If you’re having trouble making ends meet each month or just want to pad your wallet with some extra cash, you may think about starting a side hustle. Side gigs are a great way to make extra money, but they also have a few drawbacks. Here are three things you need to consider before starting a side hustle.
You Have To Pay Taxes
Just like with a regular job, you have to pay taxes on the money you make from a side hustle. You won’t get a full salary with benefits, however, so you need to set money aside each month to cover the taxes you owe. You may find it helpful to consult an accountant Marietta GA to make sure you comply with all state and federal tax mandates. You don’t want to be stuck with a huge bix when tax season hits so it’s best to be prepared.
You Need Time
Side hustles are great because they are flexible. You can usually set your own schedule and work outside of normal business hours, but you still need a decent amount of time to dedicate to working the side gig. If you don’t want to spend your evenings and weekends hustling when you already have a full-time job, a side hustle may not be right for you.
You Have Hidden Expenses
Every job has hidden expenses, and side gigs are no exception. For example, rideshare drivers and personal shoppers often have to pay for their own gas and wear-and-tear on their vehicles. This may not be a problem in many cases, but make sure that the amount of money you make from your side gig each month is worth the additional expenses.
Side hustles can be great ways to earn extra money each month. Make sure you think about these three things to ensure a side gig is right for you.