As the economy navigates these unprecedented times, the notion of having a side hustle has never been more important. We’ve seen jobs being cut and the economy slow, so we’re all face with the question: what did YOU do to ensure you’ve got cash flow come through the door?
What is a side hustle?
Put simply, a ‘side hustle’ is something do outside of your normal line of work in order to produce income. The extra source of cash flow outside of your primary employment may be in the form of residual income like playing the stock market or something a little more active like being an Uber driver.
Having one of these strings to add to your bow is critical in times of economic downturn so that you don’t find yourself in more credit card debt than you need to. Host Andrew Baxter says he has around 3-4 side hustles, which attributes to why he is a multi-millionaire.
Why your side hustle has to happen
Here in Australia, we’re pretty lucky, which why we often refer to as the ‘lucky country.’ Our property market has boomed, unemployment remained low, stock market steadily increased and the attitude of ‘she’ll be right, mate’ has remained true time and time again.
There’s been no catalyst to evoke change or do more when everything we touch has turned to gold over the long term. BOOM. Then strikes the almighty Coronavirus. The economy enters a recession, you may have lost your job and things are looking pretty grim.
Your traditional forms of investing aren’t working, if you are lucky enough to still have a job, you probably don’t have much security and there’s a chance your investment property doesn’t even have a tenant in there.
So, how on earth do you keep the cash flowing in in a time like this?
Enter Plan B – your side hustle.
How to find your side hustle
Host Andrew Baxter says that in times like these ‘following your passion’ to find your side hustle won’t work. As bold as that might be to say, he believes that we need to search for something that has a clear process behind it so it’s structured and dependable, and that’s what actually bring money through the door.
Times are urgent so finding something more direct is critical. Next, you need to search for something that has a short lead time. For example, starting a course on renovating houses is great, but it’s probably going to take 12 months or so to see any real gains from an activity as such.
You want something you can get start immediately and see the return soon after.
Another component of finding your side hustle is to establish what you have to give to it – time, skill or cash.
You don’t need all three, but you’ll need at least one to get your side hustle off the ground.
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The stock market side hustle
We want be clear from the get-go – when we say ‘stock market,’ we don’t mean buying and holding shares, hoping they’ll increase in value or relying on dividends twice a year.
We’re talking about using the stock market in a very specific way to generate up-front and immediate income through financial options.
This kind of side hustle doesn’t require a lot of time to learn and implement, and it doesn’t require a huge up-front investment to be able to get started either. Skill is something you will need, however, the process that Andrew Baxter teaches at Australian Investment Education is highly dependable and tried and tested during his 28 years in the market.
Using call options to generate cash flow on demand could be your next side hustle – you just have to be open to learning. Start now and ensure you dig the well before you need the water.
To learn more about Andrew’s stock market strategy, Cashflow on Demand, register for the FREE workshop. Like what you hear? Remember to listen and subscribe to the Money and Investing podcast – new episodes released weekly!