I spoke before about you can bring your FI date closer by doing one of two things; earning more or spending less.
One of the ways I have been trying to earn more is through side-hustle options.
I am still trying to get paid more through my main salary work by focusing on my career for once in my life, and doing all the good things I can to increase it. But the reason I like side-hustle options are for the following reasons, in no particular order.
1/ Increase diversity from main salary work.
If my main job fires me and the money stops, that is currently 100% of my income. I would be screwed. I need to have alternative income streams to keep everything afloat. It's a similar tactic to employing a diverse investment portfolio.
2/ Learn new skills and keeps me engaged with other projects.
Doing what you love and makes you happy is great. But if it doesn't pay, or you can't think of a way for it to make you money then it's pretty rubbish. So I enjoy learning the new skills and the random path my side-hustles have taken me, but unless they pay, this benefit is pretty pointless.
3/ Increase monthly income.
This is probably one of the main drivers. Because if I can keep my lifestyle under current levels, and invest the extra, I'll bring my FI date closer.
4/ Passive nature
Most of my working life I have not had sick or holiday pay. I worked as a contractor so wasn't eligible for these perks you get with permanent positions. So if I was ever off ill or away on holiday I never got any money, which meant I had plan ahead for holidays - and hope I never got ill!
If I were to get my side hustles in order, they could keep ticking over generating income whilst I was away. Nothing is ever truly passive, it requires some work. But it makes me feel super smug and happy, that I could take 3 months off from normal 9-5 work, and still bring in some element of income - perhaps to cover mortgage and bills. Even if they required some 'maintenance' on keeping them afloat.
On reflection it's a shame the 'learn new skills' tab isn't higher. That would help the whole process driven aspect rather than being goal driven. Hmmm, probably not a good long-term prognosis!
So what ways am I trying to bring in a side-hustle?
1/ My company
We offer outdoor retreats to people looking to go on an adventure. Trips between 1-4 weeks in length. We've had two trips in the entire 4 year existence of the company - COVID hasn't helped for sure, but it never picked up like I had hoped. And if I am honest, with a young family I can't see it ever working now. There is also a huge amount of risk given the type of trips we were doing. Nothing super extreme, but people are stupid and accidents happen. I am looking more down product reviews now in an attempt to get affiliate links, and YouTube videos promoting the product and monetise from that.
It's slow going right now but I am being patient. Giving it a year of slowly plugging away, getting that content out there and trying to build that portfolio of information people can use.
2/ Fitness App
This is completely left-field for me. It's in collaboration with a mate of mine who is the technical wiz, and I am the fitness wiz (sort of). We are both juggling full-time work and young family so again a slow burn. Aiming to have a live product by September 2022. We will then expand and improve on this product once it is live aiming to improve the quality of it. We aim to get income from this again using product affiliate links, YouTube videos and advertising for professionals for their services. I am strangely optimistic for this one. The biggest issues is the workload needed to get this off the floor. It's mega. I knew it was going to be huge but this has morphed into something quite unbelievable. I am proud already, almost regardless what happens.
3/ This website - perhaps.
My main aim for the creating this website and this blog was to keep me accountable. To reflect and learn on what is going on, along with keeping me interested in the topic. It's working so far so the main aim is good. Perhaps in the future the book reviews I could use affiliate links. Perhaps referral to certain products could work, but only if they are decent. I have a lot of time for two people, Mad Fientist and James Smith, who both make a point of only recommending decent products. Not being influenced by the cheque a company are sending over to help advertise their shit product. So I am very conscious of not losing the value aspect of all this.
I'm going to finish with this video I have watched which I liked. Gave some insight on options, and the effort and true 'passiveness' of the product. The figures are startling and I have no expectations of getting to that level, but my lifestyle doesn't really require that.
Anyways, enjoy and let me know what you think.
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