From Dow Jones & Company:

The article discusses the rise of side hustles in recent years, highlighting the importance of maximizing take-home income in addition to saving money. Taking on a side hustle can be a valuable path to extra cash, whether it’s for short-term goals or long-term supplementary income. However, the article emphasizes the need for careful consideration when choosing a side hustle, as it should be complementary to your current life and not cause excessive stress or rearrangement of your schedule.

It also emphasizes the importance of not going into debt for a side hustle and considering the startup costs and margins associated with it. The article distinguishes between a side hustle and a second job, stating that side hustles require more time to nurture and are less consistent in what they pay, but provide more freedom in setting work hours. Ultimately, the decision to pursue a side hustle full time should be carefully considered and tested to ensure that it is a worthwhile investment.

In addition, the article provides examples of side hustles, such as babysitting and Etsy shops, to underscore the importance of understanding associated costs and profit margins. The author shares her personal experience of testing a side hustle for 15 months before committing to it full-time, highlighting the need to reflect on intentions, goals, and what success looks like before making the leap.



Read more: Opinion: Working a second job or thinking about it? Consider this investment instead.