5 Side Gigs Where the Pay Isn’t Worth It
A GOBankingRates survey last year found that 40% of Americans had taken on side gigs, and it’s fairly common to meet someone with some sort of side project these days.
Find Out: 7 Things You Must Do To Start Making $1K a Month in Passive Income
Check Out: 6 Unusual Ways To Make Extra Money (That Actually Work)
Picking up a side hustle can help you find a creative outlet, make more money to pay down debt and allow you to boost your emergency fund. However, it’s crucial to point out that while some side gigs can help you earn extra money to cover the bills, not all ventures may be worth it.
Here are five side gigs that may not be worth the time and effort compared to what they pay.
Rideshare Driving
Driving for a rideshare service like Uber or Lyft has become a popular side gig, but it may not be as profitable anymore due to competition and rising fuel costs. With increased competition, you may be driving around for long hours with a minimal payout in return.
“After factoring in gas, maintenance and the wear and tear on your vehicle, the earnings rarely justify the hassle,” said Gauri Manglik, CEO and co-founder at Instrumentl.
The average hourly pay for an Uber driver is no higher than about $25, per job sites that track this information.
Once you factor in the expenses and time involved, you may discover that you barely make above minimum wage. You also risk damaging your vehicle, which could add another expense that would make this venture not worth it.
Learn How: How To Earn $4,000 a Month in Passive Income
Completing Online Surveys and Market Research Studies
One of the most popular gigs mentioned on lists of side hustles is usually something surrounding filling out surveys. While it’s easy to start, this income stream often leads to low payouts, and you may end up feeling frustrated since you’re not seeing the results you had hoped for.
“These gigs prey on people looking to make easy money but end up paying pennies for your time,” Manglik said. “You may spend 30-60 minutes answering questions for $5 to $20 in compensation.”
Spending an hour to make a few dollars isn’t worth the hassle if you rely on a side gig to help cover the bills. You’re better off devoting your time to finding a higher-paying gig. For example, if you learn graphic design or copywriting skills, you can earn much more instead of chasing pennies.
Pet Sitting
A common side hustle where the pay may not always be worth the effort is pet sitting or dog walking on an app like Rover.
The average hourly pay for this gig across America is anywhere from $15 to $24.
“While the work seems straightforward, you make less than minimum wage for your time, especially if you account for driving between jobs and the erratic schedule,” Manglik explained.
If you have to drive around to get to your destination, you could spend more on fuel than you earn for the dog walk. If your gigs are spread out, you also could waste valuable time waiting for the next gig to begin.
Flipping/Reselling Stuff You Find
You may have seen a video on social media promoting flipping stuff you find at yard sales or thrift stores. This side hustle seems simple enough in theory, but the reality is that you could end up with a home filled with clutter if you don’t know what you’re looking for.
Manglik added, “Scouring thrift stores and garage sales for stuff to resell on eBay/Facebook seems profitable, but it’s very time-consuming for inconsistent results.”
You have to factor in the time that you have to spend on the following activities when trying to flip stuff as a side hustle:
Shopping through yard sales and thrift stores in your spare time.
Cleaning the items up.
Take aesthetic photography.
Listing the products.
Sorting the offers.
Shipping the items.
Profits are marginal when you tally up the effort involved. If you don’t know what you’re looking for, you also could lose money on items with no resale value.
Multi-Level Marketing Schemes
Social media has become filled with MLM business opportunities that promise you riches, but there’s little proof that most people can even profit.
“MLMs promise you can make money selling products to your network, but the business model is designed so you make very little compared to those above you,” Manglik said.
You could lose money when you tally up your expenses and the time involved in these ventures. You also could damage personal relationships with friends and family by trying to bring them into a business venture through unsolicited messages.
Manglik elaborated, “Any side gig that relies on you constantly recruiting people, pressuring your friends and family, or churning through high volumes just to make a buck simply isn’t worth your precious free time.”
More From GOBankingRates
This article originally appeared on GOBankingRates.com: 5 Side Gigs Where the Pay Isn’t Worth It
