Side hustles...
It feels like everyone has one or is talking about starting one (or five).
It's a common word tossed around the FIRE community, right up there with VTSAX, the 4% rule, life hacking, passive income, 401k, etc. Somehow it always sneaks it's way in to the fireside conversations.
Although I knew the gist of what a side hustle was, I did some digging around on the inter web to fully grasp the details.
Here's what I found:
- it's something other than your main job that brings in cash
- it can be a product or a service
- it's not your main source of income
- it's something you are passionate about
- it's an asset that works for you
So bottom line: it is something that adds to your income, is meaningful and gives you a sense of purpose outside of your 9-5er.
At the local FIRE meet-Up
The other week Mr. Waffle and I attended a meet-up.
The best part about these is being surrounded by like-minded individuals. These people get me and I get them; we are a tribe. I never have to explain myself.
It's always beer-thirty
We arrive at the brewery, grab a beer and sit down. The bench was still cold when someone immediately asked, "What's your side hustle?"
I froze. I shouldn't have been caught off guard, but I was.
Luckily, a few people jumped right in, discussing the cool things they were up to. Man, they all sounded awesome. Although I looked calm and collected on the outside, thoughts and emotions raced around my head on the inside.
"I don't have a side hustle," I said while shrugging my shoulders, "but...".
For the first time, I felt like I had to explain myself.
And I felt like I immediately lost some FIRE points in the eyes of everyone around me too.
How could I not have a side hustle?
Everyone has one.
Side hustle pandemonium
It seems that everyone is talking about them. Financial Panther discussed his plethora of side hustles on the FireDrill Podcast. Immediately, after listening to this episode, I began dreaming about what I could do for mine.
Passive Income MD and J$ both created lofty and brilliant lists of the many side hustles physicians and non-physicians can do for some extra cash.
The queen of side hustles herself, Millennial Boss, posts monthly updates on her hustle income. Of particular interest for me is her Etsy business. Not sure what I could sell on Etsy, but I love the concept.
And even Mr. Money Mustache had a side hustle stint with Uber.
I love hearing the stories of people killing it with their side hustles.
Talk about #inspiration!
Totally how I feel after reading or hearing about someone's awesome side hustle!
But I have to admit that I am envious of all the hustlers out there.
First off, they have the time (or at least make the time) to devote to their hustles.
Secondly, they do things I would have never considered; they have some brilliant ideas.
But it's not just time or ideas that is keeping me from pursuing a side hustle or two. It is, in all honesty, my full-time job.
When the full-time gig gets in the way
As I have said before, I love my job. I get to make a difference in people's lives everyday, making it extremely meaningful. And I am also incredibly passionate about my profession.
Plus, by running my own company, I set my schedule and have considerable flexibility. And I have the opportunity to make more money if I want, I just have to increase my billable hours.
So within my full-time job:
Can I increase my income? Yes
Is it meaningful? Oh yes
Am I passionate about it? Most definitely yes
Am I less on FIRE without a side hustle?
Because I run my own company, most of my life is consumed by my business. It's not a bad thing, but that doesn't leave much mind space, time or energy for other endeavors.
I have always thought a side hustle would be fun, but I'm constantly reminded that, for me, it is better to invest the time and effort into my main gig, rather than start something completely unrelated.
How it stands as of now
Since the meet up, I've thought a lot about side hustles (hence the inspiration to write this post). I also discovered others who struggle with starting a side hustle or focusing on their day job (thanks ChooseFI Facebook group thread).
But rather than do something unrelated to my business, maybe I can do something alongside my business. A "beside hustle" might be more fitting.
Now there's an interesting concept. Maybe I could come up with something that would expand my practice beyond the traditional treatment hours, but still pertain to my overall business?
My "Beside Hustle"
Well, over the past few weeks, I have been doing just that. I have been diligently thinking, scheming, and dreaming up ideas. I started journaling my thoughts, regardless of how good or how crazy they might be.
Chautauqua swag coming in handy!
And to let you in on a little secret, I think I might have found one and I am pretty pumped about it. Now it's still in the very early stages of development and a lot of work needs to be done, but hopefully I can make it happen.
"Ideas are worth nothing unless executed...execution is worth millions."- Steve Jobs
And with the turn of the new year, what better time to start a new endeavor. My idea has the potential to grow with my company and, fingers crossed, to continue long into the future.
I am somewhat nervous, since it is something that I have never done before, and actually never really thought that I could. But I feel like I am up for the challenge and ready to learn something new.
Anyone else considering a "beside hustle"? Any thoughts as to what mine might be? [A gold star to anyone who guesses correctly, no cheating if I have already told you]
Wish me luck!
💬 70 comments
I am in a similar boat. With a full time job, a son and other goals I actively pursue (training for races, getting involved in our community), I find little time for a true side hustle. I think for me, the benefit of investing more in my career has had a huge payout so far. I hope to continue my growth there... though I am not opposed to a side (or beside!) hustle :) So much to think about...
Life's about more than making $. Find the balance.
I totally concur with Mrs. PP. A side hustle is great for pumping up earnings. For someone like you with a satisfying career and good income, it's not a need. But, if you've found an idea that excites you -- go for it!
Also -- you "lost some FIRE points"? I know that's tongue-in-cheek but also there's some truth in it. Honestly, this whole comparison thing is what scares the heck out of me about FinCon. I don't want to return home with a gigunda to-do list. I'm easily persuaded -- not into action -- but into feeling AS IF I'm not doing enough.
I want a gigunda ice-cream, beer and bar of chocolate. And waffle. Now please.
That being said, side gigs can be great if they compliment your life. When they take away from the things you want to enjoy, that's when it's not worth it.
I thought that the point of side hustles was to increase income on the way to FIRE, provide an outlet to pursue something of interest vs your day job, practice a post FIRE passion, or some combination of those...
Creating your own company that earns good income, helps people, provides you with mentoring opportunity, ability to control your own hours, supports one of your passions, etc. means you've already created that as your main job, on the way to FIRE, which is INCREDIBLY COOL & IMPRESSIVE.
You're not laboring away at a job you hate, trading time for money, just to get to your passion projects some day...
To me at least, that sounds pretty ideal already!
Maybe next time, when you get the side hustle question, explain that you've turning a potential side hustle into the main gig.
If the other parts of your life are in balance (family, friends, health/exercise, joyful idling, etc.) I'm not sure what the point of a side hustle would be unless you have a compelling other passion you want to give some time to... I bring this up because you're recently blogged about time/commitment stress & challenges...
With that being said, growing and expanding your current business - whether you call it a 'beside hustle' or not - could be greatly fulfilling of your vision/passion plus bring in more money.
If you haven't already, maybe you could spend some time seriously considering WHY you'd do a (be)side hustle and if it's the right thing at the right time for your business and your life...
I don't think you should feel like you need a side hustle if you are doing fine without it. In my case, I don't want to actually stop working so side hustles will allow me to make a few extra $ and get into things I always thought would be cool to do but didn't generate enough money when I needed it.
The quickest way to FIRE for me is to keep kicking ass and taking names at work and hope it pays out well at bonus and review time. I got an extra bonus over Christmas just for doing my job. In another month I'll find out if I get one for the work done last year (I'm cautiously optimistic it will be nice again) and I'm hoping to get a raise. That's my best way to get to FIRE sans side hustle. Oh, and when our youngest gets out of pre-school this May and begins kindergarten in August, thats almost $1200 more per month to invest towards FIRE savings. Woohoo for good planning when we bought where we did 5 years ago. :)
I find it so ironic that a group of people who are deviating from societal norm by planning for FIRE feel the need to club together to join a "side-hustle club".
Working your tail off to have enough solid cushion to enjoy a FIRE life is the way to go. If something comes along after that, great, GRAVY on the PIE as they say. But you will have the freedom to pursue it or not. If you want to. When you want to.
Although I'm looking forward to leaving the 9-to-5 world, it's been pretty good to me financially. So as others have mentioned, I focus my earning potential there rather than trying to bootstrap businesses on the side where I can't dedicate the time it deserves.
Hell, Mrs. Need2Save and I can't seem to write a blog post every two weeks, so how would we find time for a side hustle?
It's #2 & #3 for me, plus the fact that I really enjoy using a different part of my brain and set of skills.
I always encourage people to pursue side hustles, if there's something in the back of their brain that's telling them to do that. If they're completely happy & doing quite well, no need to start one.
Sounds like you're excited by the possibility and I can't wait to see what it is!
Happy New Year's!
also, sweet journal :)
Cleaning my house for Airbnb guests is something I already have to do for myself anyway since I do want to live in a clean house.
Dogsitting is easy to do when you already own a dog and have to do your dog care tasks anyway (walking my own dog vs. walking my own dog and a guest dog doesn't really add much additional work to my plate).
It's sort of monetizing my regular tasks - a sort of "beside" hustle, maybe?
I also struggle with feeling like I am behind because I don't have a side hustle. I have my full time job and my blog, and they take up a significant amount of my time. Your idea of essentially making a "beside" hustle to piggy back off of your main business ventures is a new great way to look at it!
Thanks for the share and I look forward to hearing what your new "beside" hustle is!
Love this! Its unfortunate, but I feel like most people are doing stuff they don't like for more of money these days.
I'm a big fan of career hacking, ESI style, and I've initially thought that doesn't leave too much extra time to "beside hustle". However, I am planning on starting one in 2018 mostly because it's already a hobby of mine (painting). Enough people convinced me to try and sell them. I find it very therapeutic so it seems like a win/win.
I'm eager to see what your's will be!
I personally think side gigs are good depending on your phase of life. In my twenties I could have benefited from a side gig or two. In my forties and with kids, NO WAY could I sacrifice the time. Managing rental properties (NOT a side gig) and blogging (kind of a side gig) are more than enough for me.
I currently have a 9-5 & teach yoga. I've wanted to teach yoga almost since I started taking yoga. I have a regular class Mondays nights, at a business between my work and home. Only from July onward I got 1 person most of the weeks, with a max of 3! For how it affects the end of my day at my 9-5, I'm not sure it's the best use of my energy if that trend continues in 2018. What started as a 1x a month on Saturday class last spring, became a 1x a week (still Saturday) class in the fall. A lot of my friends don't live close, 1.5, 2.5 hours away, my family is 4 hours away & other friends in that area. Even when a friend was going to visit, but had a change in schedule and suggested brunch, I had to decline. I really enjoy teaching the class. I'm not sure I like what it's doing to my social life.
I make enough money at my 9-5. Yet, there is an 'experienced' designation you can add to your credentials after you teach 1000 hours. My ideal would be to teach a weeknight version of the Saturday class. Or even go back to 1x a month.
I also found near the end of 2017 with teaching, I wasn't taking as many classes, which keeps your own practice up, and gives inspiration to teach.
Then there's the idea if taking additional training or online classes for the 9-5.
This is a long winded way to say, I ♡ what I do as a side hustle, but I don't know if it works in my life right now. It's ok to not have one, and focus on the 'day job'.
P.s. a coworker is a lula roe seller, and she's bringing stuff into the office to sell to coworkers, making trips to the post office, picking what to order next, at work. Some jobs have down time and flexibility to do that, some jobs don't and it could be seen as a conflict of interest. Sometimes it's good to just do your 9-5 well, and like Mr. SSC you are rewarded for it.
As for side hustles, I always feel like they're more pertinent when you have a full-time job, because that's your outlet from the structured 9 to 5--or at least it was for me. When you have your own business, you already that experience of being your boss, so you don't really need a side hustle.
But I could be wrong. The FIRE police might come and revoke your FIRE badge. But that's okay. We still love you.
Haven't seen any flashing lights from the FIRE police yet, but from the sound of it, I'm not the only one without a side hustle. Safety in numbers!
i always thought many side hustles were overrated unless it's something you would be doing anyways. my card is revokes as well.