GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you’re free to read more about oureditorial guidelinesand our products and servicesreview methodology.
But not every side hustle is going to give the same bang for the buck.
Many people dive into side hustles that promise quick cash but fail to deliver on long-term wealth-building.
Take Fiverr or Upwork, for example.
Many freelancers on Fiverr or Upwork will charge less than $10 an hour.
This probably isnt worth your time and will leave you feeling drained and exhausted, she said.
In theory, freelance work is great.
In practice, if the compensation isnt there, its more of a time sink than a wealth builder.
If it doesnt, its better to look for higher-paying opportunities.
Cole recommended considering whether a side gig aligns with the personsbroader career planor lifestyle.
If the side gig doesnt offer high pay or flexible hours, it could easily become a time-sucking burden.
But heres the reality: The hours spent doing these tasks usually dont justify the payout.
While this isnt inherently bad, it rarely leads to building sustainable wealth.
Cole advised that a great side hustle is something that you love doing and youre good at.
Youre getting paid a high hourly or flat rate.
If wealth-building is the goal, its better to steer clear of these types of opportunities.
Decide how much you want to make and how many hours youre willing to spend on the side hustle.
More From GOBankingRates
Share This Article:
