How to Take Control of Your Wealth
NEW YORK, NY, July 16, 2019 /Neptune100/ — Money Answers Show host, Jordan Goodman, invited Nick Loper, author, online entrepreneur, and host of the award winning Side Hustle Show podcast and founder of Side Hustle Nation, to discuss the popularity side hustling and the new gig economy.
Money Answers Show episode, “Side Hustle Your Way to Life Control and Freedom!” analyzes why people need extra income. Loper explains that 50% of millennials have some type of side hustle to supplement their income. Part of this is due to rising costs in healthcare, education, etc., but the other side is people are looking for more productive uses of their spare time outside of the traditional employment route.
The new gig economy comes with pros and cons if you decide to participate. Some of the pros are plenty of established enterprises where you can participate on your own schedule such as renting out space on Airbnb, walking dogs on Rover, or driving for Uber. The downside is that these businesses take little skill, so there is heavy competition. You also have a ceiling and you don’t own the business yourself so you have to abide by others’ rules.
Side hustles, and businesses in general, include selling services, physical or digital products, or audience based platforms that focus on advertising as a form of monetization. When looking for the side hustle that works for you, start with a pre existing skill set, interest, or network in a certain community. Loper states:
“The last thing that you need is a second job that you hate. Find something that you have enough interest in to drive things forward. Customers pay for skills and how their problem is solved so that definitely helps to start a business around your skill. The exception to that is even if you don’t have any set skills, you have the ability to learn new ones. Get rid of that fixed mindset.”
You can also find how you can bring value to a business or enterprise. You may not have the skills themselves but if you can organize and bring people together you can find your niche.
The side hustle can be a gateway to full time business. Many of these positions start off as a way to earn extra income to make ends meet or live comfortably and below means, but if you start to surpass your income it may be time to grow. Subcontracting is also an option if you still want to maintain your business but want to free up your time.
Side hustles fit into different categories of passive income such as investing, asset building, utilizing assets you already have, and reverse passive income. Investing can work if you have the capital and knowledge to navigate the markets. Asset building can take effort and time but can be done without upfront investment capital. Utilizing assets you already own, such as renting out space or vehicles, can take minimal effort and time other then maintaining the assets and finding customers. Reverse passive income focuses on saving the money you are already making and cutting expenses, rather than making more income which is taxed.
When it comes to your financial future, you are in charge. It comes to a point where you can save, but you have expenses and a side hustle may be the answer to increasing your income and helping maintain financial freedom.
For more information on how to take control of your income and find financial freedom, listen to Money Answers Show episode, “Side Hustle Your Way to Life Control and Freedom!” and other great podcasts from the Money Answers Show.
You can listen to The Money Answers Show with Jordan Goodman live every Monday 12 p.m. PST; 3 p.m. EST. or download the podcast on iTunes, Stitcher, or wherever you get your podcasts. You can also catch Goodman on Money Answers TV. If you’re looking for additional information on financial topics, you can read Goodman’s books on everything from repaying your student loans to real estate.
Jordan E. Goodman is “America’s Money Answers Man” and a nationally-recognized expert on personal finance. He is a regular guest on numerous radio and television call-in shows across the country, answering questions on personal financial topics. He appears frequently on The View, Fox News Network, Fox Business Network, CNN, CNBC, and the CBS Evening News. He is the author/co-author of 13 best-selling books on personal finance including “Master Your Debt Fast Profits in Hard Times,” “Everyone’s Money Book,” “Master Your Money Type,” “Barron’s Dictionary of Finance and Investment Terms and Barron’s Finance and Investment Handbook.” Jordan is also a speaker and seminar leader on personal finance topics for business executives, students, associations, investment clubs, employees and others. For more information, please visit https://www.moneyanswers.com.