Music Mondays – Beer Money

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Easy Formula for Financial Success

There are two basic ways that you can achieve financial success, the first is to cut back on costs and the second is to make more money. I work very hard with clients to help them understand their costs and manage their budgets to the point where they are not spending frivolously; however, despite our best efforts, there is still more that many of my clients would like to do; however, they don’t have the money left over in the budget. When this happens, then we start to have conversations about side hustling.

Side Hustling

Last week, I shared a post on Sprout Wealth about how you can make more time in your life for making more money, and now I would like to talk about some ways you can make more money.  As I share with most clients, it’s important to note that for most side hustles, you won’t bring in substantial income, hence the definition of a side hustle. If you made a ton of money doing it, it would probably be your job and not something you do on the side. That being said, I like to think of the side hustle as your beer money, or for those of you who don’t drink, your latte money or your mani/pedi money, i.e. whatever extra little things you would like to do that you can’t because of your budget.

What I do for beer money

When I weigh the various side hustles I can take on, I think of them in terms of beers or martinis. It makes the work experience more fun for me because I am working for fun, but it also gives it a value that I can convert in my mind. Here are some side hustles with a beer conversion chart (1 beer = $8). Each conversion is based on one “session” of a side hustle.

Website Testingbeer2

Taking Surveysbeer2

Secret Shoppingbeer2beer2

Freelance Writing (could be more depending on the opportunity) = beer2beer2beer2

Babysitting or Nannyingcase beer

Tutoringcase beercase beer

 

I share this conversion with you because sometimes we don’t think it is worth our effort to take 15 minutes to an hour out of our life to work on a side hustle; however, when you convert it into something you enjoy or you know that by completing it you have given yourself the freedom to indulge in something you enjoy, then it makes the side hustle that much more appealing.

Do you side hustle? What have you done for beer money or the financial equivalent?

Check me out on Sprout Wealth again today talking about “work/life balance”…a phrase I hate.

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Shannon is a financial planner who left a “traditional” financial services firm to start her own company, The Financial Gym, because she felt traditional financial services firms did not have the tools or resources to help people in their 20s and 30s who are starting out and trying to build assets while also managing debt. She realized that the key to long-term personal financial success is a commitment to financial fitness and making smart financial choices. Through her blog, Financially Blonde, her book, Train Your Way To Financial Fitness, her podcast, Martinis and Your Money and The Financial Gym, Shannon is committed to making financial fitness fun, easy and accessible for everyone.

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