Start of a series on the Side Hustle.

music selection:  “Check Yes Juliet” — We The Kings

For several weeks going forward, I will be covering things I read in James Altucher’s “Side Hustle Bible.”  These posts will mostly arrive on Wednesday (this first one is a little late!)  I’m driven to do this by reader email.  Increasingly, I see people wanting to retire early who simply can’t seem to get their savings rates above 15% despite aggressive cost cutting.  The solution for them seems to be to find a supplemental source of income.

The IRS notes that the average millionaire in the United States has seven sources of income.  Most Americans can barely find enough time for their primary source of income.  Something has to change for quite a lot of many people.  And picking up one side hustle at a time might be the answer for many.

I think this could be a mandatory topic for many people going forward.  Median real wages have been on the decline since the mid 90’s.  Artificial Intelligence and increasing automation are going to destroy more jobs in the future.  It is going to become necessary for many to have a way to produce their own income outside the scope of traditional employment.  To that end:

Opportunity starts when someone has a problem and you have or can find a solution you can sell them at a price greater than your acquisition cost.

Value is what you offer but you must persuade others you can provide this value and build your expertise.  This series will include some ideas on how you can do that.

Scalability is a challenge that must be met so you can increase your income without ever decreasing your time.  Part of this is how you charge for your products and services.  Some of it is automation, and still more comes from learning to delegate.

Love is a critical element.  There are likely many things you love and thus many avenues where you can pursue a life passion for profit.

Next week: Inspiration.

Devour your prey raptors!

In this series:

Focus on Side Hustles

Focus on Side Hustles # 2

Focus on Side Hustles # 3

Focus on Side Hustles # 4

Focus on Side Hustles

Never miss another opportunity to devour prey!

6 thoughts on “Focus on Side Hustles

  • January 18, 2019 at 3:32 pm
    Permalink

    Most of us have 3 choices for using our spare time to increase earnings:

    1) Invest in career growth, night classes, certifications, schmoozing…
    2) Start a side hustle while working a full-time career.
    3) Start a new business. Dive in full time with long hours.

    #1 might be appropriate if there is a clear path to promotion. The payoff could be greater than any plausible side hustle because you are essentially increasing your hourly rate. Plus, once you acquire certifications, degrees, networks, and experience you can return to working normal hours with a locked in higher income.

    #2 might be best for people working in fields where there is little or no upward mobility, e.g. flight attendants, teachers, truck drivers, … and retirees. However, it is hard to find a side gig that pays as much per hour as one’s main gig, so offering to work OT at the main gig is often more profitable. Also, the odds are low (but there!) that a part time side gig will blow up and become a million dollar business, because competitors are using approach 3…

    #3 involves working long hours. It also typically involves a large cash outlay and high risk. Most multi-millionaire biographies involve starting a business, however there is a probability of failure (especially with restaurants) and you only hear about the successes. Also, many business owners become trapped in their jobs and are unable to retire when the business depends on them and the asset would collapse without constant work. Serial entrepreneurs deal with the risk of failure by trying a series of things until something works, but this process might take as long as a career. Yet, a gamble on business ownership is about the only way to get very rich very quick.

    It’s hard to say which approach will lead to FIRE fastest for most people. There is a continuum from low risk, low reward (#1) to high risk, high reward (#3). I like #1, but it’s so slow I keep looking at #2 and #3.

    Reply
    • January 18, 2019 at 4:08 pm
      Permalink

      You make good points. But keep reading. The Altucher book has some great high margin ideas that look to be very scalable and/or time efficient. I’ll be covering them over time.

      Reply
  • January 18, 2019 at 6:49 pm
    Permalink

    I’m looking forward to this series on side-hustles! Can’t wait to read more!

    Reply
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