- Meghan Lim quit her analyst job and is now self-employed through her side hustles.
- Lim said she's on track to earn six figures this year, exceeding her previous salary.
- She said the freedom with her time is a positive of working for herself and she's happier.
Meghan Lim, 27, was in a 9-to-5 job for just a few months when she decided to give self-employment a try.
It's worked out pretty well for her so far. She told Business Insider she's on track to make six figures this year through content creation, which would be more than her salary of $78,000 from her recent job.
Lim quit her financial analyst job at the end of January because she felt unfulfilled, felt she didn't get enough on-the-job training, and found it tough to balance side work with her analytical job. She had only held the job for around three months after a bout of unemployment through most of 2023.
Lim was no stranger to side hustling even while she was working her day job. For instance, she would walk dogs during her lunch break, and she made and started selling a digital budget template in November 2023, which she still makes passive income from. She said the "hefty emergency fund" she was able to build from selling the budget template helped give her the confidence to try full-time entrepreneurship.
Lim's income has come from affiliate marketing, user-generated content, brand sponsorships, dog walking, pet sitting, financial coaching, sales of her digital budget template, and from a pay-what-you-want budget and audit calculator.
Lim's earnings from her 19 brand deals in 2024 ranged from $600 to $6,750. She also made several thousand dollars from sales of the budget template.
"I always see other people of my age making six figures, and I knew I always wanted that, and I thought I had to climb the corporate ladder to get to that," Lim said.
Lim said she feels more fulfilled and happier.
The switch from a steady 9-to-5 job to self-employment has its pros and cons and shouldn't be an instant decision. Lim described the perks of working for yourself and how to prepare to make this pivot.
How to prepare for doing side hustles full-time
Lim advised starting with one side hustle. She said one angle in could be making videos about things you're good at, topics you know well, and your personal passions.
"I know not everybody wants to be a content creator, but content creation honestly opens up so many doors because not only are you just putting yourself out there, but you're kind of building a personal brand," Lim said. "Once you build a personal brand and following, you'll reach so many people."
Lim's TikTok accounts aren't monetized because she's below the minimum follower count to join the rewards program. But she said videos about her budget template have helped drive sales, and she's earned money making Instagram videos and other content under contract with companies and brands.
Lim said you can start with a small time commitment but recommended working on a side hustle consistently to improve.
She said earning through affiliate links can be a simple way to make money. Lim said brand deals can be a lucrative option but doesn't think it should be the only side gig someone has; she thinks creating and selling a product is a better way since you have control over it. Lim's budget template is her favorite income stream because it's a passive way of making money while selling something useful.
"Once your business income makes more than your 9-to-5 for at least three months consecutively and you have a six-month emergency fund built up, then that would be the best time to consider quitting," Lim said. "But of course, it's also important to ask yourself why you're doing it. Are you fulfilled with doing it? And do you see yourself doing this for the next few years?"
The pros and cons of leaving a job for self-employment
While Lim found the initial transition to self-employment easy, she said it did become tough, and she felt somewhat burned out.
"Once you go from employment to self-employment, everything is under your control, and it's really hard to balance things if you don't have structure or a routine," Lim said.
She found having to pay for her own health insurance a negative because it can be expensive.
Another concern with self-employment can be the lack of a steady income. Lim said her earnings from self-employment aren't consistent, so she puts money in a high-yield savings account when she's having a good month.
"I don't know when I'll get paid," Lim said. "I will have really high months and really low months."
Lim said freedom with her time and being able to travel are two pros of being self-employed. She said she visited her family in the Philippines and didn't have to worry about putting in a request for time off. She also said she doesn't have to wait until the weekend to meet up with other people, given the flexibility of working for herself.
"I think the goal is to not necessarily make more money, but have more time and have an impact," Lim said, adding, "as I got money that was more than enough to pay for essentials and everything, I started to realize it's more important to focus on purpose and your time."
Have you had success with side hustles or quit your 9-to-5 job? Reach out to this reporter to share your experience at [email protected].