← Travis Makes Money
Loading summary
Transcript18 lines
- [00:01]
Podcast Host
This episode is brought to you by Accenture. When your advertising operations fall out of sync, everything else follows. Spotify and Accenture are working together to reinvent the rhythm of ad sales using automation, analytics and smarter workflows to simplify campaign delivery and access better data across the business. The result? Less time spent on operations, more time connecting brands with the moments and fandoms that matter most. Learn more@accenture.com Spotify you're listening to the
- [00:31]
Sponsor Representative
Travis Makes Money podcast presented by gohighlevel.com for a free 30 day trial of the best all in one digital marketing software tool on the planet, just go
- [00:41]
Travis Chappell
to gohighlevel.com travis what's going on everybody? Welcome back to the Travis Makes Money podcast. It's our mission to help you make more money. Today on the show, it's just me, you and the mic and we're talking a little bit about side hustles today. You guys know I'm a pretty big fan of side hustles. I think there's a couple schools of thought which is sometimes you see people say stuff like, oh, you know, you gotta go all in. I don't know, I don't know why. They sounded like a grandpa. Oh, I don't know why I said that. Anyway, you, you have this school of thought where it's like you gotta go all in or it's not gonna be worth you gotta go burn the boats. You ever heard that? That story of which is totally made up by the way. There's no historical proof that that is actually something that happened. But about like Cortez landing the new world and had his crew burn their ships so that they knew option except for going forward. And it's like great analogy, really cool, but also kind of dumb for a lot of people in a lot of situations. And you know, it's big difference between a 22 year old kid who has no family, no responsibilities, no obligations, and a 44 year old man who has four kids and a wife and a mortgage and a couple car payments and school and all this other stuff that he's doing. You can't really just burn the boats and go all in on something. I mean, you can, I suppose. It's just a massive, massive risk for you at that point in your life versus when you're 22 now. Should that stop you from doing what you want to do? No. But enter the side hustle. This is the beauty of the side hustle. It is what are you doing with the time that you have when you are not at work. Now, I understand the thought of doing something else. That's more work in the time that you're not working sounds like a suicide mission, but it's required for at least some period of time. Especially again, if you're starting from scratch and you don't have and you don't. You're not in a position where you can burn the boats and go all in like the one I just mentioned before. So you can't have everything that you want without having sacrificed to get it. So at some point that means that a sacrifice will be required. And in this particular scenario, that sacrifice might be your. You know, you have your 9 to 5, which is your job, but what's your 5 to 9 on either side of the 9 to 5? What do you do from 5am to 9am and what do you do from 5pm to 9pm or from 9pm to midnight or whatever Hours might be better for you if you got kids. Sometimes you want to come home, you spend time with them, eat some dinner, you put them to bed, and then it's time to go back to work. And again, I understand this is not ideal and that it's probably something that you would not be able to keep up for an extended period of time. Like, you don't want to go in with this plan of like, I'm going to work four hours in addition to my eight hours every day for the next five years, so I can store up a little bit extra side cash. So I have a couple qualifications that I look at. When I'm looking at like, hey, is this a worthy use of my time as a side hustle? Because if you're going to take additional time away from friends, away from family, away from relationships and doing the things that you love doing your hobbies, whatever, and you're doing that for the sake of making money and giving your family and yourself a better life in the future, then you don't want to just do whatever comes up or the first thing that you think about, because there might be a couple things that would prevent it from being something that ever actually makes sense to take your time to do. Because it doesn't just. It just doesn't make enough money or it's not scalable or something like that. So today I'm talking about a couple ideal qualifications for a good side hustle. Now, it's important to note that these are just my opinion. You don't have to follow these at all if you don't feel like it was gonna work for you. But when I'm looking at it, these are the things that I'm looking at is like, okay, I have this extra time that I'm currently using to watch Netflix or relax or whatever. How can I better use that to set up my family for the future or to get myself out of this thing that I hate, right? So the biggest mental piece of this, the biggest mental hurdle that you're gonna have to overcome is especially if you're doing something that you hate or that you really don't like. Because if you hate it, if you don't hate it enough and you just kind of hate it, then that's when you get stuck in this sort of this messy middle where there's people who just don't like what they do for work, but they don't, they don't hate it so much that they're willing to change something about it. They just, they hate it just enough. They, they, they tolerate it. It's just like a, I don't really like it, but what are you going to do? It's a job. And what happens is, because you get no fulfillment from the work that you do in the 40 hours a week that you're working or more, you tend to take your free time and extra money rather than using it for the purpose of putting you in a better position. You use that for your full, your quote unquote fulfillment time, your happiness time. So you use that time to binge watch Netflix or use that time to play video games, and you use that extra money to buy that thing that you didn't really need because you're, you're looking for that dopamine hit of the immediate gratification of buying something that you wanted even though you didn't really need it, or frankly, you didn't really earn the right to deserve it in terms of the free money that you have in your account. So you spend money on stuff to make up for the lack of fulfillment that you're getting in your day to day work. But by doing that, you're only ensuring that you're chaining yourself to that thing that you don't like for a longer and more extended period of time. So at the very beginning of this, the mindset issue is probably the biggest thing to work through to really dedicate and discipline yourself. Commit to a certain period of time. It does not have to be just like a commitment to an infinite date in the future. It can just be for the next three months, for the next six months, for the next 30 days, whatever it is. I'm going to dedicate my free time and my free money into learning a new skill or developing a new side business or doing something that's going to allow me to be able to make some more money and then get myself out of this bad situation that I'm in. And what you find is that you have more time for relaxing once you can go full time with this other thing, at least to some extent. Obviously, having a business requires a ton of time as well, but. But the time that's required for the working on the business becomes. Becomes the fulfillment time. So it's a little bit easier to make the sacrifices that are necessary when you're working on something that you actually genuinely care about, something that you're passionate about, something that helps you fulfill your dreams, and something that gives you the quality of life that you really want to have. I've always found that it's easier for me to work 60 hours a week doing something that I want to do versus working even 20 hours a week working for somebody else's thing. So once you can get to this stage, you'll find that it'll be. It'll be a little bit easier to not spend your extra money on stuff that you don't need because you don't need fulfillment from these external things. You're finding it somewhat internally because you're actually doing something on a daily basis that lights you up, fires you up, even if it is difficult. And this episode of the show is
- [07:59]
Sponsor Representative
brought to you by whatnot. So I was scrolling on Whatnot because I really. I just wanted to see what it was about. And I started experiencing what I can only describe as like a social media shopping channel, but it's live shopping. You got to go try it out.
- [08:13]
Travis Chappell
Okay?
- [08:13]
Sponsor Representative
Because it's not just for the buyers. It's also for the sellers. Whatnot is the largest dedicated live shopping platform. Whether it's beauty, collectibles, electronics, luxury, fashion, even cookies, sellers are building real, thriving businesses. Anybody can sell. Whether your business is big, small, or yet to exist, people selling on whatnot sell 10 times more than on other major marketplaces. 10 times more. That's because you're not just listing products. You're building real connections with actual buyers across whatnot. The number of sellers making over $1 million a year has doubled. Consistency pays off. It's not just a side hustle. It's a real path to building something that lasts. Whatnot buyers spend more than an hour a day in the app, which is crazy. They're not just browsing and searching for content. They're engaged, they're buying and they're coming back. You go live, show off products in real time, and then turn what you love into real income. I went on there the other day just shopping around looking for some stuff tuned into a live stream. Ended up with a couple of shirts and love them. And you get this sort of live demonstration and you get to ask questions about the product and how does it feel and what's the fit and all those types of things you can get answered live so you can make sure that you're making a better decision even as a buyer. So search whatnot W h a t N o t in the app store, download it and you can start selling right away. Okay, here's something my younger self would have benefited from because let's be honest, most of us just picked the bank at 16 and then never looked back. Sound familiar? Well, that's where Chime comes in. Because Chime is changing the way that people bank. They're not like traditional stuffy old banks who charge fees and gatekeep perks and rewards and all that stuff. Chime offers the most rewarding fee, free banking. All with no overdraft fees, no monthly fees, no minimum balance fees. Plus you get 5% cash back on Chime card in a category of choice like gas or groceries. All while building credit through regular everyday spending with absolutely no credit check. You can also grow your money faster with their savings rate. That's nine times the national average. Let me say that again. Nine times the national average for their savings accounts. And if you're ever in a pinch, spot Me lets you overdraft up to $200 fee free. So join the millions who are already banking fee free with America's number one choice for banking. Head to chime.com travis that's chime.com travis Sign up now because it only takes a few minutes. Chime is a fintech, not a bank. Banking services and Chime card provided by Chimes Bank Partners Qualifying direct deposits required terms of limits apply. Go to chime.com disclosures for details
- [10:40]
Travis Chappell
will be so all that being said, first thing you got to do is just commit to using your free time and your free money to not wasting either of those things. You we only have certain assets at our disposal and the extra money you have in your account and the extra time that you have in your week, those are two assets that can be put to work to go make you more money or they can be things that you completely waste and and fritter away on. Video games and pizza and a New watch or a new couch or a new tv. Again, just because like, well, this TV is ultra, ultra sleek, slim, high def versus that one's just regular roll ultra high def. The color, the aspect ratio. It's like people find the dumbest excuses to go buy the newest shit and then balk when they see like this, this, this online course costs $99. What a scam that is. I can't believe they would try to monetize their knowledge and skill. Meanwhile, you're over here dropping 1800 bucks on a brand new TV for the ninth time in the last seven years. Like, get your priorities in the right order and, and frankly, you, you don't deserve to have a bunch of extra money if that's how you're treating your money. Money is like a relationship, man. Like, you got it, you got to treat it well, you got to treat it with respect. You know, you got to draw out a bath, got to pour it a. You got to put some bubbles in there. You got to put on some, some tunes, some good music for the ambiance. You want to let money sit with you and love spending time with you because you treat it right. That's how you should have a relationship with money, rather than just throwing it around and spending it on stupid stuff that doesn't do anything for the increased quality of your life. So that might just be me, but, you know, I found it to be pretty helpful. So here's a few of the qualifications I think for side hustles. And again, this is just my own personal opinion. These are things that I' found to be really helpful. First one, is it fun? Is it fun? And this is not. I do not mean to conflate this with like, you have to do something that you're passionate about. I'm not a huge believer in that. It's not necessarily the thing itself that you have to be passionate about, right? Like you don't have to be passionate about plumbing, right? Or you don't have to be passionate about H vac or mowing lawns or driving Uber. You have to be passionate about those things. But does it allow you to do things that you view as fun? Do, do you. Can you exercise your passion in some, to some degree, pursuing this new end goal? I forget. I think it was Layla Hermosi. Actually. I was listening to a podcast with her recently and she said something like, I'm not passionate about what I do, but I am passionate about how I do it. And so she gets that sense of fulfillment from the process through which her Companies continue to scale. It's not necessarily she's passionate about scaling companies, it's just that she's passionate about. Passionate about the actual work that goes into doing it. So, so it, it wouldn't matter what type of company she's running, I guess, is what I'm trying to say. It wouldn't matter if it was, you know, for, from, from her personal experience. Okay. From her point of view, it would not matter if she's running in a construction company or if she's running acquisition.com for her, it was more just like, I enjoy the process of doing this thing, so that is how I pull fulfillment from the thing that I'm doing. So this is what I mean by is it fun? It doesn't necessarily mean that you're driving go karts or something like that. Like, that's not what I mean by fun. It. If, if, if it. If you're already working 40 hours a week and you're trying to put in extra time in your calendar to do additional work, on top of all the work that you're already doing, on top of all the personal life stuff, on top of, you know, being at the kids games and on top of helping with homework, and you're trying to schedule in more time to do these things. You're just much more likely to take action against that when it's something that you can enjoy to some degree, or you enjoy some aspect of it, or, or there's something in. There's something about it that just lights something that you like doing. So that's why I say, is it fun? It's not necessarily about your passion or what you're passionate about or whatever. It's more just like, can you find a sense of fun and joy and something that lights you up about the experience just because you're much more likely to stick with it over the long term. That's the only reason my podcast has worked. The podcast started off as a side hustle for me. Now it's what I do full time. But it was a side hustle for a couple of years. The only reason I've continued to do it over the years, even in the last couple of years, before we started even monetizing to the degree that we have now. The only reason I kept doing it is because in back of my mind I was like, I would continue to do this for free forever because I love doing it. It's. I. I enjoy it. It's fun. So. And does that mean that it's always fun? Absolutely not. There are parts of it that I absolutely do not like at all. But. But overall, it seems like a good use of my time. Therefore, I will continue to do it. So is it fun? Next, is it worth your time? Just because you can make some money doing something does not mean that it's worth the time that it takes to make that thing. So do the math to figure out what your quote unquote rate per hour should be. And then, and then ask yourself, is this worth the time that I'm putting into this? So, you know, we see this example from people like Gary Vee all the time where he talks about going garage sale on the weekends. And it's like, okay, great, you probably could have some good finds. And I know some people who do it full time for, like, they do it for a living. They just find stuff and flip it and turn it around. And it's called arbitrage. You're playing the game of arbitrage. But if you're arbitraging like Hot Wheels and you're taking all day to drive around to 12, you know, 25, 30 different garage sales to find all these knickknacks and things, and it's like you, you do all the work and you set it up and you post them on ebay or Facebook marketplace or whatever, and you go and you flip it and turn around. And then you look at the end of the month and it's like, well, man, I spent every Saturday and Sunday, you know, 10 hours each day, plus I spent all the time that it took to list all of these things online, plus I had to go ship it. And you look at how much money you made per hour. Like, probably flipping Hot Wheels is not going to be the thing that makes it worth the additional time that you're putting into it. Unless you just love Hot Wheels, right? And you can turn that into maybe a content channel or something where you talk about Hot Wheels. There's probably a bunch of Hot Wheelheads out there that are going to look for some content online to follow about that. So maybe that's something that you can turn it into if you love it. But if you're just doing it to make the money, then the money that you're making has to be worth the additional time that you're putting into this thing. Or again, you will not continue to do that thing if it is not initially worth your time. Then a couple questions to ask yourself in the meantime. If it does not make much money, does it help build a skill that I can bring that can bring me leverage in the future. So I don't necessarily. Whatever. Enjoy the or. I'm not making that much money learning how to run Facebook ads. Right now. I have this local business that's paying me $300 a month, and it's really not worth the effort that I'm putting into that account. It's like, okay, I understand that. But also the skill that you learn by finding a prospect of a local business that needs help with their marketing and then selling them, and then the skill that you learn by running their ads for them, them, or the skill that you learn by writing their copy or doing their ad creative or something like that. Those skills you can then take. If you get better at them than over three months, six months, eight months, then you're not charging 300 bucks or more, you're charging 3,000 bucks, or you're charging, you know, 8,000 bucks a month in order to be able to do this thing for somebody. So if it doesn't currently make much money, does it help me build a skill that can bring in leverage and bring me leverage in the future? And then does it bring valuable connections to the table? Maybe some things aren't worth the actual money that you're making, but it allows you to get into this circle of people that you wouldn't be able to get into otherwise. And that circle of people could potentially bring you more opportunities in the future. That's another good reason to do it if it is not initially worth the time that it takes to make the money that it's actually making, because those things are, you know, longer.
- [18:29]
Sponsor Representative
This episode of the show is brought to you by Whatnot. So I was scrolling on Whatnot because I really. I just wanted to see what it was about. And I started experiencing what I can only describe as like a social media shopping channel. But it's live shopping. You got to go try it out.
- [18:44]
Travis Chappell
Okay?
- [18:44]
Sponsor Representative
Because it's not just for the buyers.
- [18:46]
Travis Chappell
It's also for the sellers.
- [18:47]
Sponsor Representative
Sellers. Whatnot is the largest dedicated live shopping platform. Whether it's beauty, collectibles, electronics, luxury, fashion, even cookies, sellers are building real, thriving businesses. Anybody can sell. Whether your business is big, small, or yet to exist, people selling on whatnot sell 10 times more than on other major marketplaces. 10 times more. That's because you're not just listing products. You're building real connections with actual buyers. Across Whatnot, the number of sellers making over $1 million a year has.
- [19:13]
Travis Chappell
Has doubled.
- [19:14]
Sponsor Representative
Consistency pays off. It's not just a side hustle. It's a real path to building something that lasts whatnot. Buyers spend more than an hour a day in the app, which is crazy. They're not just browsing and searching for content. They're engaged, they're buying and they're coming back. You go live, show off products in real time and then turn what you love into real income. I went on there the other day just shopping around, looking for some stuff tuned into a live stream. Ended up with a couple of shirts and I love them. And you get this sort of live demonstration and you get to ask questions about the product and how does it feel and what's the fit and all those types of things you can get answered live so you can make sure that you're making a better decision even as a buyer. So search whatnot. W h a t N o t in the app store, download it and you can start selling right away. Okay, here's something my younger self would have benefited from because let's be honest, most of us just pick the bank at 16 and then never look looked back. Sound familiar? Well, that's where Chime comes in. Because Chime is changing the way that people bank. They're not like traditional stuffy old banks who charge fees and gatekeep perks and rewards and all that stuff. Chime offers the most rewarding fee, free banking. All with no overdraft fees, no monthly fees, no minimum balance fees. Plus you get 5% cash back on Chime card in a category of choice like gas or groceries. All while building credit through regular everyday spending with absolutely no, no credit check. You can also grow your money faster with their savings rate. That's nine times the national average. Let me say that again. Nine times the national average for their savings accounts. And if you're ever in a pinch, Spot Me lets you overdraft up to 200 fee free. So join the millions who are already banking fee free with America's number one choice for banking. Head to chime.com travis that's chime.com travis Sign up now because it only takes a few minutes.
- [21:00]
Podcast Host
Minutes.
- [21:00]
Sponsor Representative
Chime is a fintech, not a bank. Banking services and Chime card provided by Chimes Bank Partners. Qualifying direct deposits required terms of limits apply. Go to chime.com disclosures for details,
- [21:12]
Travis Chappell
term goals. So is it fun? Is it worth your time? Next, Is it scalable? Is it scalable? This is one reason why I don't love Uber, like driving for Uber, doing delivery apps or something like that as a side hustle because it will only ever make you the amount of money that that you can take the Time to make. There's no way to turn that extra $2,500 a month into $25,000 a month with just a little bit more effort or hiring team members or something like that. Like, you will make whatever you can make by just driving the hours. Now, if you are. Again, if you're single, you enjoy driving, then maybe that's totally fine for you. And Maybe that extra two, $3,000 a month is enough for you to be able to start storing money into the s and P500. And you can throw most of that in there or to just get out of credit card debt or something like that. Great, ok, do that. But in terms of, like, this is why I say these are ideal qualifications for a good side hustle. Because to me it's like, is it scalable? Is a really important question. Because if you can take the first three, four, five months and start stacking up a little bit of cash and you start realizing, like, oh, this thing that I'm doing, whatever this pest control route that I'm running, or this like, pool cleaning service that I started on the side, or this landscaping thing that I started, or this trash can cleaning service that I started for just my neighborhood is like, like, okay, well, I could actually, you know, if I save up for the next few months, I could, I could maybe buy a truck. And if I buy that truck, I could probably do five times the volume that I'm currently doing. And then I could just hire an employee. And now I'm actually making enough money to quit what I'm doing full time and move into this other thing. Like, to me, the potential scalability of the side hustle is a really important piece of this because it allows you to have an exit plan. And again, this is. If you love what you do for a living, you love your job, and you're just trying to pick up extra money on the side, this might not be as important, but especially for those of you that are listening, that are like, I do not like what I do. I'm actively looking for something else, then this, then this is absolutely a question you have to ask yourself. Is this scalable beyond just the extra money that it's currently making me? And, and stuff like flipping couches on ebay might not be that thing that is infinitely scalable. Might not be that thing. And maybe, maybe it is that. Like I said, I have a friend. They're called the flea market flippers. You can check them on Instagram and that's literally what they do full time. They make really good Money because they, they've found really good high ticket items that are, that are strong with their arbitrage potential. So they travel around, they go to flea markets, they look at stuff on Facebook, marketplace all the time. They flip it, turn around, sell it on ebay, make a profit. And they do that full time now and they make good money doing that. So it could potentially be something that's scalable. It's just that you have to find the path that allows it to be or else you're just, you know, constantly going to have to get up the next day and keep going to work and keep doing the side hustle. So is it scalable? And then lastly, is it low cost to start? You know, a bad side hustle. Hustle is like, we're gonna start a restaurant. It's like, whoa, whoa, whoa, whoa, whoa, hang on, hold the phone. You know, like, we don't have to jump in. You know, I'm gonna open up this franchise. It's like, that's not a side hustle. You just started a full time business and you might have to take a, a loan out from the SBA or you might have to, you might have to leverage your home to get a HELOC so that you can get money to buy inventory and things like that. It's like, I'm not a big fan of doing that because you don't know what you don't know. And maybe you get into doing this side hustle and realize three weeks and you actually hate it. But if you make, put a quarter million dollars into it, your hands are kind of tied. You know, you got a quarter million dollars in debt out on it, like your, your hands are kind of tied. You got to do stuff about it. So is it low cost to start? Can I just get started? You know, like trading cards, you know what I mean? Would be a good example because you could, you could start with a ton of money. Like my buddy Dan Fleishman, who has cards and coffee and, and has I think over a dozen locations now of his, of his collectibles shop. When he started that, he got millions of dollars of the best inventory imaginable for the store he started in Hollywood, could do that. Or you could start by buying three cards online and trying to flip them at the local card convention or something like that. And you can do that for 500 bucks. So start with things that are low cost so you can learn the ropes and figure out the process and the systems and if you want to keep doing it. And then if it continues to do well then you save up a little bit of money and you can do the higher cost, higher risk thing at some point in the future when you decide to go full time with it. So is it fun? Is it worth your time? Is it scalable? Is it low cost to start? These are a few of my qualifications. Ideal qualifications for a good side hustle. But that is it for this episode of the show. As usual. Travis at travischappel. Com at travischapple on Instagram Shoot me a dm. Shoot me an email. Let me know we should talk about here on the show. Thanks for tuning in. Catch you guys next time.
- [25:41]
Sponsor Representative
Peace.