In today’s economy, many Americans are turning to side gigs as a way to supplement their income. According to a report from MyPerfectResume, 71% of American workers rely on a secondary source of income for various expenses. While having a side hustle can provide extra cash, it can also come with sacrifices. A study found that 49% of those with a second income stream reported a decline in focus and performance at their main job, and 21% experienced a decline in physical health from overworking.
Additionally, sacrifices such as spending less time with family and friends, being unable to enjoy hobbies, and feeling psychological effects like burnout and stress were common among those with side gigs. The Washington Post also reported that working extra hours for a side hustle can compromise sleep, mental health, and time spent with loved ones.
Nathan Brunner, a side hustle expert, emphasized the importance of evaluating the opportunity cost of a side gig. He mentioned that every hour spent on a side hustle could be invested in more lucrative ways, such as networking, learning new skills, or applying for better job opportunities. While a side hustle may bring in extra cash, it’s essential to consider if the money earned is worth compromising future earning potential.
Brittany Betts, the director of PR and marketing at The 100 Collection, highlighted the negative impact of burnout caused by working too many hours. She mentioned that lack of time for family and self-care can lead to physical health problems like dizziness and nausea. If experiencing symptoms of burnout, it may be time to consider quitting a side gig to prioritize mental and physical health.
Forrest Webber, an entrepreneur, shared his experience of quitting a side hustle that wasn’t financially beneficial. He emphasized the importance of calculating the actual value of a side hustle to determine if it’s worth the time invested. If a side gig is hindering performance at a main job or not yielding returns, it may be time to reassess its value.
In conclusion, while side gigs can provide extra income, it’s crucial to weigh the benefits against the sacrifices and potential negative impacts on health and well-being. If a side hustle is causing more harm than good, it may be time to consider quitting and focusing on opportunities that will bring long-term benefits. Prioritizing mental and physical health, evaluating the value of time spent on a side gig, and exploring alternative income-generating opportunities within one’s expertise are essential considerations for individuals navigating the world of side hustles.
