Stop Promoting These Side Hustles As Gold Mines
Why are you promising me a fortune doing something I know nothing about?
Published in
4 min readApr 11, 2021
Your bank balance is giving you anxiety? No problem, get a side hustle! The truth is, the only way to make any real money is to monetize the skills you already have. If you are willing to put in the work and learn a new trade then great! But that will take months or even years of hard work.
If your aim is to make money fast then cross the following options off your list now.
Day Trading
There’s a new generation of Robinhood traders in town and they’re here to…blow up their accounts (i.e. lose all their money). Following WallStreetBets on Reddit and chanting “diamond hands to the moon” is definitely not going to make you wealthy.
Why is it a bad idea?
- Studies have shown that retail investors struggle to make money in the stock market over long periods. You’re more likely to lose a considerable portion of your initial investment. Margin accounts are particularly dangerous because they allow you to lose more than you invested in the first place. If you need a side hustle to make some extra cash can you afford to risk whatever savings you have?
- A realistic annual return is very low. Day…
