Side Hustle? Passive Income?

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
User avatar
CyclingDuo
Posts: 3683
Joined: Fri Jan 06, 2017 9:07 am

Re: Side Hustle? Passive Income?

Post by CyclingDuo »

BeanCity wrote: Thu Dec 13, 2018 12:07 am I'm curious to hear of any side hustles or passive income strategies that Bogleheads pursue to either supplement their W2 job or eventually not have to work their traditional W2 job. I'm currently 29, have zero debt other than my house, and make a six-figure salary. I have a 50%+ savings rate and enjoy being frugal. I like my job, and intend to continue working for the foreseeable future, but also like the idea of not having to work if I decide 5, 10, 15 years down the line. I am looking for new strategies now to plant the seed, and watch it grow over a 5, 10, 15 year time frame.

Are there bogleheads that can relate to this desire?
Do you have the time and energy to pick up an additional 15 to 20, maybe even 25 hours a week of a side hustle job? Could be evenings and weekends to couple with your regular gig. Could be interesting to find a side hustle that is totally unrelated to your regular job to keep you challenged and mentally fresh by working a different side job. Potential to easily bring in an additional $1000 to $1400 or more per month for the extra hours.
"Save like a pessimist, invest like an optimist." - Morgan Housel
gretah
Posts: 243
Joined: Wed Apr 20, 2016 11:14 pm

Re: Side Hustle? Passive Income?

Post by gretah »

Marin Katsua is an O&G guy who wrote a heck of a book. I read it twice and met him at a book signing. He is a very smart and nice man. The Colder War made it to #8 on the NY Times bestseller list.
https://www.amazon.com/Colder-War-Globa ... colder+war

I agree with the recommendations to Side Hustle School podcasts. He does have a weird voice but his info is good. Chris Guillebeau has also written some books that you could benefit from. $100 Start Up and Side Hustle.

Pat Flynn has a great story and website SmartPassiveIncome.com His businesses (and his examples of others' businesses) are not really passive but more along the line of doing the work upfront and getting passive income later, like writing books and building websites.

The son of a friend of mine started a dog walking business. He was the dog walker initially. But he built up a great business and delegated the local walking to others. Now he sells franchises of of the business.

Good luck!
User avatar
jfn111
Posts: 1190
Joined: Fri Nov 08, 2013 10:42 pm
Location: Minnesota

Re: Side Hustle? Passive Income?

Post by jfn111 »

BeanCity wrote: Fri Dec 28, 2018 5:55 pm
techland wrote: Fri Dec 28, 2018 4:39 pm Rental property can be great IF you buy it at the right place, and or right time.

HCOL areas typically have better rental markets (easier to find tenants, better quality tenants, and higher rents). However, it is difficult to capture these benefits when you are starting out. And buying into these markets requires a lot of capital, and even if you have the the capital, your cap rate will be pretty bad starting out.

LCOL areas typically offer better cap rates, easier market entry, and require less capital. The downside of course is that you may have harder time finding tenants, or quality tenants.


The absolute BEST is if you can buy into a LCOL area, that becomes a HCOL area. This is hitting the bulls eye, and in my opinion is what you should be aiming for.

I'm very curious about the people who buy long distance rentals. This is something personally I would be scared to do, because I like to have a firm understanding of the local market/economy etc...I also do much of the maintenance myself. I suppose with a property management company this can work, but I would still be nervous about not being in tune with the area.
Thank you for this response - i find it helpful. Could anyone provide examples of potential LCOL areas becoming HCOL areas? I currently am interested in DFW area, Kansas City, St. Louis, Missouri...places like this. Any expanded response would be appreciated on this topic.
One example is Northeast Minneapolis. Houses that could have been picked up for under $100,000 in 2009-2012 are going for well over $200,000 today. You would have collected 10 years worth of rents and can sell for more than double today.
fareastwarriors
Posts: 1266
Joined: Tue Feb 14, 2012 12:31 pm

Re: Side Hustle? Passive Income?

Post by fareastwarriors »

I believe there are still opportunities for cash flow and appreciation in Austin, TX. It is in a business friendly state and Austin has a cool reputation with jobs still coming in. You can check out this forum (https://realestateforums.net/t/austin-n ... wn/5795/73) The posters are primarily SF Bay Area based but has a ton of experience and some have holdings in other cities/states.

As for me, I will stick to my local market, the SF Bay Area. It is working out just fine for me so far.
gretah
Posts: 243
Joined: Wed Apr 20, 2016 11:14 pm

Re: Side Hustle? Passive Income?

Post by gretah »

Financial Samurai has a good blog / article on passive income

https://www.financialsamurai.com/financ ... date-2018/
newtoit
Posts: 20
Joined: Mon Oct 20, 2014 4:55 pm

Re: Side Hustle? Passive Income?

Post by newtoit »

MotoTrojan wrote: Thu Dec 13, 2018 12:12 am
BeanCity wrote: Thu Dec 13, 2018 12:07 am I'm curious to hear of any side hustles or passive income strategies that Bogleheads pursue to either supplement their W2 job or eventually not have to work their traditional W2 job. I'm currently 29, have zero debt other than my house, and make a six-figure salary. I have a 50%+ savings rate and enjoy being frugal. I like my job, and intend to continue working for the foreseeable future, but also like the idea of not having to work if I decide 5, 10, 15 years down the line. I am looking for new strategies now to plant the seed, and watch it grow over a 5, 10, 15 year time frame.

Are there bogleheads that can relate to this desire?
Also curious. I churn bank bonuses and credit cards. In the past 2 months I’ve netted around $3500 after tax.
Can you please elaborate on how to make money by churning ? I thought you could make a few hundred dolllars a year by churning but did not know that you could make a few thousand dollars that way. Can you please elaborate or point me to resources?
fareastwarriors
Posts: 1266
Joined: Tue Feb 14, 2012 12:31 pm

Re: Side Hustle? Passive Income?

Post by fareastwarriors »

newtoit wrote: Sun Jan 13, 2019 1:22 pm
MotoTrojan wrote: Thu Dec 13, 2018 12:12 am
BeanCity wrote: Thu Dec 13, 2018 12:07 am I'm curious to hear of any side hustles or passive income strategies that Bogleheads pursue to either supplement their W2 job or eventually not have to work their traditional W2 job. I'm currently 29, have zero debt other than my house, and make a six-figure salary. I have a 50%+ savings rate and enjoy being frugal. I like my job, and intend to continue working for the foreseeable future, but also like the idea of not having to work if I decide 5, 10, 15 years down the line. I am looking for new strategies now to plant the seed, and watch it grow over a 5, 10, 15 year time frame.

Are there bogleheads that can relate to this desire?
Also curious. I churn bank bonuses and credit cards. In the past 2 months I’ve netted around $3500 after tax.
Can you please elaborate on how to make money by churning ? I thought you could make a few hundred dolllars a year by churning but did not know that you could make a few thousand dollars that way. Can you please elaborate or point me to resources?


My goto resource is https://www.doctorofcredit.com/ . Churn brokerage and bank bonuses. Fairly lucrative, not time intensive, and just a little bit of recordkeeping.
User avatar
fortfun
Posts: 2760
Joined: Tue Apr 19, 2016 7:31 pm

Re: Side Hustle? Passive Income?

Post by fortfun »

newtoit wrote: Sun Jan 13, 2019 1:22 pm
MotoTrojan wrote: Thu Dec 13, 2018 12:12 am
BeanCity wrote: Thu Dec 13, 2018 12:07 am I'm curious to hear of any side hustles or passive income strategies that Bogleheads pursue to either supplement their W2 job or eventually not have to work their traditional W2 job. I'm currently 29, have zero debt other than my house, and make a six-figure salary. I have a 50%+ savings rate and enjoy being frugal. I like my job, and intend to continue working for the foreseeable future, but also like the idea of not having to work if I decide 5, 10, 15 years down the line. I am looking for new strategies now to plant the seed, and watch it grow over a 5, 10, 15 year time frame.

Are there bogleheads that can relate to this desire?
Also curious. I churn bank bonuses and credit cards. In the past 2 months I’ve netted around $3500 after tax.
Can you please elaborate on how to make money by churning ? I thought you could make a few hundred dolllars a year by churning but did not know that you could make a few thousand dollars that way. Can you please elaborate or point me to resources?
Cap One Venture - $500 cash bonus
Cap One Savor $500 cash bonus
Chase Sapphire $500 cash bonus
(A few to get you started, then Citi Thankyou, etc.)

Just a few to get you started. Apply for the card, spend minimum, close or convert card before yearly $95 fee is applied. Read up on the 5-24 rule first (google it). Also, monitor your credit score. I would not play this game if your score isn't above 750 or so (if you might need a loan in the near future).
User avatar
PhysicianOnFIRE
Posts: 465
Joined: Fri Jan 08, 2016 3:46 pm
Location: Up North

Re: Side Hustle? Passive Income?

Post by PhysicianOnFIRE »

Blogging.

It's active income, at least the way I do it, but I prefer it to my other day/night job. More fun, less stress.

:beer
-PoF
MotoTrojan
Posts: 10661
Joined: Wed Feb 01, 2017 8:39 pm

Re: Side Hustle? Passive Income?

Post by MotoTrojan »

fortfun wrote: Sun Jan 13, 2019 2:17 pm
newtoit wrote: Sun Jan 13, 2019 1:22 pm
MotoTrojan wrote: Thu Dec 13, 2018 12:12 am
BeanCity wrote: Thu Dec 13, 2018 12:07 am I'm curious to hear of any side hustles or passive income strategies that Bogleheads pursue to either supplement their W2 job or eventually not have to work their traditional W2 job. I'm currently 29, have zero debt other than my house, and make a six-figure salary. I have a 50%+ savings rate and enjoy being frugal. I like my job, and intend to continue working for the foreseeable future, but also like the idea of not having to work if I decide 5, 10, 15 years down the line. I am looking for new strategies now to plant the seed, and watch it grow over a 5, 10, 15 year time frame.

Are there bogleheads that can relate to this desire?
Also curious. I churn bank bonuses and credit cards. In the past 2 months I’ve netted around $3500 after tax.
Can you please elaborate on how to make money by churning ? I thought you could make a few hundred dolllars a year by churning but did not know that you could make a few thousand dollars that way. Can you please elaborate or point me to resources?
Cap One Venture - $500 cash bonus
Cap One Savor $500 cash bonus
Chase Sapphire $500 cash bonus
(A few to get you started, then Citi Thankyou, etc.)

Just a few to get you started. Apply for the card, spend minimum, close or convert card before yearly $95 fee is applied. Read up on the 5-24 rule first (google it). Also, monitor your credit score. I would not play this game if your score isn't above 750 or so (if you might need a loan in the near future).
Definitely be careful on the credit score. Most banks aren’t hard pulls so those bonuses can be a good bonus balance too. I’ve added 10 cards in the last 2 years with most of them in the last few months and saw a 100 point drop from my all time high (also carrying some balances so I expect a good bounce back shortly); yes I got a little carried away but still a good score and no loans on horizon.
MotoTrojan
Posts: 10661
Joined: Wed Feb 01, 2017 8:39 pm

Re: Side Hustle? Passive Income?

Post by MotoTrojan »

fareastwarriors wrote: Sun Jan 13, 2019 1:53 pm
newtoit wrote: Sun Jan 13, 2019 1:22 pm
MotoTrojan wrote: Thu Dec 13, 2018 12:12 am
BeanCity wrote: Thu Dec 13, 2018 12:07 am I'm curious to hear of any side hustles or passive income strategies that Bogleheads pursue to either supplement their W2 job or eventually not have to work their traditional W2 job. I'm currently 29, have zero debt other than my house, and make a six-figure salary. I have a 50%+ savings rate and enjoy being frugal. I like my job, and intend to continue working for the foreseeable future, but also like the idea of not having to work if I decide 5, 10, 15 years down the line. I am looking for new strategies now to plant the seed, and watch it grow over a 5, 10, 15 year time frame.

Are there bogleheads that can relate to this desire?
Also curious. I churn bank bonuses and credit cards. In the past 2 months I’ve netted around $3500 after tax.
Can you please elaborate on how to make money by churning ? I thought you could make a few hundred dolllars a year by churning but did not know that you could make a few thousand dollars that way. Can you please elaborate or point me to resources?


My goto resource is https://www.doctorofcredit.com/ . Churn brokerage and bank bonuses. Fairly lucrative, not time intensive, and just a little bit of recordkeeping.
+1. This is the best resource as it includes details on keeping things fee free and what other loop holes there are. I’m now approaching $4K after tax in just 3 months (not a sustainable pace of course).
crazycatman
Posts: 60
Joined: Wed Feb 14, 2018 11:23 pm

Re: Side Hustle? Passive Income?

Post by crazycatman »

BeanCity wrote: Thu Dec 13, 2018 12:07 am I'm curious to hear of any side hustles or passive income strategies that Bogleheads pursue to either supplement their W2 job or eventually not have to work their traditional W2 job. I'm currently 29, have zero debt other than my house, and make a six-figure salary. I have a 50%+ savings rate and enjoy being frugal. I like my job, and intend to continue working for the foreseeable future, but also like the idea of not having to work if I decide 5, 10, 15 years down the line. I am looking for new strategies now to plant the seed, and watch it grow over a 5, 10, 15 year time frame.

Are there bogleheads that can relate to this desire?
The Amazon FBA program has a lot to offer and there is TONS of info on it. Look up Joshua Crisp (8 figure seller) for information on private labeling or Watch Me Amazon (8 figure seller) and @fbahustle on Instagram (6 figures part-time) for education on wholesaling.

We flipped items on Amazon for the last year and a half, only averaging about 5 hours of work a month and have made about $10k in that year and a half.
runner540
Posts: 1326
Joined: Sun Feb 26, 2017 5:43 pm

Re: Side Hustle? Passive Income?

Post by runner540 »

Six figure salary before 30: you should focus on your career - focus energy and time getting to the next level in that - will pay way more than most side gigs.
User avatar
fortfun
Posts: 2760
Joined: Tue Apr 19, 2016 7:31 pm

Re: Side Hustle? Passive Income?

Post by fortfun »

PhysicianOnFIRE wrote: Sun Jan 13, 2019 2:33 pm Blogging.

It's active income, at least the way I do it, but I prefer it to my other day/night job. More fun, less stress.

:beer
-PoF
PoF,
Would you mind sharing how much money one can expect to make off of blogging?
Thanks!
crazycatman
Posts: 60
Joined: Wed Feb 14, 2018 11:23 pm

Re: Side Hustle? Passive Income?

Post by crazycatman »

fortfun wrote: Sun Jan 13, 2019 6:55 pm
PhysicianOnFIRE wrote: Sun Jan 13, 2019 2:33 pm Blogging.

It's active income, at least the way I do it, but I prefer it to my other day/night job. More fun, less stress.

:beer
-PoF
PoF,
Would you mind sharing how much money one can expect to make off of blogging?
Thanks!
There are tons of resources on how to make money from affiliate marketing from blogging. One heavy hitter is Making Sense of Cents. She makes $1,5mil/year from blogging. https://www.makingsenseofcents.com
User avatar
PhysicianOnFIRE
Posts: 465
Joined: Fri Jan 08, 2016 3:46 pm
Location: Up North

Re: Side Hustle? Passive Income?

Post by PhysicianOnFIRE »

fortfun wrote: Sun Jan 13, 2019 6:55 pm
PhysicianOnFIRE wrote: Sun Jan 13, 2019 2:33 pm Blogging.

It's active income, at least the way I do it, but I prefer it to my other day/night job. More fun, less stress.

:beer
-PoF
PoF,
Would you mind sharing how much money one can expect to make off of blogging?
Thanks!
I've seen a breakdown before. >90% earn < $10,000 a year. The top few percent are earning 6 figures and a select few of them make 7 figures.

Most earning 7 figures are working more than full time at it and/or have a team of people making it happen.

:beer
-PoF
User avatar
fortfun
Posts: 2760
Joined: Tue Apr 19, 2016 7:31 pm

Re: Side Hustle? Passive Income?

Post by fortfun »

PhysicianOnFIRE wrote: Sun Jan 13, 2019 8:58 pm
fortfun wrote: Sun Jan 13, 2019 6:55 pm
PhysicianOnFIRE wrote: Sun Jan 13, 2019 2:33 pm Blogging.

It's active income, at least the way I do it, but I prefer it to my other day/night job. More fun, less stress.

:beer
-PoF
PoF,
Would you mind sharing how much money one can expect to make off of blogging?
Thanks!
I've seen a breakdown before. >90% earn < $10,000 a year. The top few percent are earning 6 figures and a select few of them make 7 figures.

Most earning 7 figures are working more than full time at it and/or have a team of people making it happen.

:beer
-PoF
Thanks PoF!
User avatar
fortfun
Posts: 2760
Joined: Tue Apr 19, 2016 7:31 pm

Re: Side Hustle? Passive Income?

Post by fortfun »

crazycatman wrote: Sun Jan 13, 2019 7:42 pm
fortfun wrote: Sun Jan 13, 2019 6:55 pm
PhysicianOnFIRE wrote: Sun Jan 13, 2019 2:33 pm Blogging.

It's active income, at least the way I do it, but I prefer it to my other day/night job. More fun, less stress.

:beer
-PoF
PoF,
Would you mind sharing how much money one can expect to make off of blogging?
Thanks!
There are tons of resources on how to make money from affiliate marketing from blogging. One heavy hitter is Making Sense of Cents. She makes $1,5mil/year from blogging. https://www.makingsenseofcents.com
Not bad...
newtoit
Posts: 20
Joined: Mon Oct 20, 2014 4:55 pm

Re: Side Hustle? Passive Income?

Post by newtoit »

fortfun wrote: Sun Jan 13, 2019 2:17 pm
newtoit wrote: Sun Jan 13, 2019 1:22 pm
MotoTrojan wrote: Thu Dec 13, 2018 12:12 am
BeanCity wrote: Thu Dec 13, 2018 12:07 am I'm curious to hear of any side hustles or passive income strategies that Bogleheads pursue to either supplement their W2 job or eventually not have to work their traditional W2 job. I'm currently 29, have zero debt other than my house, and make a six-figure salary. I have a 50%+ savings rate and enjoy being frugal. I like my job, and intend to continue working for the foreseeable future, but also like the idea of not having to work if I decide 5, 10, 15 years down the line. I am looking for new strategies now to plant the seed, and watch it grow over a 5, 10, 15 year time frame.

Are there bogleheads that can relate to this desire?
Also curious. I churn bank bonuses and credit cards. In the past 2 months I’ve netted around $3500 after tax.

Can you please elaborate on how to make money by churning ? I thought you could make a few hundred dolllars a year by churning but did not know that you could make a few thousand dollars that way. Can you please elaborate or point me to resources?
Cap One Venture - $500 cash bonus
Cap One Savor $500 cash bonus
Chase Sapphire $500 cash bonus
(A few to get you started, then Citi Thankyou, etc.)

Just a few to get you started. Apply for the card, spend minimum, close or convert card before yearly $95 fee is applied. Read up on the 5-24 rule first (google it). Also, monitor your credit score. I would not play this game if your score isn't above 750 or so (if you might need a loan in the near future).
Thank you. What kind of record keeping is required for this ? I am assuming details of accounts opened. & closed ? Are these bonuses taxable ?
sixtoeight
Posts: 57
Joined: Mon Nov 05, 2018 12:09 pm
Location: Washington, DC

Re: Side Hustle? Passive Income?

Post by sixtoeight »

BeanCity wrote: Fri Dec 28, 2018 5:55 pm
techland wrote: Fri Dec 28, 2018 4:39 pm Rental property can be great IF you buy it at the right place, and or right time.

HCOL areas typically have better rental markets (easier to find tenants, better quality tenants, and higher rents). However, it is difficult to capture these benefits when you are starting out. And buying into these markets requires a lot of capital, and even if you have the the capital, your cap rate will be pretty bad starting out.

LCOL areas typically offer better cap rates, easier market entry, and require less capital. The downside of course is that you may have harder time finding tenants, or quality tenants.


The absolute BEST is if you can buy into a LCOL area, that becomes a HCOL area. This is hitting the bulls eye, and in my opinion is what you should be aiming for.

I'm very curious about the people who buy long distance rentals. This is something personally I would be scared to do, because I like to have a firm understanding of the local market/economy etc...I also do much of the maintenance myself. I suppose with a property management company this can work, but I would still be nervous about not being in tune with the area.
Thank you for this response - i find it helpful. Could anyone provide examples of potential LCOL areas becoming HCOL areas? I currently am interested in DFW area, Kansas City, St. Louis, Missouri...places like this. Any expanded response would be appreciated on this topic.
I'm also looking into Kansas City for real estate investing. My parents live there and I go back a few times a year. I see potential, especially in the downtown area.
User avatar
fortfun
Posts: 2760
Joined: Tue Apr 19, 2016 7:31 pm

Re: Side Hustle? Passive Income?

Post by fortfun »

newtoit wrote: Tue Jan 15, 2019 10:08 am
fortfun wrote: Sun Jan 13, 2019 2:17 pm
newtoit wrote: Sun Jan 13, 2019 1:22 pm
MotoTrojan wrote: Thu Dec 13, 2018 12:12 am
BeanCity wrote: Thu Dec 13, 2018 12:07 am I'm curious to hear of any side hustles or passive income strategies that Bogleheads pursue to either supplement their W2 job or eventually not have to work their traditional W2 job. I'm currently 29, have zero debt other than my house, and make a six-figure salary. I have a 50%+ savings rate and enjoy being frugal. I like my job, and intend to continue working for the foreseeable future, but also like the idea of not having to work if I decide 5, 10, 15 years down the line. I am looking for new strategies now to plant the seed, and watch it grow over a 5, 10, 15 year time frame.

Are there bogleheads that can relate to this desire?
Also curious. I churn bank bonuses and credit cards. In the past 2 months I’ve netted around $3500 after tax.

Can you please elaborate on how to make money by churning ? I thought you could make a few hundred dolllars a year by churning but did not know that you could make a few thousand dollars that way. Can you please elaborate or point me to resources?
Cap One Venture - $500 cash bonus
Cap One Savor $500 cash bonus
Chase Sapphire $500 cash bonus
(A few to get you started, then Citi Thankyou, etc.)

Just a few to get you started. Apply for the card, spend minimum, close or convert card before yearly $95 fee is applied. Read up on the 5-24 rule first (google it). Also, monitor your credit score. I would not play this game if your score isn't above 750 or so (if you might need a loan in the near future).
Thank you. What kind of record keeping is required for this ? I am assuming details of accounts opened. & closed ? Are these bonuses taxable ?
I keep a spreadsheet with headings:
Name of Card, Person Opened (Me or DW),Date Opened, Date to Close, Closed, Used On, Bonus Award Value, Notes.

They do not send a 1099. Cash bonuses are probably to be claimed as income but I doubt anyone does.
Need2BudgetandSave
Posts: 3
Joined: Tue Jan 15, 2019 8:23 am
Location: Texas

Re: Side Hustle? Passive Income?

Post by Need2BudgetandSave »

BeanCity wrote: Tue Jan 01, 2019 9:56 pm
AerialWombat wrote: Fri Dec 28, 2018 6:27 pm
BeanCity wrote: Fri Dec 28, 2018 5:48 pm
I find this post to be incredibly helpful. I work in the oil and gas industry, which is extremely volatile as well, and thus makes me want to not put all my eggs in one basket as well.
Let’s explore that.

Could you write a career guide for your industry?

Or a humorous tale of life in the oil fields?

Could you teach an online course? (I have a buddy that works for Tesoro offshore, but has a separate online course about sea floor surveying)

Even more basic, could you teach HAZWOPER 8-hour refresher classes or some other OSHA/MSHA mandated thing for your industry?

What about a job board? I used to know a nuke power guy that started a job board for road warriors in the nuclear refueling biz, and it eventually made him more money than his day job as a radiation sponge (I came from the nuclear world, long ago).

Just some ideas.
I appreciate the response. I like these ideas, however, my goal is to do something that is not related to oil and gas, so that I can eventually peel myself away from it.

Writing a book of some sort related to O&G could be an option at some point in the future. I will think about this more.

I lean toward the idea of something having to do with real estate or something in the realm of websites/blogging.
I work in the same industry and have been spending lots of time working in Spotfire and Power BI just in case. Data Analytics and visualization are going to be huge for a bunch of industries including ours. Learn on the job and blog after work?
Tony
mav12
Posts: 123
Joined: Tue Nov 07, 2017 5:36 pm

Re: Side Hustle? Passive Income?

Post by mav12 »

HEDGEFUNDIE wrote: Thu Dec 13, 2018 2:19 am Real estate broker on the side.
Hello,

My job furloughed us back in March and I still have not heard anything. I am applying to other jobs, but in the meantime was looking to supplement my negligible UI.

How's it going during the Covid "era"? Are you an agent or a broker? Would you still recommend it to do part-time? How do you prepare to get licensed?
flaccidsteele
Posts: 1021
Joined: Sun Jul 28, 2019 9:42 pm
Location: Canada

Re: Side Hustle? Passive Income?

Post by flaccidsteele »

BeanCity wrote: Thu Dec 13, 2018 12:07 am I'm curious to hear of any side hustles or passive income strategies that Bogleheads pursue to either supplement their W2 job or eventually not have to work their traditional W2 job. I'm currently 29, have zero debt other than my house, and make a six-figure salary. I have a 50%+ savings rate and enjoy being frugal. I like my job, and intend to continue working for the foreseeable future, but also like the idea of not having to work if I decide 5, 10, 15 years down the line. I am looking for new strategies now to plant the seed, and watch it grow over a 5, 10, 15 year time frame.

Are there bogleheads that can relate to this desire?
Build a business on the side. With social media, all the tools and resources are free. And it can scale $ faster than trading your Life for money

I got on to social media a year ago

After 20k followers, I saw a quick video on how to correctly self-publish a book. It essentially suggested pre-selling it, asking followers what they want to read, getting deposits and then writing it as there has now been shown to be money in the effort (most people self-publish backwards. They spend months writing something in the dark, then try to sell it afterwards and it ends up being a vanity project as nobody buys it)

Today, with almost 60k followers, I had an entrepreneur friend, who has a small YouTube channel with 250k subscribers that makes 7 figures a year, selling to their subs recently tell me to monetize my following

I said I didn’t know how to start

They walked me through the process. Then built me a funnel to collect emails from my followers to find out what they want to buy. All using online tools available for free

They told me to immediately stop promoting my book, took its contents and repurposed it, and created a free giveaway for those who sub to me

He said the book gives away took much information. He suggested repurposing its content as well as my video content

I now have a growing list of emails where my friend is helping me write copy to move my subs along the sales funnel to see what product they’re interested in paying for

It’s a fascinating process. I’ll be launching this year to deliver what my followers have told me that they want.

This process is similar to the self-publishing - I just give the market what they say they want (ie. I know what they want because they put their money down) and get the money in exchange

There are so many people like me who are asking their market what they want, taking pre-orders, and delivering it in exchange for money

My entrepreneur friend says that we can take this to $50k/mo and then see how to JV (ie. joint venture with other people that are following the same process but with different lists working in different niches) from there

At that point they said I should have a solid offering with a solid list (established JV partners don’t want to “burn” their list by offering unproven offerings or work with weak lists)

It’s a completely new world for me. Pretty cool tbh

I should’ve got on social media 20 years ago
The US market always recovers. It’s never different this time. Retired in my 40s. Investing is a simple game of rinse and repeat
User avatar
foosball
Posts: 69
Joined: Mon Jun 06, 2016 4:45 pm

Re: Side Hustle? Passive Income?

Post by foosball »

flaccidsteele wrote: Sun Oct 25, 2020 3:10 pm
Build a business on the side. With social media, all the tools and resources are free. And it can scale $ faster than trading your Life for money

[snip]
Intriguing. Would you be willing to talk in generalities about what you create, produce, or provide to your audience or personas? How do you measure your success? If you are successful, how did you get into this, and what does the future hold?
Tilterati
Helixlovesmoney
Posts: 5
Joined: Wed Oct 14, 2020 9:58 pm

Re: Side Hustle? Passive Income?

Post by Helixlovesmoney »

Side hustle 1: Consulting for a private company. (1099) Hourly rate slightly below my W-2 job. I have been with them for eight years. Fun to see the company growing. They suffered quite a bit during the pandemic, but were back at their feet again.

Side hustle 2: Drawing people's portrait (mostly for free). Designing T-shirts, stickers, etc. Made about $40 total. But I made a few friends.

Also own a rental property. Nothing passive about that.
bwalling
Posts: 82
Joined: Thu Nov 25, 2010 1:04 pm

Re: Side Hustle? Passive Income?

Post by bwalling »

It's interesting that so many of the "side hustles" here appear to be substantially less lucrative per hour than day jobs. If you're making a six figure income, then your day job is paying you at least $50/hour. If you were to simply consult on the side in whatever your profession is, it would be relatively easy to command $75-150/hour for your time. Unless another "side hustle" is some kind of personal interest, the financial choice would be to leverage your most valuable skills, which are likely linked to your day job. If they're not linked to your day job, it's very likely you could make more money changing jobs.

I have several clients on the side. You'd be amazed what companies are willing to pay consultants.
flaccidsteele
Posts: 1021
Joined: Sun Jul 28, 2019 9:42 pm
Location: Canada

Re: Side Hustle? Passive Income?

Post by flaccidsteele »

foosball wrote: Mon Oct 26, 2020 9:59 pm
flaccidsteele wrote: Sun Oct 25, 2020 3:10 pm
Build a business on the side. With social media, all the tools and resources are free. And it can scale $ faster than trading your Life for money

[snip]
Intriguing. Would you be willing to talk in generalities about what you create, produce, or provide to your audience or personas? How do you measure your success? If you are successful, how did you get into this, and what does the future hold?
My first offering/product will be around financial literacy

After going through this process a few times (launching a couple financial literacy products) I can offer a product on building a social media sales funnel

There are as many different offerings/products as there are people interested in those offerings

Measuring success depends on the stage of development. If a person is just starting then building a following of “x” on a platform would be a success. If someone has a following then building an email list would be a success

The list is where the customers come from

If a person has a handful of offerings, then revenue of $10k/$50k/whatever per month could be considered success

I got into this because I was bored during the virus crisis and started using social media. Met some people. Talked. Seems straight forward. So I decided to do it
The US market always recovers. It’s never different this time. Retired in my 40s. Investing is a simple game of rinse and repeat
Post Reply