Part two of a series.
music selection: “Shock The Monkey” — Peter Gabriel
Today’s post is about motivation. A side hustle won’t do itself. You have to get off your butt and in gear and make it happen. This requires (clearly) a non-zero level of motivation. The James Altucher book discusses three main motivations for starting a side hustle.
Making more money
This is probably going to be most people’s primary motivation. A few extra hundred dollars a month will move the needle for most middle class people. And if you are interested in FIRE, extra income is enormously useful to reducing the length of your professional career. The best thing about earning extra income as a side hustle instead of through formal employment is the room for growth can be unlimited. And if your side hustle income ever exceeds your day job income, you are already retired!
Doing more of what you love
I made my way to FIRE by the way of a more less traditional accounting career. It was not fulfilling. I had zero passion for what I did for money. That sometimes made the working day seem long. What if I had the good sense to monetize some of the things I did for fun during my off time? I would have probably enjoyed myself more and certainly retired sooner and with a secondary source of non-portfolio income. Maybe you like photography. Having a photography side hustle lets you do something you enjoy more frequently. It offsets the cost of your hobby and brings in additional income. That is a huge win-win.
Side hustles can become businesses
Hugh Howley was a sailor who did some hobby writing on the side. He wrote a story called “Wool” that was a minor hit. He wrote three sequels and combined the four books into a single volume. That version was a smash success and now he is a full time author. Lots of people have started out small on Amazon or other sites and built businesses with over a million dollars in annual sales. You could be next.
This isn’t about the article’s main topic of motivation but I think my readers will find it useful and motivating: there is a great online resource called Side Hustle Nation. I recommend visiting https://www.sidehustlenation.com/ just the front page has a link to 250 plus side hustle ideas. There is also a blog and a podcast.
Devour your prey raptors!
In this series: