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Tips - August 9, 2022

5 Side Hustles that Can’t Make You Rich

There is always a need for extra cash. Due to this, so many people are starting side hustles along with their main jobs to increase their money and become rich. 

Nevertheless, not all side jobs are created equally, and many of them are blatant time wasters. 

While some side hustles can make you rich or at least enable you to earn a large sum of money quickly, others are infamous for having the exact opposite effect.

Here are five side hustles that can’t make you rich. 

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1. Virtual Assisting

Source: Business Insider

Giving someone a helping hand does feel nice. Although it might make us happy, it doesn’t always fill our bank accounts. The same applies to virtual assistance.

This is one of the most popular possibilities when people wish to begin their side hustle path. For a few reasons, it is a good way to make money.

First off, this kind of side hustle is ideal for someone just starting a side business because it frequently only requires a little experience. Second, it doesn’t require much money upfront.

You can start earning money in this way with nothing more than a computer and an internet connection.

A virtual assistant’s primary duty is to relieve others of their workload.

Hiring a team of helping hands can be immensely helpful since, for many people, there are simply too many tasks for them to finish on their own.

But the majority of employers of virtual assistants pay their workers pitifully little. As an illustration, many of the best virtual assistants earn $20 or less per hour.

These prices might appear reasonable, but they are by no means ones that will make you wealthy. which is not the essential objective. You can earn money through virtual assistance, but it’s unlikely that you’ll become rich.

2. Gig work

It is futile to want to be rich through gigs. Firstly, many people view the gig economy as a way to get work done on the cheap. Most people who operate there struggle to increase their rates to a level that is profitable.

Second, you should carefully consider how much of a return you are truly getting for your time if you can start charging enough money to make it worthwhile.

For instance, many freelancing websites deduct a sizable amount from your revenue, leaving you with a small portion of what you may have made by dealing with your clients directly.

This is exemplified by Fiverr. A Fiverr user only receives 80% of the total payment for each gig they finish.

3. Driving Uber or Bolt

You may think that the prices you pay while using a ridesharing service are adequate enough to compensate drivers, but that is a sham. First, there are various fees and costs that drivers for Uber and Bolt must pay.

To begin with, the ridesharing company that employs the drivers receives 25% of their revenue. Car expenses are the following.

Due to how taxing all the driving is on their vehicles, drivers are responsible for paying for their own gas, repairs, and large amounts of depreciation. The average hourly wage for an Uber driver falls between $8.55 and $11.77 when these two fees are added together.

4. Tutoring

Source: Hey Black Mom

One of the most rewarding experiences is assisting others with their academic endeavours, but it won’t make you rich.

There are two main drawbacks to adopting tutoring as a side job to earn extra cash. The fact that you are exchanging time for money is the first restriction.

Only two things make people wealthy: winning the lottery and delivering value at scale. Unfortunately, neither of these two techniques of getting money applies to tutoring. Once more, this side business has little potential to generate substantial income.

5. Part-time job

There are many problems with part-time work, one of which is that while they do provide immediate cash compared to, say, establishing a business, they vastly underperform in terms of upward potential.

The money you make through this path will not represent the time investment you will have put in because the part-time job you have will never pay you much more than minimum wage, especially if you continue to hold this position for a lengthy period of time.

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