someone. Not sure who. Maybe flipping houses is the final boss stage of this trait.

And you’re being polite on MLMs haha.

By: Joel

Joel — Tue, 01 Feb 2022 20:26:15 +0000

In reply to Olaf, the Mile High Finance Guy. Interesting thought! I actually know a ton of busy parents that want a side hustle to keep the distracted, relaxed, and give them something else to focus on rather than just the family. Depending on the activity, it can be a needed break.

By: Joel

Joel — Tue, 01 Feb 2022 20:18:28 +0000

In reply to Accidentally Retired. We are very like-minded, AR... That's why I enjoy reading your blog too! It's more about the happiness and enjoying the time vs. extra money.

By: Olaf, the Mile High Finance Guy

Olaf, the Mile High Finance Guy — Tue, 01 Feb 2022 19:29:15 +0000

I wonder if there is a correlation between side hustles and being childless, Joel? I would assume that those who are single or married, but without kids, have more time to devote to side hustles. Furthermore, once you have kids, I would assume that the trade off of time for extra money increases greatly, since you want to see them grow up. What do you think?

By: Accidentally Retired

Accidentally Retired — Tue, 01 Feb 2022 17:16:28 +0000

I agree with where you landed. Obviously “it depends” is the answer the question, but I don’t think you can go wrong with pursuing your passion as a side hustle. If it makes money, great, if not, no biggie.

Really, this is exactly how I managed to turn my side hustles into selling two businesses. I started small, and good things happened. But even if nothing had happened, I loved what I was doing at the time, and that is really the key. If you are doing something you won’t regret, then it is worth it. If you already regret what you are missing out on in the moment, then I would ditch that side hustle!