Over the past few years I have been trying to get a side-hustle to supplement my income. Not that I need it but I find that a second stream of income appealing and after reading so many great “success” stories I say to myself “why not?”
If you are reading this you are probably questioning the success rate of a side-hustle or you are interested in jumping on the bandwagon. Who is not interested in earning extra cash beside their full-time jobs? Well, today I’m going to tell you that not all side-hustle are successful. Some people were able to make a good amount of money from side-hustles and I do not question the validity of these claims.
A few months ago I read this article that claims some side gigs can make you richer than a full-time job. I immediately click on the link and start reading every words. As I was reading the first job it listed, I started to question if the writer who wrote this was insane.
I work professionally in a bank and I can tell you that the article would not apply to me because no matter which side-hustle that I want to do would not make me richer than my current full-time job. Let’s de-bunk some of the claims.
The definition of a side-hustle refers to a job that you take on on the side. Usually it is for full-timers already have a job and is interested in doing extra work to earn extra income. Unfortunately there are only so many hours in a day and usually the work hours are in the day. So for full-timers like me in order to have a side gig I have to commit to a second job after 5 PM. That is not going to happen because by the end of the day after by banking job I get too tired to do anything else. As a husband and a father, I would rather use the free time to connect with my family than strangers.
Understandably that people may have been more successful than others when it comes to second gig. However, in order to be successful you need to have enough clients to make the extra income. Let use online tutor as an example, you will need to have enough students to attend your class in order for you to be successful. That is easier to say than to actually make it happen. If you are thinking about that job, there are already hundreds of people in front of you already doing the same thing.
Subject Matter Expertise (SME)
If you read the article that I refer to some of the jobs require certain expertise in order to earn that rate. Let’s take one of the jobs listed as an example, a bookkeeper or an online instructor, how many of us can claim that we are a bookkeeper or great online instructor? We can fake it but sooner or later we would get caught and lose the credibility. I am quite handy when it comes to fixing certain things around my house; however, I will never be able to claim that I am a certified plumber or electrician.
Who wouldn’t want to be rich one day. Unfortunately, all the side-hustles that the internet is listing may never lead to immediate wealth. We need to take all these advise as a grain of salt because while some jobs may help some gain some extra income but I can tell you that for the majority of us they are just wishful thinking.