To begin, I’d like for you to visualize a scene. You’re at home, bored, on a Friday night. You are thinking about going on that vacation you’ve dreamed of, or maybe you’re thinking about ultimately buying a house. But you need money for your aspirations and lots of it! So you strain your brain for days and weeks, incessantly perusing YouTube videos and articles in hopes that you’ll find anything potentially beneficial. I’m going to halt the scenario here.
Does this already sound familiar?
If so, you’re not alone. Many of us who try producing income on our own often fall prey to the myth of hunting for ‘the holy grail’ hustle. It’s natural, but it’s also highly harmful. This constant testing and bouncing from hustle to hustle is the logical equivalent of traveling from theater to theater, viewing 5 minutes of movies, then trying to identify which one has the finest tale. When you look at all of the folks who’ve successfully garnered passive income streams, they often are in the top 10 percent of their chosen hustle and are way above average. What does this make you conclude?
A conclusion to get at is that specialization is crucial. In this modern economy, so long are the days of the ‘all-in one’ Jack, we’ve shifted to revolve around the ‘great-at-one’ Jill. This also alludes to a concept in macroeconomics known as the ‘opportunity cost’. Without turning this into an econ class, an opportunity cost is essentially what you lose for undertaking another activity. So, if you produce 10 guitars in an hour, but you usually make 20 ukeleles in that hour, your opportunity cost is 20 ukeleles.
So, let’s drawback to how this relates. Instead of always hunting for new side hustles, pick the 1 you already have and/or are interested in, and get extremely good at it. Devote the time spent seeking for alternative hustles to it. As someone whose side hustles permits me to have 2 full salaries, the reality is that we only have 1–3 side hustles. To genuinely generate real money with side hustles you need to be above average in your chosen hustle. But, this isn’t hard. The ordinary person in many hustles usually does not make money and they abandon the hustle within a month. The general agreement amongst individuals who’ve found success in abandoning their employment for side hustles is that it took them at least a year to make it secure and lucrative enough to replace their job. That average time is becoming faster.
There are still so many sidehustles out there and you are reminded of them everywhere! It is definitely feasible that all of them are capable of providing considerable money, but again, the one who does earn said income is usually the one who’s only collecting income from that stream. Concentration is the sole universal truth when it comes to gaining riches, look at the Forbes billionaire’s list, most on the list have their fortune concentrated in ONE company.
Humans are highly resilient and intelligent. No one is born with the innate potential to excel at any particular endeavor. It is by sheer tenacity and innovation that one achieves. The major message from this essay is that it is important to ignore the bombardment of side hustle prospects, and instead commit more resources to the one you already have. The end impact is that you will get the kind of wisdom that only comes from experience and time.
If you’re searching for a side hustle to get your feet off the ground, I have previously listed a few. I hope that you come away with the determination to focus your tunnel vision on that one hustle. Let me know how your experience goes and how I might have helped, I love hearing the stories of success reported to me. Thanks for considering :)