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: