Yahoo Finance 7 Side Hustles That Aren’t Worth the Risk
When reviewing various side hustle options, it’s tempting to overlook the risks involved as you try to find the most lucrative choice.
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However, you want to ensure that your side gig brings in extra money instead of additional stress. That’s why we’ll break down the side hustles that aren’t worth the risk due to various concerns that could hurt you personally and financially.
Keep reading for several examples of side hustles that aren’t always worth the risk.
Renting Out Your Car to Strangers
In recent years, one of the more popular side hustles has been renting your car out to strangers on a platform like Turo. Even though peer-to-peer car sharing can be profitable, there’s no guarantee that the person using your car is as good a driver as you.
Other possible issues include:
The car crashes or is damaged by the user. The driver could get into an accident, or someone could damage your vehicle while in a parking lot.
Wear and tear. You’re putting many miles on your car that could lead to expensive repairs.
It may be difficult to prove damages or to have insurance cover the costs. You could be stuck in a nightmare situation with insurance. You may even discover damages after the fact that will be challenging to prove.
Your insurance could increase. Your premium could increase if there are any damages or your insurance doesn’t approve of this venture.
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Delivering Food in Busy Areas
While food delivery apps can pay you a decent amount if you work in a busy area, the trade-off is that it could be risky on a personal safety level.
For example, if you deliver food on a bicycle during rush hour, there’s likely to be plenty of traffic, and you could get into an accident. If you get hurt, you could be unable to perform at your day job, putting you in a dire financial situation.
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Rideshare Driver
Like renting out your car to strangers, you’re allowing people into your vehicle, and risks could be associated with this. For example, someone could fall ill and vomit in your car, or you could get into an accident while trying to pick someone up in a crowded area.
You also have to factor in wear and tear and the potential impact that adding all those miles to your vehicle could have on its lifespan. You never know what to expect when letting strangers in your car.
Walking Dogs
Walking dogs is a popular side hustle because it allows you to exercise while making money. However, you could get bit if you’re uncomfortable with dogs or end up with a poorly trained one. You may also think you’re comfortable with dogs, but you will find that a poorly trained one can attack you.
If you choose to board dogs, you could also have one damage your property. You never know how a dog will react when placed in a new environment. You don’t want to be stuck in a legal battle because an untrained pet caused damages to your property.
Hosting Strangers in Your Home
Airbnb has emphasized room rentals so people can make money with their space. While listing a unit on a short-term rental platform like Airbnb can be financially worthwhile, some issues can be associated with sharing space in your home with strangers.
Here are some risks of renting a room out:
Damages to your home
Loud guests who don’t let you sleep
Safety concerns due to unscreened guests
Negligent guests may not use precautions with your property
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Risky Real Estate Projects
Flipping houses has been mentioned on side hustle lists, but the process isn’t always simple. If you don’t know what you’re doing, the expenses can quickly pile up, and you may not be able to profit from the venture. You also have to factor in that you could get injured while trying to complete repairs you’re not qualified to do.
Flipping Stuff From Yard Sales
Flipping items that you find at yard sales or thrift stores on an online marketplace has become a fairly common side hustle. However, there aren’t any guarantees that this will bring you money.
If you don’t know what you’re looking for, you could end up with a home filled with junk. You could also get financially ripped off if you keep accumulating items that you feel are valuable but aren’t worth much. You may also take on the risk of meeting strangers to buy and sell items in situations that don’t always feel safe.
Closing Thoughts
You want to be confident that the side hustle you pursue is worth the potential risk so that it is a profitable venture. The main concern of every side gig on this list is that variables out of your control could pose a major risk to you. You don’t want to be in a stressful situation because a stranger crashed your vehicle or damaged your home. Proceed with caution!
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