Author Topic: Should I quit my side hustle? - AUS  (Read 1175 times)

Evasion

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Should I quit my side hustle? - AUS
« on: August 27, 2018, 05:33:45 AM »
Hello there!

Long time lurker, I recently decided to become more active in the community :)

Question is : Should I quit my side hustle job? I haven't been able to decide for a long time now, so i'm turning towards the internet's wisdom = )

Context/Background : I have always been fairly Mustachian. Hate shopping and consumerism, etc. When I was younger I was doing it the other way around, by working tutoring 10/12h a week and living off this income. I eventually became bored and got a much higher paying job in my field, leading me to think about FIRE and trying to make more money.
I have no student debt and my net worth is about $30k AUD. I am in my twenties.

I have had my current position (4days a week) for almost 2 years, with a side hustle bringing in about $9k AUD after tax (about 8h a week including transport, taking up my 5th day and 3 early evenings).
My current saving rate with this side job is about 61%.

I recently changed jobs (another 4 days week position), and thanks to the pay increase of the new position (about the same amount as side hustle) I can
A/ Keep side hustle, spend $50 more per week and increase saving rate to 66%
B/Quit side hustle, keep same spending habits, keep 61% saving rate.

What should I do? Help!
Obviously more money means FIRE quicker, and I dont mind the side job but I am already rather frugal, dont have enough time for everything I want to do outside work, and can easily afford working 4 days a week and maintain over 60% savings rate.

Solve my dilemma fresh eyes ;)

elliha

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Re: Should I quit my side hustle? - AUS
« Reply #1 on: August 27, 2018, 05:40:59 AM »
To me it sounds like quitting is what you are leaning towards. I would go for  working four days a week and spend the the other days doing fun things if I could keep the same rate. By only working four days already you have a kind of ER already at this point.

YttriumNitrate

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Re: Should I quit my side hustle? - AUS
« Reply #2 on: August 27, 2018, 06:08:46 AM »
According to the shockingly simple math of early retirement, your side hustle allows you to move up your retirement date by about a year.

It sounds like you already have more money than time, so I'd drop the side hustle and enjoy your 20s.

mozar

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Re: Should I quit my side hustle? - AUS
« Reply #3 on: August 27, 2018, 12:32:11 PM »
You will only be in your 20s a brief amount of time, you will be in the rest of your life for well, the rest of your life. You might really appreciate that extra year later. I say take the money while it's flowing.

Evasion

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Re: Should I quit my side hustle? - AUS
« Reply #4 on: August 27, 2018, 05:59:18 PM »
Thanks for the advice everyone, really appreciate your input!
So far the plan is to start the new job, keep hustle until December when things start to die down because of Christmas and Great Southern Summer, and then not start again in 2019.

I will update here :) keen to discuss further and hear more about your experiences and opinions though!

limeandpepper

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Re: Should I quit my side hustle? - AUS
« Reply #5 on: August 27, 2018, 07:19:35 PM »
Your savings rate is great already and it sounds like you would appreciate some more time to do things outside of work, so I agree with others to drop the side hustle and enjoy an extra day and three evenings of free time! By the way where are you in Australia? There are quite a few of us here and sometimes there are meetups. There's also this subforum if you ever have Australian-specific things to discuss (doesn't have to be tax related either, despite the subforum name). https://forum.mrmoneymustache.com/australia-tax-discussion/

Evasion

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Re: Should I quit my side hustle? - AUS
« Reply #6 on: August 27, 2018, 10:51:03 PM »
Thanks for your message Limeandpepper.
I live in Sydney with my wife. She recently got more motivated and posted her case study.

I will have a look at the sub forum;)
Thanks for your advice :)

mrmoonymartian

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Re: Should I quit my side hustle? - AUS
« Reply #7 on: August 28, 2018, 01:59:28 AM »
Would you take on a third hustle for me if I give you $21.63 per hour after tax?

If the answer is no, why is that? Because it will reduce your capacity to do other things you want to do, and you don't need it?

Ok, but isn't that what you just said about the second hustle?

MrThatsDifferent

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Re: Should I quit my side hustle? - AUS
« Reply #8 on: August 28, 2018, 02:14:04 AM »
Seems like you need a break. Take one and give it 6-12 months. If you need the money, go back to it. If not, enjoy more time to yourself.

Linea_Norway

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Re: Should I quit my side hustle? - AUS
« Reply #9 on: August 28, 2018, 02:53:04 AM »
Sometimes it is nice to prioritize your private life over money. When you are young, yo can still do so many things.
I have just turned 45 and don't feel as young as I used to, although I still do many of the same things. I am finally choosing to work part time from next month to free up some more time off. Even if it will delay my FIRE with several months.

I can't wait for it to start. August is lasting all too long.

Evasion

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Re: Should I quit my side hustle? - AUS
« Reply #10 on: August 29, 2018, 07:33:16 PM »
Thanks guys!
I will be taking a break from December and update about how it's going!
Projects include climbing more, learn a 4th language, and play some more music. Probably a bit more Friday beach going too!
The best is, only things that are free or already paid for anyway :)