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