In the divide between whether or not to side hustle, I’ve always been firmly on the side of the side hustle. The way I see it, if you can figure out a way to earn extra money doing something you enjoy, then why shouldn’t you do it?
That’s not to say the arguments about why side hustles are bad are wrong. They have some valid points – side hustles often don’t pay much and they can be a waste of time. You could also say side hustles personify the worst of hustle culture, glorifying people sacrificing their lives in pursuit of work and money.
I’ve always had a bit of a mixed view when it comes to hustle culture and how I feel about it. On the one hand, I get it. Too many of us sacrifice our lives for work and money. We put work at the center of everything – even above our lives and our family and friends.
I made a deliberate choice a few years ago to go my own way instead of continuing in the rat race. It led to me quitting my job, not because I was making so much money from creating online, but because I wanted to gain back more control of my life and my time. And while I can make a comfortable living doing what I’m doing now (blogging and doing gig work), I’m probably never going to make as much as I could have made if I kept grinding it out as a lawyer.
That being said, I don’t always see what the problem is with telling people to hustle. Working hard. Trying your best at whatever it is you do. These all seem like good characteristics to instill in yourself.
Which I guess gets me to the ultimate point of this post about side hustles and what they’re all about.
You don’t have to side hustle to meet your financial goals. If it’s not for you, it’s not for you. By no means are side hustles a necessity. But they can change your life eventually. Here’s what I mean.
The Arguments For Why You Shouldn’t Waste Your Time Side Hustling
Before we get into what I mean about side hustles and how they can make you rich, let’s address some of the common criticisms I sometimes hear about why side hustles aren’t worth doing. Here are a few arguments I often come across.
Argument 1: Side Hustles Don’t Pay Much
Side hustles don’t pay very much. That’s one big argument for why side hustling isn’t worth doing. And I can’t necessarily say I disagree with this. Most side hustles don’t pay much. Almost anyone reading this can probably find a side hustle that earns $20 or $30 per hour. But that’s probably not going to be enough to make major changes to your financial life – at least not immediately anyway.
But here’s the thing. Small amounts do matter, even if they don’t seem like they do. $20 or $30 of extra money in a day isn’t a lot of money. It’s certainly not enough to live on. But given enough time and consistency, it can add up, especially if you give enough time for compounding to take effect. I’ll go into some more detail on what I mean later in this post.
Argument 2: Side Hustles Have A High Failure Rate
If you’re starting a side hustle that you’re trying to scale into something, then you’re going to have two problems – it’s not going to pay much at the beginning and it has a high chance of failure. I started this blog over 5 years ago. It made almost nothing for the first three years. My hourly rate was pennies. And while I defied the odds and kept writing through all of that, most of the people who started around the same time as me quit long ago.
It’s why I rarely talk about scalable side hustles in my monthly side hustle reports. Most people simply aren’t going to make much money or get past that inflection point where their side hustle can sustain itself.
But that’s not what side hustles have to be about either. Every side hustle you do doesn’t have to become a full-time business in itself. That’s why I’ve always promoted gig economy side hustles. Those are the ones that anyone can do You almost can’t fail with them. And if you understand how to make the gig economy side hustles work for you, they can make a lot of sense (basically, they’re not meant to be full-time jobs, they’re supposed to be ways to earn a bit of extra money).
Argument 3: Side Hustles Take Too Much Time
If you’re trying to create something out of nothing, then absolutely, any side hustle you pick up is going to take a lot of time. I spent hours per day working on this blog when I was working full-time. I needed to create content because that was the only way I was going to get this blog off the ground. It was essentially a second full-time job on top of my day job.
But side hustles don’t have to take up a lot of time either. Even when I was working a traditional full-time job, I still took an hour or so per day doing side hustles that I could fit into my day-to-day life. Gig economy apps like DoorDash and Uber Eats aren’t time intensive. When I wanted to do them, I could turn them on. When I was done, I just stopped.
It’s not an all-or-nothing approach with these side hustles. You can pick up whatever you want, do it a little bit at a time, and make a little bit of extra money.
An Hour A Day Can Change Your Life
I think it’s true. An hour a day can really change your life. Even earning small amounts of extra money per day and investing it all can change your future. Consider what an extra $20 per day can mean if you can save that amount every day for 30 years.
That’s over $730,000 in the future, all from earning $20 extra per day doing anything. And if you can get that number to $30 per day, you’ll literally be a millionaire (more than a millionaire actually).
Most of us have an hour a day to earn some extra money. And I can almost guarantee that almost anyone can earn $20 or $30 in an hour, every day, without having to do much. Walking a dog for 30 minutes can bring in $15 to $20. Doing a few deliveries on a bike with Uber Eats or DoorDash should earn most people $20 or $30 within an hour. And there are countless other things you can do. I know it’s something I have no trouble doing – and I’m not the exception either.
But most people won’t do this because it’s not easy and it’s not fast. It takes time. It requires you to build a habit. And you won’t see results early on. You might not even notice anything is happening until years have passed.
I started tracking my side hustle earnings 5 years ago. Today, I’m shocked to find that I’ve made over $130,000 from side hustles. It’s crazy, these small things I’ve done every day for years have added up.
It doesn’t require much. That’s not to say it’s easy. But it’s not out of reach either.
You Don’t Need A Side Hustle – But They Can Help
This isn’t an either-or-proposition. You don’t need a side hustle to become rich. They aren’t a necessity.
If you want to become rich or have money, the formula to do that has always been there. Earn a good income. Make more than you spend. Save the rest. If you do that for long enough, you’re almost guaranteed to get to where you’re trying to go.
But while side hustles aren’t a necessity, I think it’s absolutely true that they can make a big difference for anyone. Small amounts, day by day, all add up. It’s not fast. It’s not glamorous. But it works.
So take advantage of this fact. Find something you enjoy doing. Keep doing it. And keep doing it for a long time. Eventually, some amazing things can happen.
More Recommended Ebike/Scooters
Check out these other ebikes/scooters I've had the chance to do a review for:
- GEN3 Outcross Bike – The GEN3 Outcross is a solid, affordable fat tire ebike that does a good job of doing what I need it to do. It works great for city riding, giving me a smooth ride in all conditions. It’s works really well as a winter ebike since the fat tires give it good traction over snow and ice. Check out my GEN3 Outcross Review.
- Himiway Escape Bike – The Himiway Escape is an interesting bike for anyone looking for a moped-style ebike. If you’re a gig economy worker, the Himiway Escape is particularly interesting and it’s possible to think of it as an investment, especially if you can opt to do deliveries with the Himiway versus using a car. It’s not cheap, but you can definitely make your money back when you compare the mileage you’ll put on your car versus using an ebike. Check out my Himiway Escape Bike Review.
- Espin Sport Bike – The Espin Sport is a good ebike for someone who is looking for an ebike that feels and rides more like a regular bike. There are many ebikes that are really only bikes in name. In reality, they’re basically electric mopeds. The Espin Sport, by contrast, is a bike you could probably ride without the battery and you’d feel like you’re just riding a regular bike. Check out my Espin Sport Review.
- Varla Eagle One Scooter – The Varla Eagle One is an excellent scooter that can make sense for a lot of people. It can work as a primary mode of transportation. You can use it to work on gig economy apps like DoorDash, Uber Eats, and Grubhub. And it can also be a recreational vehicle if you’d prefer to use it for that. Check out my Varla Eagle One Review.
- Fucare H3 Scooter – The Fucare H3 is a fun scooter and I’ve enjoyed testing it out. For a daily commuter or quick trips or errands, the Fucare H3 is probably the scooter I’ll use. It’s portable and easy to maneuver, so it’s just easier to take on the road when I need it. Check out my Fucare H3 Scooter Review.
More Recommended Investing App Bonuses
For additional investing app bonuses, be sure to check out the ones below:
- M1 Finance ($100) – This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $100 for opening an account. Check out my M1 Finance Referral Bonus – Step-By-Step Guide.
- SoFi Invest ($25) – SoFi Invest is an easy brokerage account bonus that you can earn with just a few minutes of work. Use my SoFi Invest referral link, fund your SoFi Invest brokerage account with $100 and you’ll get $25 of free stock. I also have a step-by-step guide for the SoFi Invest referral bonus.
- Moomoo (5 free stocks) – Moomoo is a free investing app currently offering 5 free stocks (usually worth around $75-$100) if you open an account using a referral link and deposit $2,000. Read my Moomoo referral bonus guide for more information.
- Webull (5 free stocks) – Webull also gives you 5 free stock valued between $3-$3,000 each if you open an account using my referral link. Here’s a guide I wrote about how to earn your free stocks using Webull.
- Robinhood (1 free stock) – Robinhood gives you a free stock valued between $2.50-$225 if you open an account using my referral link.
- Public (1 free stock) - Public gives you a free stock valued between $3-$70 if you open an account using my referral link.
More Recommended Bank Account Bonuses
If you’re looking for more easy bank bonuses, check out the below options. These bonuses are all easy to earn and have no fees or minimum balance requirements to worry about.
- Chime ($100) - Chime is a free bank account that offers a referral bonus if you use a referral link and complete a direct deposit of $200 or more. In practice, any ACH transfer into this account triggers the bonus. This bonus is easy to earn and posts instantly, so you’ll know if you met the requirements as soon as you move money into the account. I wrote a step-by-step guide on how to earn your Chime referral bonus that I recommend you check out.
- US Bank Business ($500) – This offer is limited to customers in the following states: AZ, AR, CA, CO, ID, IL, IN, IA, KS, KY, MN, MO, MT, NE, NV, NM, NC, ND, OH, OR, SD, TN, UT, WA, WI, WY. This is a fairly easy bank bonus to earn, since there are no direct deposit requirements. In addition, you can open the Silver Business Checking account, which comes with no monthly fees. Check out how to earn this big bonus here.
- SoFi Money ($275) – SoFi Money is a free checking account from SoFi. They’re currently offering a $25 referral bonus if you open a SoFi account with a referral link and deposit $10. You can also make an additional $250 as well if you complete a direct deposit. This is a good bank that is also 100% free, so you won’t have to worry about managing this account. Here’s a post I wrote with instructions on how to earn your SoFi Money bonus: SoFi Money Referral Bonus: Step By Step Guide.
- Fairwinds Credit Union ($100) – Fairwinds Credit Union is offering a referral bonus for users that sign up using a referral link. Fairwinds has no fees or minimum balance, so this is a particularly easy bonus to earn. Since this is a smaller credit union, my gut instinct tells me this offer won’t be around long, so if you’re in a position to meet the bonus requirements, grab this bonus before it’s gone. Here is my step-by-step guide on how to earn your Fairwinds Credit Union bonus.
- Upgrade ($50) – Upgrade is a free checking account that’s currently offering a $50 referral bonus if you open an account and complete three debit card transactions. These bonus terms are easy to meet, so it’s well worth doing this bonus as soon as you can. Importantly, this bonus says that it’s now scheduled to end on April 15, 2023. As long as you get your account opened before April 15th, you should be eligible. Here’s a post I wrote with more details: Upgrade $50 Referral Bonus – Step By Step Directions.
- Current ($50) – Current is a free fintech bank that’s offering new users a $50 referral bonus after signing up for an account using a referral link.Current is an easy bonus to earn and also gives you access to three savings accounts that pay you 4% interest on up to $2,000. That means you can put away up to $6,000 earning 4% interest. That’s very good and makes Current an account I recommend to everyone. Check out my step-by-step guide on how to earn your Current Bank bonus.
- Digital Federal Credit Union ($20) – Digital Federal Credit Union (DCU) is a free, nationwide credit union that I recommend to readers for two reasons. First, DCU has a $20 referral bonus if you open a free DCU checking account with a referral link. Second, DCU has a saving account that gives you 6.17% interest on your first $1,000. Check out my in-depth post on how to set this account up.
- Netspend ($20 + 5% Interest Savings Account) – Netspend is a company that provides 5% interest savings accounts. If you sign up using my referral link, you’ll get a $20 signup bonus once you make your first deposit into your Netspend account of $40 or more. That means you get a 5% interest savings account and a free $20 to start! Make sure to check out my in-depth guide on how to set up these accounts.
- Novo Bank ($40) - Novo bank is a free business checking account that’s currently offering a $40 bonus if you open a Novo business checking account using a referral link. In addition to being a good bank bonus, Novo is also a good business checking account. It has no monthly fees or minimum balance requirements and operates a good app and website. Indeed, it’s the business checking account I currently use for this blog. Check out my post on how to easily open a Novo account.
- Varo ($30) – Varo is a free fintech banking app similar to Chime or Current. It’s currently offering a $30 bonus to new users that open a new Varo account with a referral link. The bonus for this bank is very easy to meet, all you need to do is spend $20 within 30 days of opening your Varo account. Check out my step-by-step guide to learn how to earn this bonus.
Kevin is an attorney and the blogger behind Financial Panther, a blog about personal finance, travel hacking, and side hustling using the gig economy. He paid off $87,000 worth of student loans in just 2.5 years by choosing not to live like a big shot lawyer.
Kevin is passionate about earning money using the gig economy and you can see all the ways he makes extra income every month in his side hustle reports.
Kevin is also big on using the latest fintech apps to improve his finances. Some of Kevin's favorite fintech apps include:
- SoFi Money. A really good checking account with absolutely no fees. You'll get a $25 referral bonus if you open a SoFi Money account with a referral link, and an additional $250 if you complete a direct deposit.
- US Bank Business. US Bank is currently offering new business customers a $500 signup bonus after opening a new account and meeting certain requirements.
- M1 Finance. This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $100 for opening an account.
- DCU. Digital Federal Credit Union (DCU) is a free, nationwide credit union that I recommend to readers for two reasons. First, DCU has a $20 referral bonus if you open a free DCU checking account with a referral link. Second, DCU has a savings account that gives you 6.17% interest on your first $1,000.
- Personal Capital. One of best free apps you can use to monitor your portfolio and track your net worth. This is one of the apps I use to track my financial accounts.
Feel free to send Kevin a message here.
My story is a little different in that I didn’t side hustle much during my career. I felt overpaid and preferred to use my free time with family and friends. Plus I was on the fast track to upper management so the payoff at work was pretty huge for me to focus on advancement. But I did keep some duties I could have delegated because I saw they could be great side gigs after retiring. And when I did retire slightly early I stepped into the world of part time consulting without missing a beat. That was only possible because I had spent over a decade preparing while working. So I guess I had an unpaid side hustle of preparing for some retirement side hustles. I do recommend the concept of side gigs you can carry into retirement. They really eased my transition, as well as funding a half million more in investments after retiring. Plus that thing about multiple income streams being beneficial.
Your are talking about side hustlers from the perspective of a lawyer. But a person working retail or at a restaurant can make more working at a side hustle…most likely, and assuming they earn about $10 – $12 per hour.
The more I’ve earned in my day job, the more I have also earned in my side hustles! I now basically only do freelance work at project rates that work out to high hourly rates.
Have you ever considered donating plasma for extra cash? In my area, they say you can make about $1,000 per month if you were to donate to max amount of times (they pay extra if you have COVID antibodies). I’ve been meaning to go and check it out for some extra cash.