3 Reasons To Quit Your Side Gig — And 3 Ways To Make Up for the Lost Income
Written by
Martin Dasko
Edited by
Amber Barkley
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According to a report from MyPerfectResume, 71% of American workers rely on a secondary source of income for various expenses, including paying off debt, saving for significant life milestones and covering living expenses. However, the study also revealed that 49% of those with a second income stream find that it hurts their focus and performance at their main gig, and 21% reported a decline in physical health from overworking.
A few of the other sacrifices of those with side gigs included:
- 16% were less able to enjoy hobbies and interests.
- 16% spend less time with their family and friends.
- 13% felt more psychological effects, namely burn-out and stress.
A recent study from The Washington Post also found many with second jobs admitted that working extra hours was compromising their sleep, mental health and time they got to spend with family. While there are many benefits to boosting your income with a side hustle, there are also concerns that shouldn’t be ignored.
Reason To Quit Your Side Gig
If you find any of these to be true, it might be time to quit your side gig.
The Opportunity Cost Isn’t Worth It
“You should quit your side hustle if its opportunity cost outweighs its earnings,” said Nathan Brunner, a side hustle expert and CEO at boterview. “Every hour spent on a side hustle could be invested in other, potentially more lucrative ways.”
Even though a side gig can bring in some extra cash, you could compromise your future earning potential if the money isn’t worth it.
Brunner pointed out that delivering meals for a platform like DoorDash could earn you up to $500 in extra cash, but there are better uses for this time. For example, you could focus your energy on networking, learning new skills or applying for lucrative job opportunities. The harsh reality is that the pay raise and promotions could be far more valuable than a few hundred dollars from your side hustle.
Brunner added, “If your side hustle is robbing you of bigger opportunities — or any chance to breathe — it’s not a hustle. It’s a trap.”
Burnout Could Lead to Serious Issues
Brittany Betts, the director of PR and marketing at The 100 Collection, noted that burnout caused by working too many hours could lead to serious issues with your mental and physical health. She added, “Although the money may be worth it, lack of time for your family and for yourself can cause irritation and even physical health problems like dizziness and nausea.”
If you find yourself experiencing symptoms of burnout, it could be time to start thinking about quitting your side gig to focus on your mental and physical health. You don’t want your side job to lead to more significant issues that could cost you more in the future.
The Income Isn’t Worth It
Forrest Webber, an entrepreneur and the owner of The Trade Table, shared that he recently had to quit a side hustle venture, because the income wasn’t worth it. He added, “It was a tough decision at the time, but looking back, I see that it was the right one, as my other businesses have prospered.”
It’s essential that you calculate the actual value of your side hustle to determine if it’s worth your time. You’ll want to consider pausing if you’re putting long hours into your side hustle without seeing the returns. On a similar note, if your side gig hurts your performance at your main job, you could risk losing your primary source of income for pocket change.
Webber explained, “Every side hustler will eventually be faced with the decision to keep moving forward or pivoting. You need to weigh all your options and figure out what is the best foot forward for the future you want, and then jump and don’t look back, pivoting again when you need to.”
Ways To Make Up for Lost Income
If you’re stressed about making up the lost income from quitting your side gig, here are some options that will help you get by.
Use Your Free Time Wisely
Brunner pointed out that if you have the financial cushion to take a step back, it’s important to look into better ways to utilize your free time. “You can then use the extra time to develop professional skills, network or advance your career, which usually give a better return on investment than side hustles.”
The main objective is to evaluate whether your side hustle is helping you move forward financially or holding you back from bigger opportunities. You could compensate for the lost income by allocating your time to ventures that will bring you further in your career.
Seek Out Lucrative Consulting Work
Betts pointed out that there could be plenty of opportunities based on your expertise.
She added, “Offering yourself as a consultant within your field is a great way to make money within a couple of hours without fear of burnout.”
You may find that your side gig in an irrelevant field could be less lucrative than consulting opportunities that exist in your primary field of expertise, allowing you to work limited extra hours.
Focus On Getting Your Finances in Order
Webber pointed out the importance of doing your best to get your finances in order so you don’t have to work long hours.
He said, “Start working hard to save more than you spend, [and] start a high-yield savings account if you want to be safe, or invest in index funds if you want to add a little risk.”
You may find that paying closer attention to your budget and spending will allow you to work fewer hours.
While many Americans are looking for additional work to get by, you may realize that side gigs aren’t for you, and there’s nothing wrong with that. You don’t want to suffer from burnout or risk losing your primary source of income because of a side venture.
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