We are all trying to find ways to make ends meet. For most people, their regular 9 to 5 job is only serving to stay just ahead of their spending. Of course, that in itself should tell us something about our habits. Many people would put themselves in a better place financially if they would simply dial down their spending until they reach the point of making more than they spend.
However, many people try to bridge the gap beween paychecks with extra income. And, for many of them, it is not necessarily about covering debt. Some people are looking ahead and trying to build up investment money for their future.
Regardless of the reasoning, caution should be taken when you are considering that “side hustle” to create an extra income. There are always individuals waiting to take advantage of a person’s ignorance and this is no exception. Kayla Sloan takes a look at four ways that you can tell a scam from a legitimate hustle in this article that I took from Eyes on the Dollar.
4 Ways to Tell a Side Hustle from a Scam
But if you need to take on an extra job to pay your bills it can be a bit depressing. You may get discouraged or feel like a total failure.
As if that isn’t bad enough, you may end up getting scammed in the process if you aren’t careful. Fortunately, there are a few ways to tell a side hustle from a scam.
1. Promises to Make Huge Sums of Money
When a job sounds too good to be true it probably is. Trust your instincts. Many jobs that promise to make you huge sums of money right off the bat are scams.
Some of these scams are not too hard to identify. But not all are as easy to spot.
They could be advertised as ways to work from home and make lots of money. In truth, some work at home jobs is completely legit. But you must be able to discern the real ones from the fake ones.
What sometimes happens is that you are required to pay for training but it never happens. Or, you may have to shell out money for supplies up front but they never arrive. This is because you were targeted by a scammer who wants to take your money without ever providing those things.
2. Overpayments on Work Performed
Another trick criminal’s use is to have you actually do a job for them that they overpay you for. They target desperate people who really need the money and will accept their job offer. That doesn’t make it your fault, though.
Once you complete the work they assigned you, they may give you a check that is for far too much money. They will ask you to deposit it anyway and give them back the overage. Don’t fall for this trick.
Unfortunately, the check will bounce a few days later which makes you liable to cover the amount of money withdrawn as the overpayment. In the mean-time, your employer has skipped out of town never to be heard from again.
3. Large Upfront Investments
If a job requires a large upfront investment it may be a scam. To tell a side hustle from a scam watch for those that want you to invest several hundred dollars or more before starting.
The employer in these cases is probably a criminal trying to take your money. They prey on you when you really need the money. Their success depends on your vulnerability.
Again, it is not your fault that you are searching for a way out of your financial difficulty. But don’t fall for these types of scams. Most legitimate side hustles won’t require such a large upfront investment.
4. Sketchy Hiring Processes
If you receive a job offer with no interview or application it is probably not legit. Scammers will offer to hire you on the spot or do interviews online.
You can also tell a side hustle from a scam with vague or incomplete descriptions of the company or job. If you don’t know the owner or where they are located be wary. Having a website or advertisement online isn’t a guarantee that they are legitimate.
When you need to make some extra money be cautious about whom you go to work for. Use these tips to tell a side hustle from a scam so you can actually bring home a paycheck.
And, there you have it. Pursuing that hustle is not a bad thing. Whatever you can do to cover your extra needs is a good thing (as long as it’s legal). However, be careful. Do your research before you jump into something that you do not fully understand. Apply these 4 filters to each opportunity in order to ensure that it is a good move for you instead of something that you would eventually regret.
Life is Strange. Live it Well.