5 Reasons Why My Lucrative Side Hustle Wasn’t Worth It

Lucrative Side Hustle

Hi friends!  You might’ve noticed I’ve been a little MIA from the blog lately.  And there’s a perfectly reasonable explanation for that!  You see, I’ve taken on a new role, or more adequately, a side hustle.  Even though this was a lucrative side hustle that paid out more than my corporate 9-5 on a per hour basis, it wasn’t worth it.

I’m happy to announce at the time of this writing.  I’m just about wrapping up my engagement.  That’s right!  I’m quitting my side hustle.

In this article, I’m going to do a deep dive on why I regret doing this side hustle and different considerations to take into account before trying a side hustle of your own.

Why I Started My Side Hustle

Before I get too deep into explaining why I regretted this lucrative side hustle, it might be helpful to share a little about my circumstances.  As some of you may know based on my previous blog post, “Why Job Hopping Works: Confessions of a Serial Job Hopper“, I recently switched jobs because of instability.  Well, once I gave my notice, my former boss asked if I’d be willing to come back to work for the company as a 1099 contractor.   

In a lot of ways, returning as a 1099 contractor vs. a full-time employee made a lot of sense.  For starters, I would get paid an upfront retainer fee, reducing the risk that I would go unpaid for my work.  And at $80/hour the pay itself represented a sizable increase over my wage rate at my new 9-5 job.  To top it off, I would be able to maintain relationships, especially the one with my former boss who had become a mentor to me.

At the time, it was a no-brainer for me.  Especially because I wanted to make more money.  

Not to mention, I already knew the job inside and out.  The job itself was an accounting manager-level role, involving maintaining the general ledger, preparing financial statements, and helping manage the accounts payable process.  In other words, I would need to be actively involved in the work and I would record and bill hours.  Easy and straight-forward enough, right?

Why My Lucrative Side Hustle Was a Mistake

Well despite initially seeming like a no-brainer, I regretted agreeing to this side hustle a couple weeks into starting.  Here’s why:

1. Less Time With Friends and Family

One big reason I regret doing my side hustle was because I had less time to devote to seeing friends and family.  I went from being an attentive daughter, granddaughter, sister, friend, and dog-mom to being “too busy”.  My time was scarce to say the least.  And being an introvert, I didn’t necessarily feel like socializing during my highly coveted hours of free time.  

Having the time to maintain healthy relationships with loved ones is hard to put a price on.  And now looking back on my experience, I wish I devoted more time to loved ones rather than my side hustle.

2. Less Time for Hobbies and Activities

If you’ve been around this blog for more than a minute you know I have a ton of hobbies!  These hobbies provide me an outlet to unwind and relax.  So, it’s imperative to my wellbeing that I can set aside time for them.  But, with a 10 hour per week side hustle eating up a good chunk of my free time outside of my regular 9-5 job, I no longer had time to do many of the activities I enjoyed.

Curious what kind of hobbies I enjoy?  Or looking for new hobbies of your own?  Check out this blog post!

3. More Stress and Anxiety

The third reason I regret doing my lucrative side hustle and perhaps one of the most important reasons is because of my mental health. I constantly felt the need to be working more hours to get to my 10 hour minimum goal I set for myself and agreed to, upon starting the engagement. This created tremendous stress and anxiety for me on a week week basis. If Friday rolled around and I hadn’t worked at least four hours, I knew the weekend was ruined. 

Instead of being able to do fun things that I enjoyed, I would instead be cooped up in the house in front of a computer screen for the sixth or seventh day in a row.

Not to mention, all the time I devoted to my side hustle meant less time for physical activity. There’s no doubt in my mind that this also contributed to feelings of stress and anxiety during this time.

4. The Extra Money Wasn't all that Meaningful to Me (After Taxes!)

Another reason I regret doing my side hustle was because I didn’t truly need the money and after paying taxes on this income, it’s not going to end up being all that much.

My husband always asked me how highly I value my free time in terms of a dollar value.  I would always answer, “Oh, it’s the same amount as my regular pay from my job”.  But after going through this experience, I recognize he has a point.  You should place a much higher value on your spare time then your employer would.  Time is such a finite resource and with a job that requires you to work 40 hours a week, most your time is already being eaten up anyway.  Any side hustle you take outside of those hours will directly impact how much time you have for yourself and for activities that you enjoy and spending time with people that are important to you.

5. My Side Hustle Interfered With My Full-Time Job

The last reason I regret my lucrative side hustle was because I felt like it interfered with my full-time job.  Even though I set boundaries with my client in the beginning that I would not be available during the hours of 9 to 5, they were still reaching out to me requesting my services during those times. 

Admittedly, this left me distracted.  I wasn’t as focused as I should’ve been on my full-time job.  And because of this, I think my performance may have suffered.  Suffice to say, as much as I don’t truly need the money from my side hustle, I do need my salary from my full-time job.

How Do You Know if a Side Hustle is Right for You?

All in all, I regret my side hustle.  Or at the very least, this side hustle (Don’t worry my loyal blog readers – my blogging side hustle lives on!!).  

It was very time-intensive.  Which, ultimately created a stark divide in the lifestyle I was living vs. the one I wanted for myself.  

But this not be the case for everyone!  Put another way, just because I came to regret my side hustle, doesn’t necessarily mean a side hustle isn’t right for you.  So, how do you know if a side hustle is right for you?  Consider the following.

Questions to Ask Yourself Before Starting a Side Hustle

    • How badly do I want or need the extra income?
    • How much time do I have to devote to my side hustle?
    • Is my side hustle an active pursuit or is it mostly passive?
    • Do I believe it’ll be profitable?
    • How much am I willing and able to invest (both money and time) to pursue a side hustle?

Lucrative Side Hustle Ideas

Interested in starting a side hustle?  Check out this list of lucrative side hustle ideas by Parade.

There’s something for just about everyone on this list.  But hopefully after reading about my experience, you have a healthy degree of skepticism.  Starting and growing a lucrative side hustle is oftentimes NOT as easy as it sounds.   

Does a Side Hustle Make Sense for You?

I hope that by sharing my experience with a side hustle that it’ll help you determine if it’s right for you.  It goes without saying that there are a lot of considerations to weigh and whether it makes sense for you really depends on your individual circumstances. 

Not sure about starting a side hustle?  Check out my saving money tips and career-focused articles for other ideas and suggestions.

Thanks for reading and until next time, friends! 

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