What's Your Side Hustle?
In today's economy there are many who are living it up, enjoying life and acting as-if nothing could ever go wrong... but what if it did? Do they (or you) have a backup plan? Well... Do you?
I subscribe to a financial newsletter from one of the leading financial advisers in the country and here's a direct Quote from the Stansberry Digest...
“You see, today we are living in a world of two different Americas.
For the wealthiest 40% of the population, life is good. Asset prices are rising, and wages are finally starting to increase. But if you're in this group, you should know that you have a target painted on your back.
Because for everyone else, life is getting worse...
Consumer debt is high and wages are stagnant. Most Americans would have difficulty raising even a few hundred dollars for an emergency. They have less than $20,000 saved for retirement. Physical and mental health is deteriorating. Death rates are soaring.
That is the definition of hopelessness.
Now, for the first time in decades, more and more Americans are embracing the empty promises of socialism. And a new crop of politicians is rushing to deliver them.
These "free money" social promises sound great... At least until you think about how the politicians will pay for them – and who's going to be doing the paying. And many middle-class Americans with a retirement account, pension, or bank account could see their hard-earned savings wiped out.
You don't have to be one them.” (end quote)
How you prosper during the coming years (or don't) will depend on several things. Some you have absolutely NO control over. Things like the outcome of elections and the policies of those who wind up in political offices. However, if you have taken the initiative and in your spare time built a “side hustle” you could be doing quite well.
Allow me to define “Side Hustle” for you... as I see it.
First off, any business that you start needs to be affordable for the masses. There are many side businesses with huge start up fees and they're fine if you have the money set aside to do that but, for most starting your first business on the side, the cost needs to be in the low hundreds of dollars. Another requirement would be that the products or services you will provide must be consummables that the average person or family would need on a day-to-day basis.
The time required to operate your new venture should be so minimal that anyone can work it into their schedule. With many of us working a 40 hour week adding more hours to the mix takes away any possibility of recreation and/or relaxation. Most of us can squeeze in 2 or 3 hours during the week and then a few extra hours on the weekend. After all, when your future may well depend on it... work now so you won't suffer later.
There are many categories to chose from when you think about what to chose to create another income stream in your life. Network Marketing comes to mind and there are 50 or more different companies that I see when I Google that term and that's a lot to chose from. Plus there are other areas as well. Real Estate, Collectables, your own Amazon store, and the list goes on and on. My thoughts on what to chose come down to... your choice should provide a valuable service, it should bring you income, satisfaction and pleasure and security for your financial future.
So, how would you manage to get the word out to your “audience” about your new “side hustle?” I would suggest starting with Social Media. Facebook, LinkedIn, Instagram and Twitter come immediately to mind. There are many excellent references available that will share the steps required to successfully build your contact list using social media. As you progress, mentors in your chosen business venture will share more tips and tricks with you if you ask.
How much money can you make with a “Side Hustle?” That of course depends on how hard you work and how many hours you work it. The best answer is the sky is the limit. And that is the absolute truth. Then why isn't everybody doing this? My best answer is that many of us are afraid to step out on our own. We are not taught to be Entrepreneurs in school. Instead, we're taught to get a good education and then get a good job and stay there until we can retire. At least that is what MY generation was taught. Unfortunately, they system does not work that way any longer. The average time at any one job is no longer 20 or 30 years... in most circles. And the idea of a pension is all but non-existent. You will have to put away enough money to retire on (someday, hopefully) and be smart enough to manage that money so it does not erode or be lost and leave you broke about the time you hope to begin retirement. If you listen to some of the new Socialists in government and those hoping to be elected to political office, your retirement money is one of their high priority targets... so you will have to be smart in how you protect your earnings.
But back to the question of how much can you make in a “Side Hustle?” Here's a fact that may shock you. The average network marketer does not make very much money at all. So the deal here is... DO NOT BE AVERAGE. Be Above Average. Get advice from those who are Doing It. Earning $3,000 to $5,000 per month is totally doable, on the side, part time. Once you qualify for a level or two up in many businesses, there are car bonuses that you can qualify for. That will help you make the payments on a new or better car than you currently have, if you need or want one. Incentives, trips and cash bonuses are typically offered for those who really get with the program and excel at building a fast growing organization.
In closing, I would suggest that you Secure Your Future. Reach out to me and I will send you some information to view online at your leisure. If what I share with you works for you we can go from there. If not, no problem. I'd still suggest you continue to search for something that DOES work for you. Time is of the essence.
David Perkins writes from his home
in Frederick, Maryland