28 min

MM016: How to Find Your Side Hustle The Modest Millions Show - Personal Finance, Budgeting, Early Retirement, Financial Independence and Getting Out of Debt Tips

    • Investing

I’ve been known to have an idea or two for a side hustle. Some are ridiculous ideas. Some are impossible ideas. Some ideas are so far-fetched I don't know how in the world I came up with them. And then some ideas are solid, feasible, actionable and ambitious. These are my favorite. The fact is, when you've got a side hustle you're working on, you have more options that can help fund your future. Today's episode covers some rules to follow and a few idea starters so you know how to find your side hustle.



IN THIS WEEK'S EPISODE



* Keeping track of million-dollar ideas

* The three rules of any long-lasting side hustle.

* A quick brainstorm to think about possible side hustles



How to Find Your Side Hustle

I’ve been known to have an idea or two. Some are ridiculous ideas. Some are impossible ideas. Some ideas are so far-fetched I reflect on how in the world I came up with them. And then some ideas are solid, feasible, actionable and ambitious. These are my favorite. But, regardless of how hair-brained the idea is, it goes in my little orange notebook. I call this my million-dollar notebook, and I carry it with me everywhere

I have it here in front of me. Let’s take a spin through the table of contents.

There are categories in this book for ideas for mobile apps, web-based businesses, traditional business like a coffee shop, book ideas (I'm a sucker for sci-fi), drop-shipping eCommerce websites and more.

What I’m talking about here in this orange notebook and what we’re talking about in today’s episode is how to find your side hustle.

Could any of these ideas in here be the meal ticket that let’s us ride off into the sunset? Maybe. Would I like that to happen? Sure, why not? But the point of these ideas is to keep an open mind and consider the possibility that maybe one of these ideas might lead to a side hustle. I love what I do in my day job. That’s not the point of this little orange notebook. This is to think of anything that I might be able to do in addition to my day job.

First, what is a side hustle? I consider it to be anything you do in your free time when you're not working your main hustle. Some people think that a side hustle needs to be a side business, but that doesn't always have to be the case. It could be a part-time W-2 income that you do on the nights and weekends. It doesn't need to be a separate business. We'll brainstorm a few of them shortly. Essentially, it's simply a way to categorize a source of income in addition to your main job.



Three Rules for Finding Your Side Hustle

There are three rules to any long-lasting side hustle:

Rule Number 1: The most important thing to stress here is that you must have a passion for it. Otherwise, as soon as things get tough (and they will) you'll throw in the towel.

I know, your idea is different. It's not. Trust me, I've been there. There are likely others who are doing it or have tried doing it, so you need to be passionate about it to power through the discouragement that can come from competition.

Rule Number 2: You've got to stick with it. You'll lose so much momentum getting started with an idea, that if you keep starting new ones, it'll feel like you're always busy and making it happen, when all you're doing is burning rubber, stuck in neutral, and not making any substantial progress on your side hustle. You've got to take the long view, which means you need to do your research and some soul searching. Is this something you can commit five years to before deciding if it's time to cut bait?

Rule Number 3: Not to be overshadowed by Rule #2, you've got to just do it. Get out there and learn by doing. You can have the best, most well-constructed business plan in the world, but that won't mean squat if you don't actually open your doors. Get out there and fail (which you will). Learn from your mistakes and improve.

I’ve been known to have an idea or two for a side hustle. Some are ridiculous ideas. Some are impossible ideas. Some ideas are so far-fetched I don't know how in the world I came up with them. And then some ideas are solid, feasible, actionable and ambitious. These are my favorite. The fact is, when you've got a side hustle you're working on, you have more options that can help fund your future. Today's episode covers some rules to follow and a few idea starters so you know how to find your side hustle.



IN THIS WEEK'S EPISODE



* Keeping track of million-dollar ideas

* The three rules of any long-lasting side hustle.

* A quick brainstorm to think about possible side hustles



How to Find Your Side Hustle

I’ve been known to have an idea or two. Some are ridiculous ideas. Some are impossible ideas. Some ideas are so far-fetched I reflect on how in the world I came up with them. And then some ideas are solid, feasible, actionable and ambitious. These are my favorite. But, regardless of how hair-brained the idea is, it goes in my little orange notebook. I call this my million-dollar notebook, and I carry it with me everywhere

I have it here in front of me. Let’s take a spin through the table of contents.

There are categories in this book for ideas for mobile apps, web-based businesses, traditional business like a coffee shop, book ideas (I'm a sucker for sci-fi), drop-shipping eCommerce websites and more.

What I’m talking about here in this orange notebook and what we’re talking about in today’s episode is how to find your side hustle.

Could any of these ideas in here be the meal ticket that let’s us ride off into the sunset? Maybe. Would I like that to happen? Sure, why not? But the point of these ideas is to keep an open mind and consider the possibility that maybe one of these ideas might lead to a side hustle. I love what I do in my day job. That’s not the point of this little orange notebook. This is to think of anything that I might be able to do in addition to my day job.

First, what is a side hustle? I consider it to be anything you do in your free time when you're not working your main hustle. Some people think that a side hustle needs to be a side business, but that doesn't always have to be the case. It could be a part-time W-2 income that you do on the nights and weekends. It doesn't need to be a separate business. We'll brainstorm a few of them shortly. Essentially, it's simply a way to categorize a source of income in addition to your main job.



Three Rules for Finding Your Side Hustle

There are three rules to any long-lasting side hustle:

Rule Number 1: The most important thing to stress here is that you must have a passion for it. Otherwise, as soon as things get tough (and they will) you'll throw in the towel.

I know, your idea is different. It's not. Trust me, I've been there. There are likely others who are doing it or have tried doing it, so you need to be passionate about it to power through the discouragement that can come from competition.

Rule Number 2: You've got to stick with it. You'll lose so much momentum getting started with an idea, that if you keep starting new ones, it'll feel like you're always busy and making it happen, when all you're doing is burning rubber, stuck in neutral, and not making any substantial progress on your side hustle. You've got to take the long view, which means you need to do your research and some soul searching. Is this something you can commit five years to before deciding if it's time to cut bait?

Rule Number 3: Not to be overshadowed by Rule #2, you've got to just do it. Get out there and learn by doing. You can have the best, most well-constructed business plan in the world, but that won't mean squat if you don't actually open your doors. Get out there and fail (which you will). Learn from your mistakes and improve.

28 min