Last Updated on August 30, 2021 at 7:23 am
In the latest edition of the reader audit, we learned how a reader plans to achieve financial independence, quit his job and move to his native place. Here, he had mentioned, “Since 2016, I’ve been working on a side-hustle, which makes more income than my full-time job. I’ve also joined the “Earn From Skills” training and plan to eventually build a brand with this side-hustle. In this article, he explains how he did it.
Like personal finance, a side hustle is also a personal choice. There are different ways to build a side hustle and make money. So you need to pick one that you enjoy and can work for a long time. (How to Make More Money In India: Forty real examples.)
I started it in 2016-2017 based on a hobby that I enjoyed. I had to learn a lot of new things and put them into practice. I ended up choosing to build a content publishing business. I prefer this because it can become a semi-passive income source that does not always need my time. One of the best things is that I publish content once, and it starts making money every month for many years.
Since I started in 2016, I may have published 500+ posts of content. Some of these failed, but some are earning me passive income every month. The income is now reaching almost 2x job income and will probably increase further as I keep building it. The current evaluation of the business is 35-40x multiple of monthly income if I sell it.
The business makes money from advertising and affiliate marketing. I plan to build a brand for this business shortly and sell courses/products.
If you’re looking to start a side hustle, here is some advice.
- You need to keep learning. Don’t be afraid to spend on courses and books.
- Just learning is not sufficient. You need to spend time working on it every day.
- There are no shortcuts. You need to give at least 2 years of consistent work to start seeing results.
- Focus on one thing and avoid shiny object syndrome.
Editors note: The reader is not comfortable in sharing more details about his side-hustle but can answer questions on Reddit: freefincal_user_forum
To read more such stories, join the Facebook group Asan Ideas for Wealth and search for “real-life experiences” to read member comments in a thread I started on Aug 28th 2021.