A side jobs can be great, especially when you’re making over $110,000 and don’t need to pay self-employment taxes on that income. They can help you get a jumpstart on your savings, make up for lost time, or help provide a backup plan if the day job doesn’t work out (or better yet, it can turn into your day job).
However, there are times when it might be time to say goodbye to the side gig. Here are a few times when it makes sense to move on:
When The Money No Longer Outweighs The Time Commitment
If your side gig is taking up too much time, it might be time to reconsider. You might still be earning money, but it’s possible that whatever you’re earning isn’t worth your time anymore. Maybe it takes longer now to earn the same amount you did at the beginning, or maybe you simply earn more at your day job now and your your time is worth more these days. As we age, we tend to make more at work, and if we have our expenses covered, the trade-off of time for money might have swung in balance. Whatever the reason, if you aren’t making more hourly than your free time is worth, consider putting the side job to rest.
When Your Side Job Holds You Back From Moving Up The Corporate Ladder
Side jobs are fantastic when you can do them in addition to your day job. They give you more flexibility and the extra income can really help boost short and long-term savings, but if your side project is affecting your performance at work, it’s time to make a decision. In the long-term, which is going to help more: putting in maximum effort at work or spending more time building up the side business? If you’re risking your main income to build something on the side, you should probably take a close look at whether the trade-off is truly worth it.
When Your Fun Hobby Turns Into “Work”
New things are often really exciting. But after awhile, what was once a hobby could turn into just another commitment that is hanging over your head. If your passion has turned into a job, it might be time to take a step back. You know why you started the passion project to begin with, and if those reasons don’t hold true anymore, is it worth continuing if it’s just another stressor?
When Your Sie Job Hurts Your Social Commitments
If you’re spending so much time building up a side business that it is affecting other aspects of your life, it’s likely time to reevaluate things. If you’re skipping out on time with family and friends or putting off important activities because you’ve become obsessed with growing your side job so much, you might want to take a breather.
Quitting Doesn’t Have To Mean The End To Side Income
Side gigs are awesome and I have one (you’re reading it now). But hobbies can be fun too, with a much smaller time commitment. Be aware when it’s time to move on from the side project and don’t hold on too long if it is going to cost you in other areas of your life. Of course, you don’t simply have to quit your side job. You can potentially sell it to someone who is looking for a side income, and a lump-sum cashout is something that might be very appealing to some who can’t keep up the side job anymore.