Depending on how you make the money, getting a few extra rands on the side is never a bad thing for your pocket. Although, there are a few disadvantages to going through with a side hustle.
Psychology Today (the world’s largest online mental health and behavioural science destination) defines a side hustle as a “money-making pursuit you do outside of your regular career.” This can range between anything from photography, freelance writing or the ever-popular Only Fans!
If you are interested in making extra cash, consider the pros and cons below before you get started.
Pros of a side hustle
More money in your pocket
The life-driven publication Medium says that a side hustle can provide extra money to supplement your primary income. “The key is to start small and expand as the market allows,” shares Medium.
Can give you a competitive advantage in your career
“A side hustle will challenge you to learn new skills. You’ll be exposed to different types of knowledge and ways of thinking,” shares Psychology Today. “This can help you become unique in your main career since you’ll bring those new skills and perspectives to your core work role.”
Allows you to network
Side hustles can also provide you with the opportunity to expand your professional network. Medium adds, “Doing your research alone can be a key to finding resources and potential clients while still being anchored in your current job.”
Cons of a side hustle
No time for downtime
Committing your time to your side hustle can easily have you neglecting time spent with your loved ones or for yourself. Furthermore, Psychology Today adds, “Since side hustles are typically both fun and lucrative, it can be tempting to spend any time you’re not at your job engaged in your side hustle.”
Financial risk
Medium notes that some side hustles may involve investments with no guaranteed returns.
Risk of burnout
It is important that you do not allow your side hustle to negatively impact your health as overcommitting can lead to burnout, explains Medium.
Also see: How the 2024 budget speech impacts your rand’s reach
