Side Hustles and Extra Income – Episode 245

This transcript was auto-generated and may contain errors.

[00:03] Welcome to the Prosperity Podcast, fresh alternative personal finance talk for independent thinkers who prosper outside of Wall Street. Here’s your host, best-selling author, Kim D.H. Butler. Welcome to the Prosperity Podcast. Today I have my co-host, Kim. Are you there? I am, Spencer. Happy day to you. Hey, it’s great to always connect with you. We are talking about side hustles and part-time work and doing some extra things to boost that income. And before we hit the record button, we were talking about a mutual friend that does this. And I’m sure there are a ton of examples that we can give. So I want to turn the microphone over to you and have it that you can share us some side hustles or some ideas, things that people can do to boost their income.

[01:03] Absolutely. And I’m going to go to my favorite, which is the network marketing arena. Because to me, that is a very easy non-physical way to add a little extra income to a family’s environment. Now, I want to also readily admit that we’ve all been involved with people that are in network marketing and rolled our eyes, whether it’s the old Amway or the new XYZ drink of choice, et cetera. I get that. Like, it can be obnoxious. But to me, there’s two things super good. One, you can pick a product that you absolutely love and would use anyway and talk to your friends about anyway. As an example, I love Juice Plus. It’s a product that’s done by NSA. I don’t even remember what NSA stands for anymore.

[01:59] But Juice Plus is this little capsule of vegetables and fruits. And it’s just like my favorite product in the whole wide world, and I always talk about it. I don’t even represent it. Like, if somebody wants it, I have to send them to George Wong or Denise, his wife, and they get the points, which is great. But it just is a really easy addition. But the second really critical part is that if you’re an employee and you don’t really have the ability to deduct business expenses, if you add a network marketing or some of the other things that you have some knowledge on, like vending machines or I don’t know what else is out there that is a little bit more physical, you can then start to deduct business expenses.

[02:41] And it’s so valuable, such an important thing for people to learn about and know how to do because, of course, I believe everybody should desire to be entrepreneurial in some fashion, even if you’re never going to own a quote true business or a real business. I just think it’s an important thing to be because of the way that impacts our thinking. And then furthermore, back to the network marketing products, because you don’t have to have physical inventory, it just makes it so much easier to deal with. Most of these products drop ship. Yeah, you maybe got to buy your minimum every month or whatever. But to me, that’s just a really, really easy addition. And so if somebody is listening and they would like some sample products,

[03:30] I mean, not literally physical samples, but some ideas of sample products, I absolutely have four or five clients that do this work full time in a variety of different businesses. Another one is Send Out Cards. I think, Spencer, you’re familiar with them, right? So, yeah, if if somebody is wanting some ideas, please reach out to me. I’ll put you in touch with not only the product, but a person so that you can actually talk to them like, what’s it like, you know, what’s working with this company like, et cetera, because that’s a really valuable additional step that I think most people would want to have. I agree. I think one of the big pieces that you mentioned is just having yourself involved with network marketing or a side hustle.

[04:18] You get some amazing benefits of riding off expenses. That’s that’s priceless. Now, let’s dive into a couple of other things that people can do, and maybe we’ll do somewhat of a lightning round of ideas. And, you know, I’ve got a list. One of the things that people can do for side hustles is start your own e-commerce business. It could be selling products on Amazon or drop shipping products. I’ve seen other people do online teaching. So for me, I’ve taken some of the skills that I have and things that I’ve taught at different schools and helped people. And I started teaching on Udemy. And Udemy is a platform where it’s really easy to teach. And, you know, I’ve got a little over 9000 students as of today.

[05:08] So it’s not bad. Can you think of other little side hustles or things that people could do? I just love the online teaching. I think any time you have a gift of knowledge that could be parlayed into something. And Udemy is a great example. They really help people figure out their gift of knowledge. And then I would also say things that are a gift of service. I feel like we’re talking about the five love languages here, but it which is an awesome book, by the way, if you don’t know that. But it is something, you know, if somebody service oriented, like literally, I mean, think back to what kids used to do. You know, mow lawns, wash windows, provide. I got the neatest gift the other day. Somebody gave me something that their friend had created.

[05:58] It was some beauty products, kind of like what you have some knowledge about in your one of your businesses that had been handmade by a mother and a daughter and were given as a gift again by this third party. So, you know, that’s an example of service, if you will. Truly giving financial advice is an act of service. I mean, that has products behind it. And yes, you have to have some licensing and whatnot. But that’s a way that people can give acts of service. And there’s a lot of people, clients of ours, that have been interested in being in our business. And they can start out part time and slowly get their licenses and upgrade their capabilities and then convert to it full time at some point in the future or not.

[06:44] So any type of service like that, I think, is a great side gig or hustle or moonlighting job to to use an even older term. I totally agree. You know, I think another benefit of doing these side hustles is the example you’re going to provide for your kids, because, you know, it’s really difficult for my kids, at least, to follow along when I do every day. But I helped them create a little side hustle of taking garbage cans out for neighbors and charging for it. And so now they are starting to make a little bit of money. That is so great. Well, you know, we started this conversation with how can you increase your income? And even if you don’t know yet, I think it’s such a fabulous question, because everybody wants to focus on decreasing their expenses.

[07:38] And, you know, to a certain level, that’s fine. Like, OK, figure out how you can cut out the five dollar latte or the, you know, whatever it is, the fifty dollar manicure. Never forget, when somebody added up the amount of money I spent on manicures in a year, it was three thousand dollars. I about died. You know, I was in my 20s. I felt like it was an important business thing. Yeah, whatever. I dropped that like a hot potato. But, you know, when we focus on decreasing our expenses, that’s fine. But we can only go so far. And so the next thing is, of course, to focus on increasing income. Robert Kiyosaki has a question that he likes to ask. It’s rather than saying, I can’t afford it. Ask yourself and sometimes out loud,

[08:20] how could I afford it or how can I afford it? And so I love this discussion about let’s figure out ways to increase the income. You know, maybe it’s in your day job. Maybe you go to your boss or your manager or whatever the situation is and you say, you know what, I see a need for this particular thing in this company and I would like to do it. If I did that, is there a way that my income could be increased or could I get a bonus or could I get, you know, some extra perks or second pay or, you know, whatever it is that you’re looking for? Because not increased income is not important for everybody. Some people would rather have more time off or different hours or work from home or other benefits like that.

[09:02] You know, that is a brilliant way to, you know, summarize our our topic today, because, you know, really, there’s only so much we can do at cutting those expenses. But by focusing on that income and again, for some people, it may just be needing more time. So, hey, if you if you get a little vending machine or side business, that may provide you with more time, more vacation days. So wonderful topic today. And I want our audience to make sure to reach out. And then if also if you’re trying to understand the finance world, do you have a book recommendation or a place where people could go? In terms of understanding the finance world, I’m going to have to be selfish and say that my favorite is our very own

[09:50] written by myself and Kate Phillips. Financial planning has failed book. And it’s been out a couple of years. It’s only available at this website. You cannot get it at Amazon. And it’s a e-book that you get an immediate download of. And it’s available. And there’s an audio version as well, especially for podcast listeners. Very important to have that. And it is at partners number four prosperity dot com slash e-book. And again, I reiterate, there’s an audio version that comes with the link as well. So partners number four prosperity dot com slash e-book. Thanks for sharing that with us, Kim. And until our next episode, please continue to ask us questions. Hello at partners for prosperity dot com.

[10:33] Awesome. Thank you for listening to the Prosperity podcast. To take control of your money and have it work for you. Visit us at partners for prosperity dot com. If you liked this episode, make sure you subscribe and leave a review.