Here at Beyond the Financial Nomad, we are constantly trying to inspire people to enjoy the journey of life while optimizing wealth. These do not need to be mutually exclusive. This session is about side hustling. We are not thinking about anything illegally of course. Side hustles are activities one does with their extra time to create another stream of income. Since time is our ultimate asset, it is paramount to pick a side hustle activity that aligns with your schedule, but more importantly something you enjoy. No one wants to work extra hours unless the benefits outweigh the costs. In this case, the benefits are the extra cash to fund your summer golf greens fees or passion for fine wine plus other forms of gratification.
When you start a side hustle, your first objective must be finding an activity you enjoy and can be monetized. For example, Cindy has been a dog-lover since she was a toddler and now does not consider a day complete unless she has walked 15,000 steps for cardio exercise. Cindy realizes she enjoys walking dogs. She starts brainstorming the value this service holds with her clients, the time it will take for her to both markets her service and deliver it, and any potential economies of scale that can increase her earnings. Soon she may be walking around a park with four separate dogs on leashes getting her exercise and earning cash for the new chaise lounge she wants in her apartment.
Some side hustles are already built with their marketing apps and scopes defined. For example, many people with a vehicle consider driving for Lyft and Uber to earn some extra money. WARNING: Remember, you need to be on your executive committee to determine if this “business opportunity” will be profitable for you. No side hustle is 100 percent perfect. Companies such as Lyft and Uber are a great way to earn extra money but, it is not easy. First research your area. What is the likelihood for someone to drive a car through your streets? Is there a demand in your area? Plus is the fuel and car maintenance worth the time?
A good side hustle starts with a positive mindset. Let us say I wanted to drive for Uber. I work 9-5 during the week and calculate I have 5 hours remaining of time that I could apply to Uber driving. First, I would research the demographic of my immediate area. I do not want to drive 2-hours to an airport to ensure I have customer opportunities. How many people are in my zip code and need a lift? What are the age ranges, car ownership statistics, and gas price fluctuations? This diligent research will help me determine if Uber driving is a good fit. Keep in mind that you can never prepare yourself for everything.
Life is a journey, but the more you know about the possibilities, the better you will be. Sometimes even the small thoughts in life can bring out the most joy in life. Start believing that there is something out there for you and do and can be monetized. What better formula is there than doing something you love and getting paid for it. Do diligent research to find out what complements your interests, fits your schedule, and create that extra stream of income to reinvent your side hustle.