Hi Steemians!
Today we are talking about something that I am personally really passionate about, and that is the idea of getting to a place of financial freedom.
In this vlog, I talk a little bit about what financial freedom means, and the various paths people can take to get there. I talk about my own story and what has brought me to this point of focusing on building side streams of income.
Now, I know that there are many full-time entrepreneurs here on the site, but there are also lots of people like me that are still working a normal 9-to-5 job, but have aspirations of building something for themselves and increasing their overall income.
In this vlog, I talk about my own experiments with my finances, and how I ran a test for a few months to see exactly how MUCH money I could save by living on a shoestring budget. I actually referred to this period of testing as my, “Cans of tuna instead of sushi” budget. It was a sad couple of months!
I came to the realization that I could not save my way to financial freedom, but would need to fight my way there instead by increasing my income.
This brings up the next logical question, which is the main point of this entire post.
Is it more financially advantageous for you to pour all of your extra time and effort into your day job in hopes of earning more money, or should you look at building additional streams of income?
The answer to this question will be a little different for everyone, but most people are going to find that the ability to gain a substantial increase in wages through their employer is slim. Of course, there are ways to increase your financial situation within a normal employment enviornment. You could learn a new and in demand skill, you could look for a better employer, or you could try to get promoted into a management position.
This brings up the next question, is that what you really want? For some people, that answer is a resounding yes! Perhaps they love the stability of benefits and normal pay, or they enjoy the camaraderie of working on a team. For some people, the idea of branching out on their own does not appeal to them at all, because they like the structure of a normal working environment.
If you’re like me though, and dream of having more freedom in your life, then starting a side hustle can be a great way to make that happen. I’m not suggesting that you quit your job tomorrow without any idea of what you will do, and no savings. I tend to take a more cautious approach, and focus on building diverse streams of income.
Some of my attempts of been successful, while others have not. Right now, I am focusing much of my" side hustle energy" here on Steemit. It’s pretty amazing to get rewarded for publishing content, especially because it doesn’t even feel like work!
In the video, I mention a great resource for those who want to start a side hustle, but have no idea where to even begin. The Side Hustle School Podcast is a great starting point! The host, Chris Gillabeau, she was a different story every day people who have started income generating projects. Each podcast is under 10 minutes, so it doesn’t go into a lot of detail, but it’s a great way to hear a bunch of ideas all in one place. Often times, hearing someone else’s idea may spark something for yourself!
This video is about nine minutes in length, and I do a deeper dive on all of the topics I just covered above.
Now, I have a question for those of you who either have your own experience with starting side hustles, or are a full-time entrepreneur.
What tips or pieces of advice do you have for people who are just starting out in this idea of creating a side hustle or some form of income generating project?
I’d love to hear your thoughts on the subject!
Thanks so much for taking the time to listen and/or read my post! ❤️
xo, Lea
▶️ DTube
▶️ IPFS
I think it's important for everybody to find a balance but I believe that most of the time putting your passions to use on the side of whatever job you have is going to get you somewhere even if it takes a few years. When I decided to be a stay-at-home-mom I knew I was going to need SOMETHING aside from parenting to fuel my soul so I took to blogging and have been working hard to build that up into extra income for the family. I get my creative fix and I can help support the fam win win!
I love what you're doing here. You're content is real, genuine and fresh. Loved hearing your take on this and happy I found someone on here close by. We're in Portland!
Wow, it’s great to meet you!! I love Portland. 😊
So cool to hear about how blogging has helped to both fuel your creativity and help provide for your family.
Since you are already an experienced blogger, I’m sure you will find great success here on Steemit!!
I have some ideas on how to save your accumulated wealth\stored labor and protect your purchasing power over the long term :)
Does it have to do with gold? Wild guess, I know!!
Do you recommend people buy actual bars and coins of gold to hold? I know there are some stocks on the normal stock exchange that fluctuate with the price of gold, but I imagine that could still crash with the market.
Oh man you have no idea what you just started! :) .... short answer, no I would definitely not own any ETFs (exchange traded funds) linking to the gold price. No bueno. Probably a good idea to own some actual allocated physical metal through Goldmoney (a publicly traded company). Think of it like a bank account but instead of dollars you actually own physical gold in vaults of your choosing around the world. Fully allocated, 3rd party audited, insured, and redeemable, meaning you can take possession of it if you wanted. Also, you can own in incremental amounts, even just a few dollars with. Having a few coins in your possesion isn’t a bad idea either. I think its prudent to do both. Goldmoney also give you a MasterCard in which to spend the gold with, and you can also transfer it and make payments with the gold. I’ll have to send you some more info :) ... wait this was the SHORT answer???
Wow, that video did a really excellent job of explaining Goldmoney. It’s pretty amazing that the precious metals are physically stored and redeemable at any time. Not to mention that it makes it easy to buy gold on any level of investment.
Thanks for sharing! I’m glad I know more about this. Especially since I’ll be sporting the shirt. 😉
Do you see your account value rise and fall as the price of gold fluctuates, or does it stay stable based on the price you purchased it for?
The value of the account does fluxucate over the short term yes and that is reflected in your balance. However..... gold is money.... not considered to be an investment but savings itself. Gold will not make you rich, but it will keep you from going poor. Over long periods of time gold outperforms every currency. This means that your purchasing power will be protected. So only allocate to gold what you wish to be protected in the future.
Thanks for clarifying. That makes a lot of sense to transfer long term funds that you want to stabilize to an asset like gold.
It’s really cool that you are working with an organization that you are clearly so passionate about. 😊
This is great to know. I need investments that I can get into with small amounts of money and add to them over time. Goldmoney is absolutely worth checking out. Thank you
I'm I.J. @steemcafe Really enjoy your posts.. Hope all is well. Wanted to invite you to speak at our Steem Creators Conference in Las Vegas, NV April 13-15, 2017. It will be held at the Tuscany Suites & Casino. https://www.tuscanylv.com/ You have an amazing story. I'm sure people would love to hear more about your unique story & of course your success.
Also we will have excursion that people can participate like indoor skydriving, exotic car driving, botanical gardens, restaurants,night clubs, etc, etc Contact me [email protected]
Wow! So honored that you would think of me. Just sent you an email for more details. 😊
Wow you go girl!
financial planning is very important
Hey I’m a physician working sometimes 80 hours a week. Always time for the hustle. Steem makes the game that much more fun! I like your mindset.
Thanks @tfeldman! Man 80 hours a week... you are definitely hustling hard! My dad is a GP and he would often moonlight at the hospital on the weekends to pick up extra cash sometimes.
You have a valuable, rare skill and I’m sure that will set you up to have MANY options for earning in your current and future career!
You use your day job for resources to expand your streams of income (passive income if possible)and to network (letting people know what you do and put you in touch with people who are likeminded or need your services).
You can do it by:
Taking what you learn at your job and doing it independently on your off hours.
Create a way for people to learn something and make it accessible and payments accepted 24/7 (like a starbucks barista creating content on how to make drinks, reviewing products, or sharing info on the different blends)
Or Monitor the behavior of the customers or consumers and invest/resell/dropship whatever commodity is hot at the time.
Best case scenario our job feeds your dreams and passive income ventures, your passive income ventures relieve you of your job, now you have time and money to focus on your dreams.
Wow, GREAT response!! I really like that you provided some actionable tips for people starting out. I especially liked your first tip about analyzing your curtain skills, that you may be using in your day job, and see if there’s a way to put that skill set to work on the side.
Actually, I really liked all of your ideas! The Starbucks barista one is brilliant. I was a barista/coffee shop manager for six years, so I especially related to that one!
Thanks again for the great response!
I started steemit for the very reason of building an entrepreneurial predicament for myself that would support me, with a bit of time and effort, economically. I am very stressed, and even if i am not really making any earnings, i discovered that steemit was already supporting me for the simple fact i was in this platform.
It's so refreshing to be among so many creators and friendly people 🙏
Curating thoughtfully - and soon authoring - is proving itself to be quite therapeutic as it allows me to take a break from the somewhat frustrating job i have and be creative, even for the smallest things like writing comments. Sounds weird?
Therefore i am so glad to see you, and many others, becoming more and more successful in this platform that is giving back so much to the people who love it and embrace its lifestyle wholly. Definetely looking forward to become a 360° steemian like you!
You always leave such thoughtful and engaging comments @destrudo! I can’t wait to see your content once you start posting!
I can definitely see how curating and reading through content would be therapeutic. There are a lot of different types of content here on Steemit and it is fun to see people post about what they are passionate about!
Thanks again for the thoughtful comment and have a great day!
Personally, I think that it is much much advantageous to start your work instead of doing a job for others but yeah I have to agree with you that it totally depends on the aspirations and dreams of a work. Some people do of finding a stable job whereas other people dream of setting up a business. I am into the second one.
Awesome, thanks for chiming in! I do think Steemit tends to attract people who are more entrepreneurially inclined. 😊
@coruscate 👏 very well written!
The advantages of the yesteryear are gone, our only option to gain financial freedom is to sell other freedoms or to branch out and discover additional forms of income. The opportunities my father had are no longer available to me or anyone in my generation. Even when discovering said opportunity living costs comparably bring the value of that job today down to the minimum wage of yesteryear.
Such a true statement. Times have changed, and so have the way people earn money. Thanks for chiming in!
nice :-) great that i find you and your profil. will follow to enjoy more articles of you. i like your thinking. nearly the same way i think :-)
Thanks for stopping by and adding to the conversation
Great article especially your question;
"Is it more financially advantageous for you to pour all of your extra time and effort into your day job in hopes of earning more money, or should you look at building additional streams of income?"
And funny I found it as I wrote about the same just before I found this... hopefully people get the idea and better yet take action.
So cool that you posted on the same topic yesterday! Great minds I guess. 😉
Can’t wait to go check it out. Thanks for stopping by and leaving such a thoughtful comment!
@coruscate as a personal advice is best for you and everyone to find the ballance between both things. I have been coast to coast on this one! I was struggling with everyday job and i was struggling with side hustle only! The funny thing is that if you fully go on one side you will still strugle! The side hustle does not guarantee success and profit! The everyday job can bore you at certainnpoint! This is just me i cannot be on either side so i found my golden area in the middle! Have fun hustling and continue with your everyday job is my advice to people who are in the same position as i was! And personaly i think that you @coruscate have found this balance and now you are just spreading inspiration and usefull experience so other prople can find their place! Good job captain!
Thanks for chining in @rumbledoor! Great to hear that after experimenting with different things, you have found a formula that works for you!!
I believe that multiple streams of income is definitely the way to go. You never know when one of the streams is going to dry up..
I've been on a pretty strict budget for a long time, and save as much as I can. I'm well aware that I cannot save myself to financial freedom as well. I'm definitely pulling all resources and trying to side hustle hard.
I've been taking the saved money and investing whenever I can. This allows my money to accumulate and work for me. My areas of interest are currently a Roth IRA and cryptocurrencies.
Although I'm still considered new to the platform, Steem has already helped me chip away at my cryptocurrency investing goals. I'm gonna be honest, a full time college student doesn't have much to throw at investements - so this platform has been a blessing.
I think your post has inspired me to write one of the same nature! :)
Being a full time student and trying to invest can be hard to do at the same time!! Good for you that you have been able to use Steemit to start finding your crypto portfolio.
I would LOVE to check out your post if you end up writing one on the subject!
Interesting post @coruscate . I am looking to sell my business and live more inline with nature. Will be setting up a vegan food business. Also trying to buy some land to then slowly form an eco village. I want to give people interested in tiny homes and eco living a place to live here in the UK.
My goal is to earn as little as possible as I don’t like money. I want to see if it is possible after the initial outlay of money to keep things going from a community resource based system as opposed to just money.
It’s great to hear how passionate you are about your future projects! Building a vegan food business, and an eco-village are very enriching goals!
You bring up a great alternate perspective, that perhaps by simply earning enough to live, that it may be more freeing. Thanks for chiming in!
Sorry I am only just seeing your reply @coruscate I am new to steemit so used to getting notifications. I have only just realised you sent this. I totally agree that sometimes less is more. It will be completely freeing by just earning what I need and living a fuller life.
I have just listed my most loved possesion on Bitify to raise money to help kick start my dream. Hope to speak more in the future.
https://bitify.com/auctions/trucks/vw-t4-camper-van-mid-2002-reg-1042745/
By and by, I feel that it is a whole lot worthwhile to begin your work as opposed to completing an occupation for others yet better believe it I need to concur with you that it absolutely relies upon the desires and dreams of a work.
Thanks for the thoughtful comment! There is definitely something in powering about building something for yourself.
Everybody should at least have a side hustle. Without one your employer (if you have one) will essentially own you.
Even if your employer is a straight up decent person, you're abdicating your responsibility and foisting it upon their shoulders. Congratulations, that makes you a parasite, perhaps a symbiote.
Having a side hustle or two (or more, if you really fucking love 120 hour work weeks) is a necessarypart of being in control of your own life.
You bring up some GREAT points here @jdc. By only having one source of income, your employer has a lot of power over you. I think that is why so many people feel stuck in jobs that they hate, or willing to work tons of unpaid hours to make their boss happy. In reality though, if they took a step back and started to build a side stream of income, they would begin to regain power over their lives.
This was a big part of the reasoning for me to go down this path as well. I didn’t like feeling as though if I were to suddenly lose my employment, I would have to settle for less pay, or a job I didn’t like as much, just to make ends meet. Multiple streams of income equals freedom!
Thanks again for chiming in with your thoughtful response!
It's interesting the point you bring up about each of us having a different priorities in how we spend our 9-5. Years ago, my husband was an employee of the University of California. He was doing well, but was told that he had topped out, and wouldn't be advancing any further without a degree. During this time, the state was in financial crisis and issuing furloughs (unpaid days off) reducing his take home pay. He decided to look elsewhere and found a better paying job quite quickly. However, we had relatives questioning this decision because of the old school thinking regarding the security of state jobs. We had to remind them that there is no security in this day and age. We have to be flexible and resilient. Leaving the state was one of his best decisions. Yes, he's still working a 9-5, well the hours are more flexible because he works from home. This has allowed us to homestead since he's not losing time commuting! So, we're still working on our side hustle, but the day job is funding those side projects until they can stand alone for us.
Thanks for another thoughtful post!
That’s so great to hear the story of your husband! Having a flexible schedule and the ability to work from home are some pretty incredible perks!
So cool to hear what a positive shift that ended up being for you and your family. ❤️
Thank you for this nice, honest post. Kudos for not taking the usual, fluffy online motivational route.
First of all, kudos for being honest and acknowledging that the only way you can get a raise in a job is to find a new one. If you want to improve your finances as an employee, you need to be continuously looking for the next opportunity and improving your skill set for that opportunity, even right after getting a new job.
My advice for people who are considering to start up? Get used to that sad couple of months. Live way below your means until you make it. It will be years of mere existence until your startup finally has some traction. If you can't deal with that, you will need to follow the employment route.
Thanks for the thoughtful response! I think your advice is spot on as well. It may be wise for someone who is looking to start out, to try living well below their means for a few months first, to make sure they can do it. Like you said, if they can’t handle it, then a normal employment situation might actually be better for them.
Thanks again for chiming in!
SALUDOS, leí tu articulo y me vi retratado en el, me vi reflejado en el punto de que laboro por un salario ocho horas diarias, que a dios gracia me sirve solo para cubrir algunas necesidades básicas pero que no alcanza para muchas aspiraciones, y por eso me motivo a esta misma búsqueda de ingresos extras y con mucha fe de que si funciona a través de estos medios, felicitaciones y éxitos amiga steminiana.
I’m afraid that I only speak English. Thank you so much for taking the time to comment though. ❤️ If you are able to translate, let me know!
All my side hustles have gone awry... The only one was always a win... ART!
So cool to hear that you have been able to earn an income from your art! Thanks for sharing with us. :-) have you mostly seen that income from sharing it here on Steemit, or do you sell your art as well?
Mostly from sales and commisions, but also some online products. Making a living with art hasn't been easy. Last year, after 11 years, is the first year that I earned more than minimum wage.
Dang, that’s a rough go. Hopefully earning here on Steemit will help bridge that gap. ❤️
Thank you, every bit helps! I have always managed to get by though, often at the mercy of the universe, but it helped me develop faith and determination :D
For myself I am a full time Entrepreneur and help small business grow into larger ones or meet their goals/ free up time so they are not head down in the ground day after day. Like you said everyone is unique, they have unique passions and unique goals and it is very important to understand that.
While working as an Entrepreneur I also have a job as a QA Engineer for an Entrepreneur names Russell Brunson so in a very very close way this company Click Funnels him and myself all match up allowing me to do all these things in my day to day living and it just flows.
I believe no one should quick their day job unless they are solid on their feet with their own business and passion. I find it irresponsible to take that massive leap and feel they can still work that 9-5 and will have time to work on their business and passion.
Side streams are for sure very nice like here on steemit! Was so happen when I found this site a few months back I only now wish I dived into it even deeper! (Tried to load the video but no luck DTube seems to be having issues with me tonight but ill check it out again soon!) Enjoy the weekend and keep rocking!!
It’s always cool to hear what people do outside of Steemit. Very cool that you’ve created a life for yourself where you can work as an entrepreneur, and even help other small businesses grow and succeed.
I think the fact that you are an engineer and a business entrepreneur, shows that you are calculated and smart about your decisions. I can definitely appreciate your point of view saying that people should be stable on their own 2 feet before making the leap. I think too often the advice is to just follow your heart. Sometimes, that really is the best thing to do, but it will certainly be more stressful that way! I’m looking forward to the day when I can quit my normal job with confidence. 😊
It used to be that you could count on a job for a long period of time to feed you and make sure you had employment. Now however there are no certainties in the workplace. Because of this everybody must think about ways to make additional money and have something to fall back on. So we all need a side hustle or we may find that we have no hustle at all. Thanks for the great post.
You make some great points here. Job security is not what it used to be! I have seen many companies intentionally terminate long-term employees because they were getting too expensive. When someone has been there for a long time, they’ve usually receive many years of raises, not to mention they get more vacation time, etc.
It’s just smart to diversify your earnings, that way your employer holds less power over you. I didn’t start thinking along these lines until about a year ago, but I’m so glad that I did!
True and I am glad you did. Keep doing what you are doing. You are good at ti and it will pay off. I used to help people to build channels like this. I helped a girl on youtube go from 800 subs to over 1M. It was quite a ride and I learned a lot. Now trying to learn how this one works. Getting some good data I will use going forward. I am following you and will keep in touch. All the best to you my dear.
For me, i dislike working for a boss, using me to earn alot of money and giving me just small cash.. I think it's advisable to start your own work
Couldn’t agree more @warudo. Even though I’m still working for an employer, I actually have a pretty great boss and a good company. Looking forward to the day when I can afford to spread my wings and go out on my own though!
For me, side hustle has paid off more! I basically do what I love doing!
omonosa
That’s so great to hear @omonosa!
Yh @coruscate. But once i get my preferred job, i will dedicated my life to it. I hope to get a breakthrough someday!
omonosa
Its have a lot of advantages if you personily doing some thing
If you are doing job some where you are not mentally free
so i agree with you great description keep it up
I wish you all the best
Commented on your original post on steemit. Have followed and subscribed, I hope you like my idea of entrepreneurship with the goal of not making money as the end goal. I spoke about it I’m the comment I left you on steemit.
Feel free to follow me to keep up to date. 💚🌻🍃🌱🙌🏼
I am also struggling with this right now- how to find the passive income for myself The truth is that you can do this only when you have gained success, financial success, in your 9-5 job
nice.
visit my channel.
waiting
I really like the idea of multiple streams of income. I have been a self-employed freelance writer and blogger since 2008, but I have lots of different income sources coming in that allow me to continue working from home as my own boss.
A few tips I would give for those considering a side hustle:
thanks for sharing this post,
i like dtube channel.
i appreciate your vlog.
best of luck.
..resteemit...
Post full inspitation
wow..good your business information...thanks for.sharing..
side hustle must be good, cause it leaves you free after couple of hours or minutes while as day job leaves you nowhere to go at the end of the day...
Hello steemians
Excellent article, it is true what you say, a minimum wage is not enough and that is why it is necessary to look for extra income, and what better than steemit?
I have just started trying to find secondary streams of income. I started driving for Lyft and although enjoyed the social element for a while, after gas and time I don't seem to make much extra money. I started investing in cryptocurrencies and have created spreadsheets with goals in an attempt to take the emotion out of investing and using logic and information to know when and how to invest. Can't wait to read what others are doing.
I've found that a key part of developing a side hustle/income stream has been enjoying the process as much as the outcome - as you say, it's a marathon, not a sprint, so for anyone here wanting to get into this, make sure whatever type of marathon you're starting, that you know that you'll enjoy the journey.