What is my Time Worth?
Consider the true costs of your time.
Calculating Your Time's Worth
There are many ways to value your time, here are a few:
Dollars Per Hour
Calculate earnings from activities or tasks to gauge financial value.
Opportunity Cost
Assess what you forgo by spending time on one activity versus another.
Market Demand
Reflect on how your time aligns with the value of your expertise in the market.
Experienced Gained
Evaluate the skills, knowledge, or professional growth acquired.
Long-term Impact
Examine whether the effort contributes to enduring goals or aspirations.
Health and Well-being
Factor in the physical and mental benefits or costs associated with the activity.
Personal Fulfillment
Consider how much joy, purpose, or satisfaction an activity brings.
Opportunity Costs
The true value of a side hustle can be lower than it appears at first glance. Time spent on a low-paying gig can sometimes be better spent on personal development, continued education, or seeking a higher-paying primary role. The right answer depends on your goals, your current income, and how the hustle fits the rest of your life.
Life is Short
Life can be fleeting, and its brevity reminds us to cherish each moment, prioritize what truly matters, and pursue happiness with intention and gratitude.
Make Progress
Make sure your time is moving you toward a positive long-term outcome. Ask yourself: will this lead to a career or a business?
Give Back
Spending free time giving back to the community can be deeply fulfilling. It can also build relationships, skills, and a local reputation.
Happiness, Hobbies, & Side Hustles
How does your side-hustle impact your overall happiness?
Can Money Buy Happiness?
Earlier research suggested that money can buy happiness up to a point. Income tends to increase life satisfaction by reducing stress and providing security, but emotional well-being was thought to plateau around $75,000 per year (Kahneman and Deaton, 2010).
More recent research disputes that plateau and finds well-being continues to rise with income (Killingsworth, 2021). The graph below summarizes the more recent finding.
The data in the graph below is from a study that disputes this general understanding
Visual Capitalist. "Charted: Money Can Buy Happiness After All." Published 2021.
Hobbies
Passion Versus Pressure: Monetizing hobbies can be rewarding financially, but if not managed properly, the pressure to earn can strip away the pleasure that originally made them fulfilling.
Personal Development & Balance: Investing in activities that enrich your life, be it through personal growth or quality leisure, can drive long-term satisfaction.
Mindful Decision Making: Prioritize what truly makes you happy by regularly evaluating your choices to ensure they add value and support your overall life mission.
Explore the link between happiness and money
Side Hustle Tips, Tricks & Pitfalls
Avoid common pitfalls and focus on positive experiences that contribute to your long term goals.
How to Hustle Intentionally
Limited Time Commitment (Passive or Semi-Passive Income)
Why It Matters:
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Ideal if you already have a full-time job or family responsibilities.
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Passive income streams (renting space, digital products, investments) allow you to earn without constant effort.
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Semi-passive hustles (e.g., blogging, YouTube, online courses) require upfront work but can generate income long-term.
Low Startup Costs & Risk
Why It Matters:
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Many side hustles fail because of high initial investments (e.g., vending machines, inventory-heavy businesses).
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Choosing a low-risk hustle means faster profitability (e.g., freelancing, consulting, tutoring).
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If things don’t work out, you won’t be left with debt or unused equipment.
Leveraging Your Existing Skills & Interests
Why It Matters:
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Side hustles based on skills (writing, coaching, coding, photography) are easier to start.
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If you enjoy it, you’ll be more likely to stay committed.
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You can charge premium rates if you have expertise in a high-demand field.
Scalability & Growth Potential
Why It Matters:
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Some hustles cap your income at an hourly rate (e.g., rideshare driving).
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Others allow you to scale (e.g., selling digital products, content creation, drop servicing).
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Consider if you want this to remain a small gig or grow into something bigger.
Work-Life Balance & Enjoyment
Why It Matters:
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A side hustle should enhance, not disrupt, your happiness.
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Some jobs (e.g., MLMs, cold calling, customer service) can be stressful and draining.
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Choose something that aligns with your personality and lifestyle.
Market Demand & Long-Term Sustainability
Why It Matters:
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Some trendy side hustles (e.g., selling fidget spinners, meme stocks) die quickly.
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Look for sustainable industries with steady demand (health, education, finance, home services).
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Consider if the gig will still be relevant in 5-10 years.
Side hustles to consider carefully before signing up
A Snapshot of the Gig Economy
Side hustles, contract work, and second jobs are a meaningful share of how Americans earn today. Roughly 11.9 million people worked as independent contractors as their main job in July 2023, about 7.4 percent of all employment, and 8.4 million workers held a second job alongside their primary work. The trade-off shows up in pay: contingent workers earn about 74 cents on the dollar of what noncontingent workers earn for full-time work.
The Side Hustle Tax Most People Forget
Side hustle income is subject to self-employment tax on top of regular income tax. For tax year 2025, the rate is 15.3 percent (12.4 percent Social Security plus 2.9 percent Medicare), applied to 92.35 percent of net self-employment earnings. The Social Security portion stops at $176,100 of earnings for 2025; the Medicare portion has no cap. The tax applies to anyone with $400 or more in net self-employment income, including W-2 employees who hustle on the side. A practical rule of thumb is to set aside 20 to 30 percent of side hustle income for taxes and pay quarterly estimates if you expect to owe $1,000 or more for the year.
Learn how tax planning fits a side hustle into your full plan.