Author Topic: You don't have to hustle, do you?  (Read 2823 times)

BOP Mustache

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You don't have to hustle, do you?
« on: September 09, 2018, 05:32:53 PM »
A bit part of the early retirement and online financial community revolves around having a 'side hustle'.

I've tried various things; buying/selling at garage sales, thrift shops, ebay/craigslist, etc. Restoring and selling furniture, thought of becoming Uber Eats driver (but learnt added insurance costs didn't make it worthwhile). Doing lawn mowing, etc. Most of this has only ever made $1000-3000 a year cash.

However all of this takes away from my 7am-6pm day job which is my main income source. I feel at work I'm becoming distracted and can't focus properly on leading my team and completing projects. My main job puts food on the table and a roof over my families head.

I'm going to give up on side hustling and just focus on my career. Any downtime can be spent looking after my health better.

So I'm quitting the hustle and feel great about it.

Syonyk

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Re: You don't have to hustle, do you?
« Reply #1 on: September 09, 2018, 05:44:40 PM »
Ok.

Hopefully if you're working 11 hour days, they pay you enough that your expenses are nicely covered...

Not everyone is in the same position.  Some people are still in debt, hair on fire, and don't have a particularly mentally demanding dayjob, so they have energy for other stuff.  Other people, and it sounds like you're in this group, have found a useful niche that's fairly well compensated, and don't need any particular side gigs to pay the rent/mortgage and save a good chunk.

I certainly have a wide range of things I do that generate income, but part of it is simply that I enjoy trying random stuff.  I'm considering getting into high end stage audio cables, for fun... at least until it stops being fun.

TheHardenedInvestor

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Re: You don't have to hustle, do you?
« Reply #2 on: September 09, 2018, 06:04:50 PM »
So I'm quitting the hustle and feel great about it.

For your situation, as you described it, this seems like a good decision on your part. If it’s causing problems with focus and leading at your current job, then that’s not a good thing either. Your main source of income and focusing on increasing that is likely far more profitable from a time investment standpoint.

I do feel a lot of people over emphasize the “side hustle”.  However, I understand that a lot of people may not have a large income or work in a career with as many advancement opportunities so a “side hustle” is more important. For those with better paying jobs and more career advancement opportunities, then focusing on increasing your salary and position there is probably the stronger option.

Freedomin5

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Re: You don't have to hustle, do you?
« Reply #3 on: September 09, 2018, 06:06:35 PM »
Yes, for some people, their time is better spent trying to maximize or increase the income from their primary job or minimizing expenses

Iíve tried both active and passive side hustles, but as we get closer and closer to our FIRE number, Iíve found myself being less and less motivated to hustle for that additional $10k per year, especially when rental income and investment gains will take me over the line without me having to lift a finger. I like property, so I prefer spending my time dabbling in fun stuff, and if it makes me money, great. My focus now is to minimize spending and justifying my 10% raise that I finagled at my primary job.

AccidentalMiser

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Re: You don't have to hustle, do you?
« Reply #4 on: September 09, 2018, 06:27:04 PM »
A bit part of the early retirement and online financial community revolves around having a 'side hustle'.

I've tried various things; buying/selling at garage sales, thrift shops, ebay/craigslist, etc. Restoring and selling furniture, thought of becoming Uber Eats driver (but learnt added insurance costs didn't make it worthwhile). Doing lawn mowing, etc. Most of this has only ever made $1000-3000 a year cash.

However all of this takes away from my 7am-6pm day job which is my main income source. I feel at work I'm becoming distracted and can't focus properly on leading my team and completing projects. My main job puts food on the table and a roof over my families head.

I'm going to give up on side hustling and just focus on my career. Any downtime can be spent looking after my health better.

So I'm quitting the hustle and feel great about it.

Good for you.  When I was a kid, my dad had a HVAC and appliance repair business as his side hustle.  I went with him when I could and he paid me $5 an hour to carry his toolbox and get stuff out of the truck.  After I got out of the Navy, I was grateful to have the ability to fix a variety of equipment and did so as a side hustle for a number of years (on and off) to take the pressure off our finances.  I enjoyed helping people in this way as well.

As my family and income grew, I stopped doing it for the same reasons you are stopping yours.  If it's not a ton of money and it's impacting your quality of life and work, time to give it up.

Best,
AM

MDM

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Re: You don't have to hustle, do you?
« Reply #5 on: September 09, 2018, 09:24:35 PM »
A bit part of the early retirement and online financial community revolves around having a 'side hustle'.
Freudian slip? ;)

It does seem you are making a good choice. :)

Linea_Norway

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Re: You don't have to hustle, do you?
« Reply #6 on: September 10, 2018, 04:53:49 AM »
Having a side-hustle is especially interesting if you have enough free time on your hands and you need something to do. No need to walk someone else's dog if you don't have the time to do so and if you don't need the money.

If your hair is on fire with debt, then try to earn money in any which way you can. The rest of us, while we still work, should make sure we still have enough energy to do survive the working week and running our household without paying for a lot of insourcing. I find it challenging enough to find time for making dinner at home, clean our house, paint the house, repair the car, cut DH's hair, repair clothes. No way I'm spending my free time on being an Łber driver for low pay. When that it said, I do have a side-hustle now, but that is just a hobby thing that I did for free at first, that I am now getting reasonably well paid for to do a few hours a week. And yes, I would do it for free as well.

A side-hustle could also be a good investment, if it generates a passive source of income, like writing a book could do.

kpd905

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Re: You don't have to hustle, do you?
« Reply #7 on: September 10, 2018, 05:18:25 AM »
I try to only do side hustles that pay $100+/hr, since that is way more than I get paid at work.  Bank bonuses, credit card sign up bonuses, and tradelines all fit that criteria.

Emergo

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Re: You don't have to hustle, do you?
« Reply #8 on: September 10, 2018, 08:43:08 AM »
I try to only do side hustles that pay $100+/hr, since that is way more than I get paid at work.  Bank bonuses, credit card sign up bonuses, and tradelines all fit that criteria.

Can you please elaborate on bank bonuses, credit card sign up bonuses and tradelines?

Lanthiriel

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Re: You don't have to hustle, do you?
« Reply #9 on: September 10, 2018, 09:26:34 AM »
I try to only do side hustles that pay $100+/hr, since that is way more than I get paid at work.  Bank bonuses, credit card sign up bonuses, and tradelines all fit that criteria.

Can you please elaborate on bank bonuses, credit card sign up bonuses and tradelines?

The content in @kpd905 signature line is a good start.

I also failed miserably at trying to set up a side hustle. I also do credit card sign up bonuses so that I don't feel like a total slacker. I'm not as good at it as others as I mainly just target cash back (I don't travel much). I'm on track to do about $1300 this year, but it requires VERY little work.

I also think of some of the professional development stuff I do as a side hustle. I volunteer on a commission with my City and chair a committee for my most relevant professional development organization. I like to think that this kind of involvement makes me more employable and boosts my profile within my profession, which should lead to less likelihood of unemployment and better job opportunities. It seems like a more valuable way to spend my time than netting $10-$20/hour on a side hustle.

Zikoris

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Re: You don't have to hustle, do you?
« Reply #10 on: September 10, 2018, 10:29:03 AM »
Nope, not required. One option of many. I've never had a side hustle in my life. Though maybe I should call my weekend bulk meal prep a side hustle, because it saves us more money per year than a lot of people earn with their hustles.

On the other hand, my partner turned his side hustle into a full time job, so there's that.

Dr.Jeckyl

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Re: You don't have to hustle, do you?
« Reply #11 on: September 10, 2018, 04:46:56 PM »
Nope, not required. One option of many. I've never had a side hustle in my life. Though maybe I should call my weekend bulk meal prep a side hustle, because it saves us more money per year than a lot of people earn with their hustles.

I never thought of meal prep as a side hustle. Weirdly, now that I'm thinking of it as a side hustle I'm more interested in doing it.

jlcnuke

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Re: You don't have to hustle, do you?
« Reply #12 on: September 11, 2018, 12:06:06 PM »
I've found no compelling reason to work more now just so that I can retire slightly earlier. I'd rather take my current free-time from my "real" job and enjoy my life with those hours than try to make some more money.

kpd905

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Re: You don't have to hustle, do you?
« Reply #13 on: September 11, 2018, 06:18:58 PM »
I try to only do side hustles that pay $100+/hr, since that is way more than I get paid at work.  Bank bonuses, credit card sign up bonuses, and tradelines all fit that criteria.

Can you please elaborate on bank bonuses, credit card sign up bonuses and tradelines?

Bank bonuses means signing up for checking and savings account bonuses, which pay $100-500 each.  There are ways to hit direct deposit requirements by pushing money from other banks, we discuss some of that in the journal in my signature.  Otherwise the best resource is: https://www.doctorofcredit.com/best-bank-account-bonuses/

Credit card sign up bonuses usually pay $300+ in either statement credit, points or miles.  The value of miles can vary quite a bit based on what you choose to use them for.  Some people blow a large amount of miles on business/first class and say they got a huge amount of $/mile, others fly in economy for a larger number of flights.  Same goes for hotels, luxury vs. a larger number of cheaper stays.

A good list of credit cards is here: https://www.doctorofcredit.com/best-current-credit-card-sign-bonuses/

For selling tradelines, see this thread, and have fun reading for the next few weeks: https://forum.mrmoneymustache.com/share-your-badassity/selling-tradelines-piggybacking-part-ii-$1000hr-20-40kyr-side-gig/

BicycleB

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Re: You don't have to hustle, do you?
« Reply #14 on: September 11, 2018, 08:04:20 PM »
@BOP Mustache, you only have to do whatever gets you to FIRE without hurting people. And you only have to do that if you want to. And you don't really have to get to FIRE anyway - it's just an option that some people feel is good for them.

As far as how you get to FIRE - anything legal that allows you spend less than you earn and invest the difference will work. Whether that's mostly thrift, or a job with long hours, or doing side hustles is entirely a personal decision.

Based on your description, I support your decision to ignore side work.

PS. If you haven't seen it, MMM's post on retirement math is helpful. There's a table in it for calculating your time to retirement, based on your savings rate (second table in the article).  If your job gives you a savings rate that leads you to FIRE in an acceptable timeframe, you're golden!

http://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/

Schaefer Light

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Re: You don't have to hustle, do you?
« Reply #15 on: September 12, 2018, 07:40:36 AM »
I would guess that 99+% of all retirees never had a side hustle.  I plan to be one of them.

boarder42

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Re: You don't have to hustle, do you?
« Reply #16 on: September 12, 2018, 07:53:21 AM »
I try to only do side hustles that pay $100+/hr, since that is way more than I get paid at work.  Bank bonuses, credit card sign up bonuses, and tradelines all fit that criteria.

Can you please elaborate on bank bonuses, credit card sign up bonuses and tradelines?

Bank bonuses means signing up for checking and savings account bonuses, which pay $100-500 each.  There are ways to hit direct deposit requirements by pushing money from other banks, we discuss some of that in the journal in my signature.  Otherwise the best resource is: https://www.doctorofcredit.com/best-bank-account-bonuses/

Credit card sign up bonuses usually pay $300+ in either statement credit, points or miles.  The value of miles can vary quite a bit based on what you choose to use them for.  Some people blow a large amount of miles on business/first class and say they got a huge amount of $/mile, others fly in economy for a larger number of flights.  Same goes for hotels, luxury vs. a larger number of cheaper stays.

A good list of credit cards is here: https://www.doctorofcredit.com/best-current-credit-card-sign-bonuses/

For selling tradelines, see this thread, and have fun reading for the next few weeks: https://forum.mrmoneymustache.com/share-your-badassity/selling-tradelines-piggybacking-part-ii-$1000hr-20-40kyr-side-gig/

yep these are the only side hustles i really do unless i see a really good deal on something i know i can flip for more.  like tickets etc.

sparkytheop

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Re: You don't have to hustle, do you?
« Reply #17 on: September 12, 2018, 01:10:50 PM »
I've found no compelling reason to work more now just so that I can retire slightly earlier. I'd rather take my current free-time from my "real" job and enjoy my life with those hours than try to make some more money.

This is pretty much where I am, unless I'm offered overtime, and then I take it, because it's pretty sweet making double time when the work is pretty easy (especially on a weekend or night shift).

I've admitted I'm bound by the "golden handcuffs" of good retirement benefits if I stay to age 57 (or, maybe possibly full benefits retiring earlier, but those offerings are rare). 

A side hustle isn't going to get me there faster, and would take away from the happy and content life I live now.  I work full-time already, and want my time off to be my time.  It's doubtful that a side hustle would make me what I'll earn in overtime through the year, and honestly, I'm just too lazy to want to put in the effort.

I do participate in a quilt group that does projects for seniors (either gifts to recipients of the Meals on Wheels program, or making things to sell to raise funds for the Senior Center).  But that's fun and gives me a good group of people to hang out with.  I would not want to try to quilt to make money for myself.  You'd have to sell a quilt for a lot of money to even partially pay back your time.