During these unprecedented times in the economy, the notion of having a side hustle has never been more important. As jobs are cut and the economy slows. And what are YOU doing to ensure you’ve got cash flow coming through the door?
What is a ‘side hustle’
Quite simply, a side hustle is something you do outside of your normal job in order to produce income. The extra source of cash flow outside of your primary employment may in the form of residual income like playing the stock market. Or it may be something a little more active like driving an Uber. All in all, 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. And attributes this to the reason why he is a multi-millionaire.
Why your side hustle has to happen
Think about it – we in Australia are pretty lucky, hence why we are referred to as the ‘lucky country’. Our property market has boomed, unemployment remained low. And the stock market steadily increased and the attitude of ‘she’ll be right mate’ has remained true time after time. Quite simply, there has been no catalyst to change or do more when everything. Our touch has turned to gold over the long term.
BOOM. Then strikes the almighty Corona virus and the economy enters a recession. And 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 be in 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. How on earth do you keep cash coming in during a time like this? A side hustle. And this is why it is so important because when the chips are down, you have to have a plan B.
How to find your side hustle
Host Andrew Baxter says ‘following your passion’ to find your side hustle during these current times won’t work. As bold as that is, he believes that searching for something that has a clear process behind it so it is structured and dependable is what will actually bring some cold hard cash through the door. Times are urgent so finding something more direct is critical.
The second part to finding your side hustle is 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 started on immediately. The third part, says Andrew, is to establish whether or not you have time, skill or cash to deploy. You don’t need all three, but you will need at least one. To get your side hustle off the ground.
The stock market side hustle
Let’s get this straight – 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 time-tested process that Andrew Baxter teaches at Australian Investment Education is highly dependable and has been for 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. Get started now and ensure you dig the well before the water.