It’s a shame that when we try to make something of ourselves, or have funds to invest in the betterment of our life situation, there are many people out there looking to take advantage.
After all, you could work hard for thirty years, earn a beautiful amount of money for a lifestyle investment, and a local casino could take all of that away from you, legally, in an hour.
The only thing stopping us from experiencing that? Self-control, dedication, and the means to know which route to travel in life.
This last point is easier said than done, because life is unpredictable. It’s no wonder why well-meaning people, with hard-working instincts just want to make something of themselves and get out there with confidence.
Unfortunately, it’s easy for inexperienced professionals to make mistakes as they get out into the working world, especially where side hustle programs and the promise of quick and easy gains can accrue. So, in this post we hope to discuss a few novice side hustle mistakes that you, too, can avoid:
Avoiding Social Media Influencer Schemes & Paid Courses
Those social media influencers make it look so tantalizing – obvious guarantees of massive riches if you just pay for their “amazing” courses or programs. But so many (or let’s face it, most) of those flashy offers are just empty promises designed to part you from your goodwill and money.
Be extremely cautious and do exhaustive research before investing a penny in any of them, and we’d recommend staying well, well clear as a matter of course. The path to real, sustainable wealth and success never comes from those too-good-to-be-true get-rich-quick schemes. Instead, look to free advice given by industry professionals, such as blogs that talk about the value of investing wisely.
Suffering Bad Bookkeeping & Tax Calculations
Proper bookkeeping and handling taxes the right way are absolutely vital for any side hustle venture, but not all newbies know-how. Neglecting these mundane but essential aspects can lead to major financial headaches and regrets down the road.
Make sure you carefully keep accurate records of all your income and expenses, and use an accountant to overview your tax contribution when needed. It could save you real penalties you would have if you didn’t declare your income.
Wasting Time On A Multitude Of Hustles
The temptation to juggle as many side hustles as possible in hopes of optimizing your income can be strong and shows an entrepreneur’s spirit. However, spreading yourself too thin across a variety of different income streams is an obvious recipe for burnout and lack of quality focus.
Instead, concentrate your energy and efforts on just one or two really promising side hustles that truly make use of your skills, interests and expertise. Overcommitting and taking on too much is a perfect way to burn you out in no time at all.
Getting Into Loan Debt
For some side hustles, taking out a loan for an initial investment may be necessary. Perhaps you need to get your teaching license to become a driving instructor, for example, and fit an appropriate vehicle.
That sad, you have to be extremely careful about accumulating too much loan debt in your pursuit of side income. Always carefully weigh the potential returns against the risks before borrowing any money, and don’t just assume the bank of relatives or friends will pan out or be ideal.
With this advice, you’re sure to avoid major novice side hustle mistakes!
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