Transcript
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Travis Chappell (0:44)
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 got to 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 got to go all in or it's not going to be worth you got to 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 there was no other option except. 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 gonna 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 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 going to 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 hate it so much that they're willing to change something about, about it. They just, they hate it just enough. They, they tolerate it. It's just like, I don't really like it, but what are you gonna 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 fulfill 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 or 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 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 it 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. We only have certain assets that are 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 used, put to work to go make. This episode of the show is brought
