Deep Dive
Shownotes Transcript
Rise and grind, bro. Gotta get that bread. Hashtag grind set. That's right, you boss babes. Today we're talking about side hustles. Now, to be clear, I'm not big on hustle culture, but I do love a good side hustle. I mean, who doesn't love extra money? Maybe you want to save up for a down payment on a house. Maybe you want to get out of debt. Or maybe you just want to prove your parents wrong and be the first person in your family to graduate from clown college. You people have stood in my way long enough. I
I'm going to clown college. Whatever your financial goal is, a side hustle is a great way to bring your income up so you can reach that goal faster. And I don't know about you, but when I'm working a side hustle, it makes me feel good. I'm learning new skills, I feel proud of myself, and I feel productive, which is the opposite way I feel when I'm doom-scrolling TikTok.
Plus, I know I'm making progress when I'm doing these side hustles. So in this video, I'm gonna share the side hustles I personally did that helped me raise my income so I could get out of debt, save up a down payment, and start building wealth faster. And I'll tell you how much money I made with each one and give you a simple method to help you choose a side hustle that's right for you. But before we talk about side hustles, why don't you hustle on over to the side there and click the like and subscribe button? I know.
It was chee- they can't all be good, okay? But I thought it was clever. - Yeah, you know what? You thought wrong. - And share this with a friend who also enjoys cheesy, not great jokes. Maybe they'll like and subscribe too. Okay, there's obviously all kinds of things you can do to earn a little extra Skrilla. Babysitting, dog walking, house cleaning, or snake milking. That's a real one. Look it up. - No.
No, I don't think I will. First they came for the almonds and I did not speak. Now we're making milk from snakes? What's going on here? I'm being told it's not actual milk. It's people who extract the venom to save other people's lives. You're American heroes and we salute you. No one wants to waste time on something that's not going to pay off. So it's got to make money. Or doing something that makes you miserable, like taste testing dog food. Another, sadly, real side hustle you could do. That's disgusting.
Even if you have some ideas, it can be a little intimidating to try something new or start a small business or charge people money for something that you made. But remember, your most powerful wealth building tool is your income. So when you find a side hustle that will boost your income without leaving you feeling drained and miserable, it's a game changer. And I'm living proof. Let's flash back to 2013. It was a different time. I was broke and miserable with $40,000 in student loan debt and credit card debt.
And then I took a little course called Financial Peace University, and it got me fired up to pay off that $40,000 in consumer debt. And I wanted to do it fast. I didn't want to wait five or 10 years. I wanted to do this in two years or less. So I thought, okay, I've got to get my income up. And I had my salary for my day job, but I thought, what else could I be doing? How can I make even more money to throw at this debt? So I put on my big boy britches and I picked up some side hustles. I mean, what else was I going to do? Sit at home and play video games, go to bars, dress up like a level six mage and go LARPing down at the park?
No, I knew what I wanted to be in control of my money and I knew what I had to do to get it faster. So I rolled up the sleeves on my disposable H&M cardigan and I got to work. So here's the five side hustles I did with how much I made doing each one ranked from lowest earning to highest earning. Remember, these aren't right for everyone, but they may help spark an idea of what you could do to make some more of that sweet legal tender. Number one, driving for Lyft
and Uber. Now back when I was doing this, Lyft and Uber were new to the Nashville area and they were trying to recruit drivers and gain market share. So in 2014, I made a thousand bucks plus some money driving for Lyft. And in 2015, I made a thousand bucks from Uber sign on bonus. So in 2015 alone, I made $1,529.
Now, in 2016, things went downhill on the Uber and Lyft front. I made a whopping $138. Apparently, my interest in giving people awkward rides to the airport waned a bit over time. But generally, if you're driving for Uber and Lyft, you can make 15 to 30 plus dollars per hour before any expenses. And what did I do with all that money? I rolled all of that right into my debt snowball, attacking my smallest debt with a vengeance with
with all the extra money I was making. Second side hustle, music. And this involves music licensing and live gigs. I love playing guitar and singing, and I was decent at it, according to my mom. So I figured, why not find a way to monetize it? So I recorded an album, put out some CDs, put some music online, and I got paid royalties for that music when people bought it on iTunes or now streamed it on Spotify and even ended up booking some live gigs. My groupies called me George Bon Jovi. By groupies, I mean...
Nobody. Nobody told me that. I also did some live gigs and performed and got paid some for that. But the biggest way I made money from music was through licensing. This
This is where I uploaded my music to a website and videographers, filmographers, even companies could use that music in their videos and I could get paid handsomely for that. So in 2015, the same year as my ride sharing hustle, I made $815 in royalties. In 2016, I made a little more, $1,430. Not too shabby. But then in 2017, Ford Motor Company wanted to use my music in some videos on their YouTube channel. So that year, I made $3,082 for music royalties.
Truck, yeah. That wasn't the name of my song. That's someone else's song. And I'm sure they made a whole lot more than $3,000 from that. Now, obviously, the music thing isn't right for everyone. But the point is, ask yourself this. What's your version of that? What's a passion that you have that could turn into some extra money? Side hustle number three, building websites on Squarespace.
Basically, I knew how to build a decent looking website on Squarespace because I had built my own. So I found some people who needed a decent looking website. And as I got more experience, I was able to charge more. So in 2020, I charged $1,500 per website and I made $3,000 total from this side hustle that year. I mean, what else was I going to do in 2020? Big banana bread and puzzle? I got some banana bread at work today, dude. Hell yeah.
You may not know the first thing about building websites. Maybe you have another specific skill that someone out there needs. If so, that's great. Find a way to get connected to people who need that skill and take their money. Not like steal it, but you know, offer your services in exchange for it. That's the right way to do it.
Side hustle number four, emceeing live events. As I stepped into an emcee and host role here at Emsi Solutions, I realized that I had some talents in that area and I could go do that for other companies and other events. So in 2019, this made me an extra $8,400 to put toward my wife and I's down payment savings goal. I mean, that kind of money could get you a 10-year-old Palomino Appaloosa from horsedeals.com.au or a 2015 Nissan Versa SV. Now both will get you around. Both have gas. They both have horsepower.
You know what I'm saying? I have a history with horses. It's a touchy subject. I'll link below if you want more context. Anyways, the point of this is that you want to think about what you're doing in your full-time job and how you could create a side hustle out of those same skills. Now, caveat, make sure that your employer is okay with this. Run up by them. You don't want to get yourself into hot water here. But if they are cool with this, this could be a great option for you. Side hustle number five, marketing consulting.
My first big boy job here at Ramsey Solutions was actually in marketing. So I knew a thing or two about this. And I knew some people who needed help with their marketing. So pair their need with my expertise and boom, a side hustle was born. And that little baby side hustle grew up fast. You ready for this? In 2016, I made over $23,000 with this marketing consulting side hustle.
by far the one that made me the most money. Now it's also the one that I poured the most time and effort into. I was doing this for about 20 hours per week, but it kept me from getting bored and it kept me from going out and spending money. - Yeah, me self-control expert.
So those are the five main side hustles that I did, but I'm gonna throw in a couple of extra money-making ideas that may be a little unconventional, some things I did to earn some extra dough. The first thing is referrals. So I used to live in an apartment complex that was actually pretty great, and I found out they were offering cash for referrals for getting other people to sign a lease with the apartment. So of course I spread the word and I got some friends to move into the complex and I made $3,000.
just from those referrals. How amazing is that? Now, the other thing I did was a little more strange. I wore this little beeper-like device called the portable people meter, which logs the media that I was exposed to by picking up hidden audio tones in TV and radio signals. And the company Nielsen uses this information to actually rate TV and radio. Now, did I look dumb? Probably. Did I only make about 20 bucks a month from carrying this thing around and turning it on? Yes. Was it worth it? Truck yeah.
Every little bit helped when I had a specific financial goal that I was determined to hit. And the same is true for you. So now that you know what I did to make extra money, how do you decide what side hustle is right for you? Well, there's three things to think about when you're trying to choose a side hustle. Time, talent, and target. And by the way, this episode is brought to you by the letter T. Mr. T will return after these messages.
So the first one is time. How much time do you actually have to devote to your side hustle? Now you might be thinking, well, George, I'm already so busy. Adding more work to my life feels impossible. Well, that might eliminate a lot of side hustles for you right off the bat, like driving for Uber or Lyft, for example. So if that's the case for you, you don't have a lot of time, you may want to look into something like licensing or creating digital products, something where you can put time into it once and then continue to sell it. Now you could open an Etsy shop that offers PDF downloads of your watercolor portraits of Matt Damon.
But if you have like 20 hours a week you could spend on side hustles, which is most of us, you've got all kinds of options. Grocery delivery, retail jobs, even things from home like online surveys or customer service. Next is talent. What skills do you have? Are you good at photography? Then let all your friends know you can do family portrait sessions and take pictures of babies. I don't know, whatever your thing is.
I do not want to end up like that kid on Jurassic Park.
And this doesn't have to be some rare gift that only you possess. This could be something that anyone can do. Mowing lawns, house cleaning, babysitting, dog walking, all important jobs that people will be happy to pay you for. Now, the last one is target. What is the goal you're trying to achieve? If you're just doing this because you're bored, that's fine. Maybe you'll make some good money. Maybe you won't. But if you're doing it because you want to get out of debt or because you have a specific thing you really want, like a house or a car, guess what? You're going to stick to it. You're going to work at it harder and you're going to hustle for those tips, which means you're going to make some
some good money. So if you're ready to get your income up with a side hustle, use those three T's, time, talent, and target to help you figure out the best way for you to earn some extra cash. And one important thing, as you start to earn some extra income, do not forget to set aside money for taxes. As a general rule, I set aside 25% of any side hustle earnings for taxes, so I'm not surprised by Uncle Sam on April 18th. Pro tip, if you expect to owe at least a thousand in taxes, make sure you're submitting quarterly estimated tax payments
to the IRS. You don't want those guys on your back.
And if you're having trouble finding a side hustle because you're still trying to figure out what you love to do, what your talents are, what you're passionate about, check out the Get Clear Assessment from my friend Ken Coleman. It's quick, it's easy, and after you complete it, you'll get a custom report that clarifies your top talents, your top passions, and your professional mission. And here's a bonus, because I know the guy. I know Ken myself. If you use the code SIDEHUSTLES, you'll get a $10 discount. That's right. That's almost an $11 discount when you think about it. Hold up. Wait a minute. SIDEHUSTLES!
Something ain't right. But here's the deal. The code expires in like a month or something. So grab it while you can. It's a limited time only. I'll drop a link below if you want to check that out. And if you just want some ideas of the side hustle possibilities out there, I will link some great articles below that have way more ideas than I've listed in this video.
As always, make sure to like and subscribe and share this video with someone you know who needs to maybe find a better side hustle idea, like Becky. I don't need any more Tupperware, Becky, and I'm not interested in your shakes. My physique is peak physical condition. I'm doing okay. Sorry, Becky. Happy side hustling. Thanks for watching, and I'll see you next time.