Demystifying the Glamour of the Side Hustle
Taking on a second job and calling it a side hustle has become a popular trend. People take on second jobs for two main reasons: to earn more money or turn their hobby into a moneymaker.
Side hustles aren’t all they are cracked up to be. Starting up a business is costly and time-consuming. You can also lose the passion you have for your hobby.
What Is a Side Hustle?
The term side hustle describes a second job or business venture. In the past few years, the terms “side hustle” and “goal digger” became popular, making a second job sound more appealing and trendy. An example would be taking a hobby and creating income.
The Allure of the Gig Economy
You may go into a side hustle thinking it will be a way to make money and express your entrepreneurial side. Unfortunately, many companies that advertise side hustles want you to believe in the freedom of making money on your own terms.
However, most people take on second jobs because they need to pay bills or increase their savings. The economic effects of the coronavirus impacted millions of people. As the resurgences of COVID-19 occur, you may begin to feel anxiety or depression deepen due to financial burdens or unstable income. The lack of stability coupled with rising debt is, according to Debt.org, a driving factor for people to find side hustles.
Debt, Mental Health, and Side Hustles
The Money and Mental Health Policy Institute found money and mental health are intertwined. Take an inventory of your debt and how it affects your mental or physical health. For example, a study published in the Psychology of Science reported those with unemployment and debt were more likely to buy over-the-counter painkillers than those who were financially secure.
The use of alcohol or drugs to dull anxiety or depression isn’t uncommon. Unfortunately, you can get caught in a vicious cycle of using a substance to avoid your emotions.
Can You Solve Your Money Problems?
You can bring in extra money to decrease your debt, but you could also spend more than you plan on in monthly expenses. For example, if you choose to become a rideshare driver, you need to deduct your costs from your earnings. You will have to buy gas, pay for car maintenance, and insurance for being a rideshare driver.
Why is this important for you to know? The average business spends approximately $16,000 their first year after startup. Without comprehensive planning, this setback could be detrimental to a person’s finances, and consequently, mental health.
Perhaps you use a platform to build your side business. Many of these platforms take a percentage of your pay for themselves. Among other things, you will also need to factor in taxes, travel, and shipping costs.
You Won’t Jeopardize Your Full-time Job
Side hustles can jeopardize your full-time job. Roughly 20 percent of people work a part-time job while they are at their full-time job. They may intend to keep each job separate, but the overlap can ruin the routine. Whether it’s answering emails or texts, the time spent doing these tasks is time away from the other job.
Check your full-time job’s policy on part-time work. Make an appointment and talk with someone in human resources to find out if side hustle restrictions exist. Your company can have strict rules and may consider some part-time jobs a conflict of interest,
You Can Make a Profit From Your Passion
The dream of creating income from your passion is a solid incentive for starting a side hustle. However, the joy you find in baking, painting, or other creative activities can become a chore over time. Now that you made it into a business, you are also responsible for knowing and following state and local regulations. You will also be in charge of all departments such as marketing, accounting, invoicing, and shipping if required.
Do You Need a Side Hustle?
One myth is everyone needs or should have a side hustle. The risk of damaging your mental or physical well-being is something to keep at the forefront. Do you have coping techniques that will protect you from mental health or substance abuse issues? One way of preventing anxiety, depression, or substance abuse is to engage in group or individual therapy.
There are advantages to making money on the side, but the disadvantages are risky. A side hustle means you are losing free time and adding stress to your life. Every moment you take away from yourself is a moment you could spend relaxing, practicing a hobby, or spending time with loved ones. Choose how you spend your time based on your mental and physical well-being.
The allure of having a side hustle creates the idea you can decrease your debt, increase your savings, or turn your passion into a business. If you choose to start a side hustle, be aware of the mental and physical tolls. Those who find a second job or another source of income can find themselves spending more time or money than they expected. Another hazard is losing their passion for their hobby. The increased risk of anxiety or depression is real, and you may also turn to substances to help you cope with those feelings. If you do use substances or find you’re losing yourself, look to professionals who offer support and comfort. Serene settings, like at Alta Centers, located in the Hollywood Hills, guide you to mental health. The variety of services tailored to your needs creates a healthy foundation for your sobriety. To learn more about Alta Centers’ treatment philosophy, call (888) 202-2583.