Are side hustles a waste of time?
I'm constantly seeing people trying to build a "side hustle" and "get out of the 9-5 rat race", dreaming of going on vacation whenever they want and making money in the background. Even worse are the salesmen and con artists who dedicate entire YouTube accounts to this very concept and promise nothing but luxury and the good life if you buy their course or follow their social media! I get if you want to do something on the side for fun, but throwing away your career in pursuit of this passive income you live off of forever seems kind of far fetched, especially for people in tech. Thoughts?
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These are the same idiots that tell you that you shouldn’t invest in a 401k
Less than 1% could potentially be super smart about it - their reasoning is that Roth IRA is better and 401k might be terrible because America might be socialist in 30 years and your pretax “optimization” just got wrecked by far higher taxes in the extreme socialist future... when u are forced to withdraw 401k at a 70% tax rate (Obviously we are mostly hoping that doesn’t happen)
LilKuribo that’s exactly why I do a 401k instead a Roth. Wouldn’t be surprised to see a future socialist hellhole deciding to tax distributions from a Roth IRA because it’s a “tax loophole”. So I take my pretax now, at least then the socialist hellhole only gets to tax it once. And during retirement I’ll be withdrawing at a lower income level than I’m making now.
it's worth it if you enjoy engineering. I write code outside of work and really enjoy it, might as well try to build something people want, who knows. but if you don't really enjoy coding, don't bother, take some vacation, go out with friends, etc.
I did it for four years. Made about a million in revenue over that time... so about $250k/year. It was an online business, but the online part was easy compared to the business part. That's what nobody tells you. The code is easy. Building the business is brutal. It was mostly passive after the first two years of full time work. The business eventually slowed down and I'm back at the 9-5... but I've tasted freedom and can't stop plotting my comeback. The problem with the YouTube scam artists is that there is no formula. Every business is different, and most of the time you're eaten by a grue. If you get lucky and work hard, you might make it. But most people aren't even cut out for the attempt. You need at LEAST 20hrs/week for your project. For me that means waking up at 4am before work. A better approach is to build your freelance pipeline with those 20hrs/wk until you can afford to live off of it. Then quit your job and spend 20 hrs on freelance and 20hrs on the hustle. Don't plan more than 40hrs/wk, because you're optimizing for sustainability, not hockey-stick growth.
I’ve started my own company. I’ve contracted on the side. And I’ve farmed out contract work to friends and got a cut off of it. Side Hustles work. Just not the get rich quick or MLM kind. Those are scams.
I dunno, I dont side hustle, I waste my life on hanging out with friends and video games.
Looks like you got burned 😁
Who hurt you OP?
you can work on something on the side and still make passive income. I spent 3 months making an app while working FT and now it brings in about $1700 profit per month and growing rapidly
Your company doesn't have a clause in their that you cannot code for anyone else etc?
No. The
it’s the new get-rich-quick scheme mixed with self-help jargon