Determining the Worth of a Side Hustle

Since my teenage years, like many adults wary of financial uncertainty, I’ve delved into various online side hustles. One of my lengthiest endeavors involved editing graduate school applications in my mid-20s.

While it was more convenient than babysitting (I could do it in my pajamas), it demanded significant effort—I often woke up at 5 a.m. to revise poorly punctuated personal essays before transitioning to my day job in editing.

However, the income from this venture—roughly a few hundred dollars every fall, coinciding with application deadlines—ultimately didn’t justify the time invested.

More recently, the allure of online earning “easy” or “passive” income has surged. Influencers on platforms like TikTok tout the potential to make substantial amounts effortlessly. However, amidst the hype lies a reality check.

While digital side hustles offer low entry barriers, the competition is fierce. Success stories abound, but they overshadow the countless individuals striving for similar outcomes with far less return, if any.

A friend, a graphic designer, attempted to supplement her income by selling templates and printed products online. However, despite her efforts, she needed help to gain visibility among potential customers.

Another acquaintance tried selling foot photos online, inspired by inflated claims of high earnings, only to face disappointment and financial loss.

Nevertheless, numerous digital avenues exist for those willing to explore. From online coaching to podcasting, opportunities abound. To navigate this landscape effectively, financial educator Melissa Jean-Baptiste offers some valuable insights.

  1. Capitalize on existing skills.
    Jean-Baptiste emphasizes leveraging skills you already possess. After exhausting herself with various side gigs alongside a full-time teaching job, she found success by selling her lesson plans online. She advises identifying five skills you regularly use and enjoy, exploring their monetization potential, and investing time into experimentation.
  2. Consider timing and audience building.
    As Jean-Baptiste experienced with her YouTube channel, building a profitable audience requires patience. While some achieve rapid success, most face a gradual journey. Additionally, relying solely on audience-generated income carries risks due to algorithm changes and fluctuating earnings.
  3. Prioritize immediate cash needs.
    Jean-Baptiste suggests platforms like LiveOps, offering short-term virtual jobs for those requiring quick cash. Alternatively, traditional hands-on side hustles, such as dog-walking or Instacart deliveries, provide immediate income opportunities. Focus groups can also offer supplementary income with minimal time investment.

Ultimately, only some aspects of life are monetizable, and pursuing excessive side hustles can lead to burnout. Jean-Baptiste advises against overcommitment, recommending a focused approach to side hustle exploration. Balancing time and energy between primary employment and side ventures is crucial for sustainable success.

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