Everyone wants to earn extra income, but are side hustles for everyone?
I prefer to keep life simple, simple living equals less stress. One thing about most side hustles is they will require time. These are things outside of your normal day job. They can be great for someone single without kids but what about those with a kid, spouse, and a full-time job? The truth is your kids, spouse, and full-time job requires your time for those relationships and performance to succeed. Most people have very little time for side hustles. That’s why passive income is way better than side jobs/ side hustles. Side jobs have been around for a long time, now we call them side hustles. The problem is most articles reference horrible side hustles, and you would be better off working a second job, or focusing on passive income.
Some people must earn extra income just to pay their bills. If that’s the case, you may have to work two jobs until you get your budget under control or make enough at one job to handle your financial responsibilities. The best way to live a simple life and have multiple sources of income is to focus on passive income. Make your money work for you. This is one foundational priceable in the book The Richest man in Babylon. Make your money work for you, that will give you the time needed to do what you want. Just think you if you had a million dollars in an ETF like DIV that pays almost 6% dividend you would earn around 60k a year. If you owned your own home and was debt free that would be easy to live from. Put up 2 mil that Is 100k-120k a year to do nothing, no need to manage properties, liability in a business or anything.
How much time do you have available to work side jobs and side hustles? Time is priceless and if you could sell it in a store everyone would buy it. Use your time wisely, spend your money wisely because it can buy time. If your money is working for you, you won't have to work as much, or at all.
Are dividends the best things for passive income? Not until you have a mil or two. You should focus on growth. If you own something that pays 6% a year and have 10k in it that’s only $600 a year. Focus on growth and look for opportunities to have your money make money until you have enough to live off dividends. That’s why growth stock is so popular. It all depends what stage of life you are in. Best thing to do is to stop playing video games or watching porn on the toilet and start writing books, blog post or something that will give you a chance at passive income.
Blogs and books are great but will take years to make any amount of income and will take an initial investment before making money. I have written books and have the blog you are reading now, non-profitable after years, I do it because I can and hopefully years from now it may bring in passive income. If you need money now get a second job. Otherwise put 10% of your income into some type of growth mutual fund or ETF and keep doing that every month. Look for opportunities weather its market pullbacks or a house you can turn into a rental for cheap. Nothing is easy, stick to the basic priceable and life will be easy, otherwise we rush to get rich quick, lose money and make things difficult. We all read those articles how this person made millions from a blog or some other source of income and great for them, just know it's not easy or normal if it was everyone would be doing it. If you want to live simple and keep it easy stick to the basic financial principals that they don’t want, you to know. Read the richest man in Babylon. You will have way higher odds of success than following all these side hustles articles.
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