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 may be lower than what it seems at first glance. Time may be better spent on personal development, continued education or seeking new employment. Weighing these costs carefully ensures decisions align with personal priorities and goals.
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 going towards a positive long-term outcomes. Ask yourself, will this lead to a career or a business?
Give Back
Spending your free time giving back to the community can be fulfilling and may bring more financial security then time spent working a side hustle or gig job.
Happiness, Hobbies, & Side Hustles
How does your side-hustle impact your overall happiness?
Can Money Buy Happiness?
Data shows that money can buy happiness up to a point, income increases life satisfaction by reducing stress and providing security, but after a certain threshold (around $75,000 to $100,000 per year in the U.S.), the impact on emotional well-being diminishes.
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can be rewarding financially, but if not managed properly, the pressure to earn can strip away the pleasure that originally made them fulfilling.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.
Side Hustle Tips, Tricks & Pitfalls
Avoid common pitfalls and focus on positive experiences that contribute to your long term goals.
Hustle Successfully and 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.
Todd's Personal Opinion on 10 Side Hustles to Consider Avoiding
1. Multi-Level Marketing (MLM)
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Most participants lose money due to high startup costs and low sales.
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Heavy reliance on recruiting others rather than selling actual products.
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Products are often overpriced and difficult to sell.
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Friends and family may feel pressured to buy or join.
2. Paid Online Surveys
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Extremely low earnings per hour (often cents per survey).
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Many platforms have high payout thresholds, making it hard to cash out.
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Risk of data harvesting and privacy concerns.
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Some survey sites are outright scams.
3. Drop Shipping (Without a Clear Niche or Strategy)
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Low-profit margins due to high competition.
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Long shipping times and customer service headaches.
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Many suppliers are unreliable or sell low-quality products.
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Requires a significant marketing budget to be successful.
4. Investing in Crypto or Forex Trading Without Knowledge
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Highly speculative and volatile markets.
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Many "get rich quick" trading courses and bots are scams.
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High risk of losing more money than you invest.
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Requires deep knowledge and time commitment to be profitable.
5. Gigs on Fiverr or Upwork Without a Special Skill
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High competition drives prices down, making it hard to earn well.
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Low-paying gigs (e.g., writing 1,000-word articles for $5).
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Time-consuming and difficult to build a steady client base.
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Some clients exploit freelancers and refuse to pay.
6. Filling Out Medical Studies or Clinical Trials
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Potential health risks, especially for experimental drug trials.
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Many require extensive screening, and acceptance is not guaranteed.
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Payments may not be worth the time or risk involved.
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Scammers sometimes pose as research companies.
7. Vending Machines in Bad Locations
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Expensive initial investment (machines + stock).
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Requires ongoing maintenance and refilling.
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If placed in a bad location, sales will be low.
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Theft and vandalism risks can lead to losses.
8. Selling Stock Photos Without a Plan
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Oversaturated market makes it hard to sell generic photos.
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Most stock photo sites pay only a few cents per download.
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Requires high-quality photography skills and professional equipment.
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Can take years to make meaningful income.
9. Renting Out Your Car for Ridesharing
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Depreciates your car quickly and adds wear and tear.
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Unexpected repairs and maintenance can eat into earnings.
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Insurance complications, many policies don’t cover rideshare accidents.
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Risk of difficult or problematic passengers.
10. Content Writing for AI-Generated Blogs
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Many companies now use AI instead of paying human writers.
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Rates are often extremely low ($0.01 per word or less).
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Clients expect high-quality, SEO-optimized articles for minimal pay.
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Work may be rejected or unpaid if it doesn’t meet vague standards.