When selecting a side hustle, I recommend you make sure your choice is in alignment of your core values (what matters most to you) AND your desires (your financial goal). The key word is AND. How can you accomplish two goals?
Before Seinfeld’s famous episode on “double dipping” a chip in a dip, double dipping was about money. It’s when you accept income from two mutually exclusive sources for the same resource, usually time. Since time is a limited resource, using the concept of double dipping your time is a great way to choose your side hustle. Let me give you some examples.
You value physical activity AND you want to increase your income. You could look at side hustles that provide exercise like:
You love caregiving of pets AND you realize you aren’t financially ready to own your own.
You love being home with you kids or pets after your day job AND you have a goal to save $20k for a house down payment. You want to earn money from home some ideas include:
You love personal growth AND you want to boost your Safety Net. Considering looking for a side hustle that allows you to listen to audio books or podcasts while doing the work like:
You love being creative AND you want to save up for a big trip. Put your creativity to work to help others. You could be one skill away from that big adventure you’ve been dreaming about, like:
You love the idea of owning your own business AND you aren’t ready to leave the benefits of your W2, you may want to consider:
Side Hustles aren’t only for broke people. The average millionaire has eight streams of income. Side Hustles allow you to get creative and double dip on the same amount of time everyone else has in a day. A Side Hustle can be a creative outlet AND help you become more efficient with your time.
As a Financial Life Coach, there have been a couple instances when I haven’t recommended a Side Hustle for clients wanting to increase their income. Those clients had full-time sales positions with unlimited commission. In that situation, their energy was best reward by increasing their effort within their current employment.
Money is made when you create value by solving someone’s problem. Look around, what are problems people in your community have? How could you create value by solving them? Who would pay you to do that?
What is on either side of your unique AND? I’ve provided some ideas for you to get the brainstorming going. I encourage you to come up with several options and think how they could work for you. Watch your use of the word BUT during this process. The goal is to be expansive while looking for a solution to your unique desire.
Not sure of your values and desires? Learn the Mindful Money Method. for #lovemoreworryless.