Why I Chose To Start My Side Projects
I have always had an idea in the back of my head that I want to start a project, I want to be a writer. There is an author named Isabel Allende, the author of an acclaimed book called “The House of Spirits”. When she turned 40, she felt like she had not done anything noteworthy. She was getting a divorce and her whole life was falling apart. She then sat down to write and consequently created a literary masterpiece.
I had my Isabel Allende moment where I felt like I was just about to hit 30 and didn’t feel like I had anything to show for it. (Just my overcritical mind at work). This paired up with all the content I was consuming and really all the opportunities out there to achieve financial freedom, as they call it.
What Is Financial Independence And Financial Freedom?
Most people think of financial independence as having a lot of money. While having a lot of money can certainly give you more freedom in life, it’s not the only factor. Financial independence is about having enough passive income to cover your living expenses.
Passive income is income that doesn’t require active work to earn. This could come from investments, such as dividends from stocks or interest from savings accounts. Recently, there is a lot of talk about passive income coming from starting a blog, a YouTube channel, a digital product that you can sell online such as a course, etc.
Financial freedom is about more than just having enough money to cover your expenses. It’s also about having the freedom to live the life you want to live. This could mean being able to quit your job, travel the world, or spend more time with your family.
There is no one-size-fits-all definition for financial freedom. This means different things for different people.
What Is The Creator Economy?
The Creator Economy is a term that is being used more and more to describe the growing trend of people using online tools and platforms to create content and generate revenue.
There are a number of factors that have led to the rise of the creator economy, including the increasing accessibility of online tools and platforms, the growing popularity of social media and video sharing sites, and the increasing demand for innovative and creative content.
There are a number of ways that creators can generate revenue from their content, including advertising, sponsorship, affiliate marketing, and product sales.
Opportunities And Risks In The Creator Economy
The creator economy is providing new opportunities for businesses to reach and engage with their target audiences. However, it is also important to consider the potential risks and challenges associated with this trend.
Some of the potential risks associated with the creator economy include the potential for fraud and scams, the potential for copyright infringement, and the possibility that the quality of content may suffer as creators strive to generate revenue.
Despite these potential risks, the creator economy is providing new and innovative opportunities for businesses and individuals to generate revenue online. With the right tools and strategies, anyone who has the drive can become an online creator or coach. This means more competition and more work for you to be able to stand out.
How Much Time Do I Invest In My Side Hustles?
I am a firm believer that trying to start a side hustle empire is not for the faint of heart. You encounter a lot of roadblocks and challenges along the way. There are countless hours of research that go into every little thing. Your time becomes sacred and you have to learn how to invest time in things that actually make sense and have an ROI. In this blog post, I share ways I stay productive and motivated to do more.
Presently, I have a very demanding and stressful full time job where I work 40 hours a week. During lunch, I may take courses or work on drafting a blog post while I am eating. I invest approximately 20 to 35 hours a week working on my side hustles which means that I am actively working from 60 to 75 hours a week. Is this healthy? Absolutely not. I do not condone overworking yourself.
For me, it’s a means to an end. Investing this much time and energy means that I will be able to reap the rewards when it is time for me to leave my full time job and replace it with something I enjoy. Additionally, a lot of those hours that I spend working on my blog or YouTube, I really enjoy. Planning was already my hobby to begin with, now all I have to do is record myself working on my planners.
That’s not to say that it’s hasn’t come with challenges. I don’t have a lot of work-life balance. I don’t spend as much time as I used to with my husband. However, I am blessed that he is very supportive and understands where I am coming from. He also helps however, he can.
My Message To All You Aspiring Side-Hustlers
Go for what you want! Ultimately, if there is something you want to achieve, you have to be willing to be a little bit comfortable for a while. Choosing how much time or energy you spend on something is a very personal choice but it is very important to know your limits. You have to be clear on what you can and cannot do and ask for help when necessary.
Furthermore, it is very important to keep in mind that if you are wanting to monetize your hobby, view it as a business from the beginning! If you are in the U.S. apply for your EIN if you can so you don’t have to use your SSN where requested. This will save you a lot of headache moving forward.
Going back to my initial question: Is the Financial Independence/Passive Income Trend a Scam? I definitely believe that there are people out there who are predatory and want to profit from people’s dreams. However, there are people out there who have a lot of knowledge on a particular subject and want to monetize it (which is perfectly fine!). It depends on yourself, your judgement and your drive. If there is a course you are looking into, research the reviews, research the person. Make sure that you are looking into all the signs before making a purchase.
What’s Next?
I started this series to share my actual struggles and achievements along the way. There is so much information and so many people supposedly “making it” that I wanted to share my rookie story of how I am also trying to make it as a digital creator. Stay tuned for all my upcoming blog posts in this Journey to Financial Freedom series. I will definitely share all my developments along the way.
If you have reached the end of this article, thank you so much for reading! Please feel free to drop a comment if you have any questions if you just want to rant, or are looking into starting a side hustle of your own.
