In the last week's Post, No One Follows A Budget Anymore!? we talked about how making money is more important than managing it.
In this week's post we will talk about what to look for in a side hustle to make an extra stream of income.
From Grant Sabatier's book Financial Freedom A Proven Path to All the Money You Will Ever Need, he speaks about side hustles and what to look for. Specifically he says, "A good way to build a passive income stream is by selling something that you spend a little time creating but that people can buy for a long time without having to put in much (if any) additional work" (pg. 188).
I could not have said it better myself, Grant. When creating an extra stream of income it is important to create something sustainable. Do not follow the status quo by selling a popular item that will be unpopular next month!
Passive income pays you for work that you did in the past and continues paying you into the future.
In order to find a side hustle that will generate a passive income stream here are some things to consider:
Find a company or product that consumers will always need
Make sure the business plan is sustainable and can still be successful in any market condition
Look to solve a problem for the customer
These tips and tricks will be a good baseline to get you thinking of what type of side hustle you want to get into. Can't think of a side hustle that fits these criteria? No problem! Reach out to me at the link below and I can go over a bullet proof side hustle idea that you can rely on no matter what economic or health condition the world may be in!
Comments