“I’d like to improve my finances. But I don’t want to become an extreme cheapskate, and I don’t know how to earn more.”
“I can’t get a raise. I guess I could get a side job, but I don’t want to mow lawns or wait tables. And I don’t think I have time to start a side business.
“What should I do?”
First, don’t dismiss frugality.
Yes, many blogs take frugality too far. You don’t need to unscrew your oven light to save three cents, or wear clothes while showering to avoid the cost of laundry. That’s insane. You won’t create wealth by skimping on laundry soap.
Will you?
Frugality is fine. Avoid fake frugality: saving pennies at the cost of your time and sanity.
There’s nothing economical about forgoing the chance to earn $10 by saving $2. I’m not just talking about business expenses; I’m talking about maintaining your mental bandwidth. When your mind is consumed with penny-pinching, you overlook thousand-dollar saving opportunities like refinancing your mortgage, lowering your insurance premiums and finding low-fee investments.
And yet –
You can afford anything, but not everything. You probably hold expenses that, if you’re honest with yourself, don’t reflect your priorities.
Your lifestyle could be:
- Possible: Bare-bones scrappy.
- Sustainable: Balanced.
- Excessive: Bling.
How do you know where you stand?
Convert prices into hours. Ask yourself if it’s worth the trade-off.
- Fancy dinner = two extra hours at the office?
- Shopping habit = 12 workdays per year?
- Difference between SUV and used Honda = four months of your life?
Once you frame purchases in this context, saving is automatic.
Don’t get caught on small-minded tactics like extreme couponing. Just reframe decisions as time-vs.-money, and your habits will start to change. Take the One Percent Challenge if you need encouragement, and join the Facebook Group of fellow challengers.
Let’s move to the next part of your question.
How Can I Find Interesting, Lucrative Work?
I agree, you shouldn’t mow lawns or clean gutters if your time is worth more than $15 an hour. But “hustle” is not a euphemism for “adolescent summer job.” You can create a side business that plays to your strengths.
We live in the gig economy. Anyone with Internet access can earn thousands extra.
“Oh yeah? Prove it.”
Imagine you work 10 hours per week at a side project. You might choose 6 – 8 pm, five days a week, and enjoy weekends off. Or you might choose to work from 10 am – 2 pm on weekends, maintaining your evenings.
If you earn $30 an hour, you’re pulling in more than $15,000 per year. Would that make a difference in your life?
But I get it:
You’re busy. You’re tired. You don’t know where to begin.
Let’s fix this, one-by-one.
“I’m Too Busy.”
Hey, I get it. Me too. Here’s what you need to do:
#1: Work in the Margins
You might not have a two-hour chunk of free time. But you might have 20 minutes now. And another 20 minutes later. These accumulate into 1-2 hours a day. That’s enough to make a huge dent.
#2: Cut the Crap.
How often do you check Facebook? Read the news? Watch TV? Scroll Twitter? Play Angry Birds?
It baffles me that people who claim “I don’t have time to hustle” can tell me last weeks’ sports scores. Or can map the Kardashian family tree. (That’s Kim, Khloe, Kourtney, Kendall and Kylie.)
You have time for anything, but you don’t have time for everything. Every moment is a trade-off. Yes, that means your iPhone Sudoku habit may have to go.
#3: Adjust Bedtime by 30 Minutes
Wake 30 minutes earlier than usual. Go to bed 30 minutes later. This one change alone creates an extra hour in your day. (And I bet you could create another hour if you stopped watching TV or scrolling mindlessly on social media.)
If losing an hour of sleep is too drastic, shorten this to 20/20, or even 15/15. This starts the habit.
“I’m Tired.”
Your brain space — mental bandwidth — is critical. Once it’s sapped for the day, it’s gone. Here are tips on how to sustain mental energy:
- Drink water. I cannot overstate what a difference this makes.
- Avoid alcohol. I love cocktails, from martinis to Manhattans. But booze is a productivity-crusher. Drink sparingly.
- Do your highest-level work in the morning. Tackle anything that requires deep thinking at the start of the day. Delay emails, social media, etc., until later.
- Avoid huge meals. Your body needs energy to digest large meals. (That’s why office workers are tired after lunch). Avoid meals; nibble and graze instead.
- Drink greens. Most work days I combine berries and loads of leafy greens (spinach/kale/chard) into a blender. When I drink it, I feel like Popeye after he slams a can of spinach.
- Limit decisions. I wear the same clothes everyday. I have four versions of the same dress in different colors.
Why such repetition? This spares me from decision fatigue. I can devote more brainpower to my online business during those crucial morning hours, instead of deciding what to wear.
That’s why Mark Zuckerberg wears grey shirts everyday; why Steve Jobs wore a black turtleneck daily. Here’s a fantastic book about decision fatigue, and here’s an article summarizing the idea.
(You may laugh, but I’ve gotten results.)
Maybe you work in an office. You can’t wear the same thing everyday. But there are other inconsequential decisions you can eliminate. Perhaps it’s the food you eat for breakfast, the way you fix your hair, or some other inconsequential detail.
Keep your mind clear in the mornings so you can focus on your highest-level work.
“I Don’t Know How to Start.”
People often get stuck on the notion that they need a world-changing idea, the next Apple or Tesla.
But you don’t. You only need to fill a need.
At this point, most online articles would list “100 side hustle ideas!” followed by an unhelpful laundry list. App developer? Airbnb host? C’mon, this sucks. The problem isn’t a lack of ideas. The problem is finding a solid roadmap that can carry you from idea to launch.
Deep-diving into any one of these fields is beyond the scope of a single article. (In this four-part series, I discuss how to become an Airbnb host.) Since we can’t deep-dive into the “how,” let’s spend this article giving you the mental framework when choosing your business.
Your side business should hold three qualities:
#1: Flexible. You don’t want to commit to a shift with specific hours.
#2: Home-based. You don’t want another commute.
#3: Lucrative. If you make $60,000 in your regular job, you earn about $30 per hour. It’s reasonable that you’d want at least that rate from your hustle, as well.
What fits the bill? Internet-based work. Yes, there are non-Internet gigs, but online businesses offers the best shot of meeting those three qualities.
But the Internet is merely the medium connecting you to your customer. You’ll need to find the customer. Start with an avatar.
Don’t ask “what should I do?”
Ask “whom can I help?”
- I help owners of small accounting firms in Seattle develop their social media presence.
- I help restaurant owners get local publicity.
- I help food bloggers land more interviews on podcasts and radio.
- I help real estate brokers in Cincinnati develop their websites.
- I help independent hairstylists in Kansas City get more appointments.
Once you develop this avatar, talk to them. Find people who meet this description and ask about their needs. Test every assumption. Don’t tell them what they need; ask how you can help. You’re not selling anything at this point. You’re listening.
Once you’ve listened to your target customers, you’ll understand their most pressing concerns. Now it’s time for you to develop the skills needed to solve those problems.
How can you develop these skills? Read books and blogs. Listen to podcasts. Find an introductory client and work for a steep discount while you learn-on-the-job.
Once you’ve developed these skills, network online. Read the same websites as your target customer; chat in the same forums. Provide value without being sale-sy, while letting it be known that you offer such-and-such services.
It may be slow in the beginning. It might take 3 or 4 months to land the first client. But every 30 minutes of focused effort is a snowflake, accumulating over time. You’ll start turning away work; your plate will be too full.
Still unsure of striking out on your own, and you love pets? Then sign up to be a pet sitter or dog walker with Rover!
You’re free to make your own schedule, and you won’t need to worry about marketing yourself or selling your services. That’s because Rover makes it super easy and promotes you to a huge network of pet parents as soon as you get listed on their site. Plus, you can earn $100/week (or more!) as a pet sitter or dog walker!
How I Hired My Team
Both of my amazing assistants used to be regular people with 9-to-5 desk jobs. But they wanted digital freedom. They decided to create an online business.
Long before we met, they knew who I was. Not “me,” Paula Pant – but “me,” the customer target. The avatar.
They decided to help finance bloggers by managing the behind-the-scenes administrative tasks that we face. They learned this niche. They know about nerdy stuff that bloggers talk about – such as behind-the-scenes software like LeadPages and ConvertKit and Edgar.
I don’t have to worry about teaching/training them on these basics. They know it. They took initiative to become self-taught.
I hired them, because they wanted someone like me to hire them.
The Bottom Line
Money-management reduces to three steps: Earn more. Spend less. Invest the gap.
It’s simple. It’s not easy, but it’s simple.
Good luck, my friend.
NOTE: Article updated in May 2016 for brevity and clarity.
Thias @It Pays Dividends
This is amazing! I’ve struggled with finding the time to do my side projects but I’ve tried to fit in whatever time I do have to be productive and work towards increasing the money we have coming in. I need to keep these things in mind because I have to admit that I say all three of the above things even though I know I can do them all. There is always an excuse – you just need to move past them.
Secondly, you are incredibly frugal in your picture – shower, laundry, AND cleaning the cat…that is crazy efficient 🙂
Paula Pant
LOL!!!! I totally didn’t intend for the cat to jump into the picture … she just climbed into the tub, and I was like — “You know what? Let her stay. It’ll be funnier.”
Jim Wang
Fantastic response to a really tough question and I’d add one thing – as you grind away at something on the side, realize that you may not find the right hustle the first time out of the gate.
You may want to try a few things at once and see which one really does rise above the rest and the only way to do that is to launch with a minimum viable product mentality. Get something out there to see if there’s a reaction and, if there is, push yourself to deliver more.
Frugality is nice because it’s near immediate but it’s, by definition, limited. Earning extra income isn’t immediate but theoretically infinite.
Paula Pant
Heck yes! Massive +1 to everything you said, Jim. 🙂
Hustling is a process of zigging and zagging, throwing spaghetti at the wall, figuring things out at every turn. That’s what keeps it so darn interesting!
Jim Wang
And spaghetti is messy! 🙂
Jordan Becker
That was great! Whenever I tell my friends/coworkers that I love to hustle on the side, they think of it as somewhat sleazy, but I love the way you positioned it as a way to help people.
The internets ALWAYS needs more cat photos.
Paula Pant
There’s a true scarcity of cat photos online. I mean, what if the world forgets what cats look like? #DoingMyPart 🙂
Amy
Last month I was able to save 76%. After seeing that percentage (even for just one month!) I now know it’s possible. The more months that go by the more I see how ridiculously simple it all is! I may not be able to keep a 76% savings rate consistently, but it was definitely the boost I needed motivation wise.
Paula Pant
That’s awesome, Amy! Congratulations!
I’d totally encourage you to jump into the 1% Challenge Facebook group, just to share a few tips on how you got to that awesome 76% savings rate … I think the other group members would LOVE to hear that. That’s such an inspiration! 🙂
Jackie Marie Beyer
Great post. Have you ever thought about doing a podcast? I know I found you when you did an interview on EOFire. This would make a great podcast episode. It’s a great way to build your audience as well. I get way more downloads then follows on my website and your info is valuable with a capital V!
Just an idea. It is time consuming but I bet you would find it worth it. I know I’d listen and I rarely have time to read your emails…. just a suggestion :~)
Kalie @ Pretend to Be Poor
What a great, informative, and inspiring post. A question I wrestle with is whether to try to side hustle during the few years I’ve decided to stay home with young kids, or just wait until I return to the workforce to increase our income. We are already living on half our income, and spend a lot of time volunteering. I realize this is a personal decision but these are some of the tensions that this topic brings to mind.
Paula Pant
Katie —
If you’re already saving half of your income, you’re in a solid position. You’ve earned the right to enjoy your time as you’d like. If you had said, “we’re saving nothing” or “we’re saving next-to-nothing,” it’d be a different story. But once you hit the “Save Half” benchmark, I think you can focus your time on whatever else you prioritize. 🙂
raluca
You are going to say that this is whining, but I totally understand this lady. People forget that a 9 to 5 job is not an 8 hours a day job. I’ve once taken stock of my free time and I’ve decided that actually, it’s not that much and people have to pay me a huge amount in order to sacrifice any of it.
A typical work day for me is 8 hours of work + 1 hour of gym sandwiched in the lunch hour + 1 hour of commute + 0.5 hours getting ready to work + 0.5 hours running errands after work. That tallies to 11 hours daily -> 55 hours a week. It means that durring the week I only have about 5 hours of non-sleep free time to use at home. Substract 1 hour a day for dog walking and 2 hours a day for a regular maintainance (taking a bath, cooking dinner, doing housework) and we’re left with only 2 hours of actual free time per day. Now, spending time with my husband is actually important to me, so let’s say another 1 hour a day – because while it is posible to hold a conversation with him while I do the dishes, I’d rather have a conversation when we’re both paying attention. And some other things are quite difficult to do without full attention. So that actually leaves 1 hour of “me” time per working day and I don’t want to spend that working.
The way I’ve worked this out, I have to maximize what I do at my day job, in order to retire early. We’re currently saving more than 60% of everything we’re making so this worked for us. It doesn’t always have to be “outside of work”, sometimes you can hustle more “at work” and get promoted enought to get enough money to early retire. It’s another path. The downside to it is that you don’t get to be location independent and you don’t get to travel (although I have travelled to at least 6 countries for work. My employer paid transportation costs, logding and a food allowance, on top of my regular salary. It was fun, work not-whistanding).
It feels that maybe I could take out another 10 hours per week from somewhere, maybe the weekend, but I sort of value my sanity more than the extra money. We “don’t need” the extra savings, unless we would want to bump our savings from 60% to 80% a month. Although that’s a lofty goal, it kind of feels excesive to me. Maybe I’m just lazy. And I really, really, really love free time. Being able to read a book in a hammok in my back yard is awesome.
Paula Pant
Hi Raluca,
Thanks for the comment! Don’t worry — that doesn’t sound like whining at all; that’s a logical and reasonable problem to face. Let me say a few things that might help:
#1: If you’re already saving 60% of your income, you don’t need a side hustle at all. You’re already a badass. The side hustle advice is mostly aimed at people — like in the example — who say “it’s hard to find savings” or “I’m not saving much.”
#2: Given that you’re already saving 60%, you’ve earned the right to enjoy your weekends and maintain your sanity. But for people who are under-saving, weekends are a PERFECT time to hustle. 5-8 hours per day, Saturday + Sunday = 10-16 hours/week. Or if you’re into keeping one day per week as a full day of rest, you could work a “power day” on Saturday and maintain all of Sunday for rest.
#3: In the daily schedule that you outline, I see a few things that could change:
a) Working through your one-hour lunchbreak, rather than hitting the gym. If you’re already walking the dog for an hour (and especially if you can run with the dog), that seems to be your built-in exercise.
b) Shortening that commute! A one-hour commute per day is a large expense of time + money. If there’s any way to move, or to negotiate for at least 1-2 days/week working from home, you’ll gain back a nice chunk of time, plus save on gas.
c) Hiring someone to walk the dog (if you workout at lunch). This is arbitraging your time. You pay someone $10/hr so that you can take care of business that’s worth $40/hr.
d) Sacrificing that conversational time with your husband. Check out the article in which reader Erika describes boosting her income by an extra $20,000. She says a lot of that time had to get taken away from quality time with her husband, but that was a sacrifice she was willing to make because it was in service to a goal that would benefit them both, and also because she knows its only temporary. Will and I have done the same — we’ve sacrificed time away from “us” for the sake of our hustles, and again, we do this because it’s a shared value and also because it’s only temporary. Work/life balance is often like interval training: you sprint, then walk, then sprint, then walk. You don’t need perfect balance 24/7/365. It’s okay to spend one month in a full sprint — like the “Finals Week” of adulthood — and then alternate that with a month of rest.
Again, this isn’t aimed at you, Raluca — because you’re already saving 60% of your income. You’re golden. That’s awesome. You’ve earned your right to free time.
Rather, this is specifically geared towards people — like the readers who wrote the letter that started this post — who say, “I can’t save any money. After I pay my bills, there’s nothing left over.” Those people need to 1) re-check their spending assumptions, and 2) develop a hustle, even if it’s at the expense of relationship time, gym time, and weekends …. because saving less than 20% is a dangerous path.
raluca
You know what, you’re right. I started reading you reply and of course at first I was thinking “but I don’t want to give up my husband of my dog time, I love my husband and dog (in that order of course)”.
But then I realized, yeah, I love them but if I had no savings in the bank and no way of making more at my job, I would be out the door like a shot trying to make more money. And looking in the past, I remembered I’ve done exactly that at some point or other of my life. It feels imposible to me to live with no savings. I cannot comprehend how somebody could live with that kind of stress over their heads, it would probably drive me crazy within weeks.
So yeah, at the moment, talking to my husband and walking the dog are more important than making more money. And I feel damn lucky and gratefull that I can afford to say that.
Paula Pant
Awww. 🙂
I know how you feel. I’m in the same boat. Back when my life was scrappier, I had to sacrifice a lot more. These days, though, I can afford to enjoy more free time. Money buys freedom + choices.
I talk to readers at all stages of their financial life — from people who have $0 savings to people who are financially independent — and at different stages of financial life, you’ve gotta do different things.
I’ve lived on both ends of the financial spectrum (it sounds like you have too) and it’s much nicer when you’ve got the money stuff “out of the way” so that you can focus on life! 🙂
Thanks for being part of the community, Raluca! 🙂
James @ JPCashFlow.com
Great article Paula. I’m with you 100% on people taking frugality fruitlessly to the extreme and side gigs being a good counterbalance to that. Expanding our means promotes growth. Limiting our lifestyle is a negative paradigm to start from. As you pointed out to your status quo reader, a side gig doesn’t have to be manual labor. Selling items on Amazon has been one good source of extra income for me over the years and it’s not exactly back breaking work.
Paula Pant
I love selling items online! It kills two birds with one stone: you clear the clutter from your home AND make extra money!!
Rose
I’m a new subscriber. I am mid 50s and FI. We got here by doing all the right things and were lucky enough to be healthy and have good jobs. When I started reading this post, I was waiting for you to lay into this virtual person for being lazy or at least tell them that they can do nothing now & have nothing later or something to light a fire under their A**. You are WAY too nice.
I have many friends & family who could have written the same e mail full of excuses as to why they can’t do something. From I’m too tired or the kids need to be carried to & from sports, etc. I’ve never told my family what we have invested as I am certain they would be wanting a hand out. Many made more income than we did, but blew it on eating out, gambling or simply poor choices along the say. I’m not perfect and do drink alcohol, in moderation. Life is all about choices.
Enjoyed this rather long read and look forward to others!
Paula Pant
Rose – Thank you for being a new subscriber, and welcome to the community! 🙂 And thanks for the compliment … I worry sometimes that I’m being too harsh with people, too tough-love, so it’s good to hear that I’m still coming through with compassion! 🙂
Rose
Can you please delete my last name from the above comment? I made a snarky comment about my family & it is not who I am. Thank you from the bottom of my heart.
Paula Pant
Sure thing! I deleted your last name from the comment above. 🙂
Hannah
Thanks for this post, and your site in general! As the primary income earner for my family (husband is in school), I spent a few years assuming that I was stuck in my career for at least 4 years (until my husband graduates). Sites like yours and a few others have helped me to realize that its really possible to think of your money and your career conservatively (important when you have kids) but with a unique lens. I’ve been building a side income, and we now have a rental income. It looks like when our next baby is born that I’ll be able to be a mostly stay at home mom even while my husband finishes school.
Paula Pant
Hannah — That’s amazing! Congratulations on reframing your thinking and finding a way to live your dream — being a stay-at-home parent — even while your husband is in school! That’s awesome! 🙂
Brian
Thanks so much for this post! It was a great way to start my day and be reminded to focus on what is important and not get lost in distractions.
Fervent Finance
Great post. The hardest part is definitely getting started for sure! One of these days I’ll finally pull the trigger.
Arob
My husband and I have been working our side hustle, but we need to bring it to the next level.
We live in a 3bed/2 1/2 bath, so we have had a roomate for the last four months. It was totally your idea Paula, thank you very much. Working out fabulously
I’d like an additional side hustle, I just need to develop something. But we are getting there, slowly but surely
Paula Pant
Arob — High-five for roommates! I’m so happy that you took action on that!! 🙂
Our choice to live with roommates until ages 35 and 31 (Will and I, respectively) is the single most important reason that we grew $1 million in real estate investments and achieved financial freedom. I know that’s a strong statement, but there was almost no bigger game-changer than that. Because we had roommates, we got our out-of-pocket housing expenses down to $0, and that allowed us to save more than half of our income, which we parlayed entirely into investments. So keep the roommates for as long as you can!! The added income is a total game-changer and life-changer.
Congratulations, Arob, for taking action and bringing in this extra income! 🙂
Mysticaltyger
I’m not at that 50% savings rate, but I’m at about 40%. Nonetheless, I also rented rooms in houses from age 26 to 35 and this was the single biggest factor in launching me into a good place financially. 10 years later, I’m still not financially independent, but I probably could be if I moved to a cheaper area. But at least I have some viable options without being in a major crisis if something adverse happens.
Paula Pant
@Mysticaltyger — Congrats on a 40% savings rate, which puts you ahead of the vast majority of people. I agree; living with roommates was also the single biggest factor that launched us into a solid financial space. And I love that you recognize that you have many options that you could tap, in case of emergency.
Mysticaltyger
Yes, the options come from 19 years of making serious efforts to pay down debts and build savings and investments on a pretty modest income. The needle hasn’t moved as fast for me as it has for you, but you also hustled more 😉
Chad Carson
Great articles, Paula!
Your topic reminded me of the Thoreau quote from Walden:
“The mass of men lead lives of quiet desperation. What is called resignation is confirmed desperation. ”
I feel like so many of my 30-something friends with young kids are in that resignation category. “I’m fine … could be better” to me really means I’ve become comfortable with a boring life that is grinding away at me deep inside!
Some people get excited by the instant progress and control of extreme frugality. I’ve been there, but it’s gradually normalizes into a frugal awareness where we spend on some things and skimp on others. But I like your point that at some point you need to mix in contribution, creation, and value with side-hustles. Not only does that bring in money, but it adds sparks and excitement to your life as you HELP people.
Thanks again. I was at your FinCon presentation and I can see the fruit of your longer, well-thought articles. Nicely done!
Paula Pant
Thanks for coming to my talk, Chad, and thanks for the compliment! 🙂
Yeah … I’ve lived the extreme-frugality lifestyle, which is why I like to swipe at it so much. Sometimes I feel like I’m writing advice to my “former self.” 🙂
After all the effort of extreme frugality, I only got modest results. But when I created an online side business, grew it to full-time, and invested the profits of that business into real estate … holy moly, that changed my life.
I love that Thoreau quote. I also love the line in which he says: “I went to the woods because I wished to live deliberately, to front only the essential facts of life, and see if I could not learn what it had to teach, and not, when I came to die, discover that I had not lived.”
“Live deliberately” has long been one of my mantras, thanks to Thoreau.
Chad
Right on! Love that Thoreau quote, too. Definitely a mantra of mine as well.
I have been a real estate flipper since college and reinvested profits into rental real estate, like you did. Holy cow is right. Beautiful thing having regular rental income;)
Amy
I lived in the bay area for ten years. When I had my son, I realized i didn’t want to work as many hours as I had to in order to afford my hectic life there. So I quit my fancy job and moved to a small artsy midwest college town and bought my house in cash. Its lovely. I work part time freelance from home and have enough time to travel with my son and enjoy. We are indeed frugal in that our lives cost much less but we aren’t really budgeting our food or other comfort factors like that. Winters are hard to get used to but I go back and visit my friends in the bay area often or travel to other places. My son and I just went road tripping/camping for five weeks around the west visiting amazing places. I travel and enjoy life MORE as a freelancer earning less than having a steady salary gig. I’m not saying things are perfect but finding any way to have TIME is the most valuable thing to me. MOVE if you have to.
I love this blog. I love reading about others making choices to optimize their life and time.
Amy in Ann Arbor. 🙂
Paula Pant
Amy — That is a perfect example of aligning your spending with your values, being frugal in ways that make sense, valuing your time and energy, and living life according to your priorities. I hear from so many people who say, “Ahhh, life is so expensive in NYC/DC/San Fran,” and I keep thinking: “you know you have a choice to be there, right?” I’ve always lived in places with a super-reasonable cost-of-living, for exactly that reason. 🙂
As you said: TIME is the most valuable thing. Optimize it. 🙂
Thanks Amy!
Chris Muller
Hey Paula –
I absolutely love the direction you took this post, as well as the advice you’ve given. The point that really stands out to me is using “scraps” to form more time. This is a common complaint, and one I use often (“no time”) but it’s really just an excuse. So I really like your suggestion of picking up 15-20 minutes where you can to work on your side hustle.
One tool I use is the Pomodoro Technique. Basically the idea is you work for 25 minutes (but you build up your stamina first) completely un-distracted. You put up a timer and once it goes off, you give yourself a 5 minute break (or just stop). Don’t do ANYTHING else except the task you’ve given yourself until your 25 minute timer goes off. I’ve used tomato-timer.com which is pretty good. Overall it’s worked pretty well (in conjunction with my 5 AM wake-ups, which I credit to Mr. J Money). Check it out – you may find value in the Pomodoro Technique too.
Anyway, great read, and thanks again 🙂
Paula Pant
Chris –
I’ve tried to Pomodoro Technique! I really like it — it’s a great way to harness more energy and stay focused. I don’t practice it daily, but I’ve tried it a few times and enjoy it.
I sometimes use e.ggtimer.com to set a limited time for a certain task. This forces me to focus, since I’m racing against the clock! (It’s perfect to use with the Pomodoro Technique, as well). I also occasionally track my time using toggl.com, which forces me to stay on-task, because then I have to write “surfed Facebook” into the app (if that’s what I’ve done) … and I just don’t want to have to write that! It holds me accountable, in other words.
Thanks for the compliments on the article!
Kristi @ Femme Frugality
Thanks for such an in depth and inspirational post, Paula! I think this is really beneficial advice for anyone who feels stuck, even those who are already living a frugal life. Like you said, it doesn’t take much time to create a side hustle job that you love, get paid well for, and are great at doing. Sometimes it’s just easy to get stuck in a rut with your daily routine. If you want to get out of mediocrity, you really need to put yourself out there and hustle.
Paula Pant
Thank you Kristi! I’m glad you like it! 🙂
Melissa
Paula, this site is a treasure! I love the tip about carving out time where you can spare it. I’m at the beginning of my journey and I’ve been taking things one task at a time because if I get to ahead of myself I start to feel overwhelmed. Thanks for all you do, I look forward to your next post. 🙂
EpicRealEstate
Really Great post Paula,Thanks for sharing it.I was looking for some inspiration to grow my business and finally i get it from your inspirational article.Thanks a lot.Keep your good work on.
Natalie @ Financegirl
I’ve found the same with my audience! They’re so diverse! It’s also been very rewarding hearing from them, as I’m guessing you found, too. Anyways, I really like your advice about examining your values, improving yourself, and increasing your income. Podcasts and books help me to do these things and my life is significantly better for it.
Investphilrealty
Thank you for this informative article. Simply brilliant and inspiring. I really appreciate the way you emphasized hustling and team building. It’s very beneficial if all team members hustle. I really like how you narrowed it down in the end. You’ve mentioned some major key points that I’ll definitely remember.
Patrick
Wow Paula, this is my first time visiting your site and am blown away by this post. You’re empathy for readers and attention to detail resonated…Also want to mention, I vehemently support your belief in hustling. In my eyes, building a personal finance site (or any website) epitomizes the modern hustle. And I agree, creating alternative sources of income is the best way to achieve the independence many of us desperately desire. This may be a generalization, but 9-5 jobs foster co-dependence and pigeonhole people into living pay-check to pay-check to maintain an expected quality of life.
Looking forward to future posts.
Paula Pant
Wow, thank you for the kind words, Patrick! I’m glad you enjoy the blog, and welcome to the community!
Vanessa at Cash Cow Couple
Hey Paula,
Way to lay down the law here, while also being inspiring. Side hustles, making more money, working in the margins. These things are hard, but ultimately so worth it. Especially when with extra money comes peace of mind.
Reelika @Financially Wise On Heels
I can’t even describe how much I love love love this post! I believe there are only two ways to increase your net worth and achieve financial freedom:
1. Live below your means, spend less than you make, and invest what is left.
2. Increase your income and invest the rest.
Side hustling has worked great for me and there are so many options. Besides, I always side hustle short term and then take a break of it. It is not forever, but it helps to increase my net worth.
Paula Pant
Thank you Reelika! I agree: the only two ways to boost your net worth are earning more and spending less. Both of those create “the gap” between income and outflow … and the larger the gap, the better. (Obviously you then need to invest the gap, of course.) 🙂
DP @ Someday Extraordinary
This is so money! This is why I love your blog. Tough love! People don’t need a pep talk that will fade after a day, they need concrete steps to take spelled out for them. That way, it will be an eye opener for them when they look back and wonder why things are still, “just, ok . . . “. They can read that you’ve put the effort into helping them make things better and they failed to do so. Or, better yet, they follow the steps you’ve laid out for them and improve their lives!
Another great write up!
-DP
Mr. SSC
That title and story reminds me of a John Prine song lyric, “pretty good, not bad, I can’t complain. But actually, everything is just about the same.”
I brought this up with my wife when you first wrote it, and then got busy and forgot to comment on it. You bring up a good point with side hustles not being “mow the lawns, clean gutters, etc…” unless you really like doing that. We brainstormed and realized I could start teaching people my hobbies, and see if it takes off or not. I like things like homebrewing, fly-tying, wood-working, etc… that may seem difficult, but if you have someone to guide you through the process, it takes the intimidation factor out.
Great article, it’s been a good one to think about.
Paula Pant
That’s fantastic, Mr. SSC! I was just having this conversation with a friend at dinner tonight: many people assume that “hustle” is a euphemism for “teenage job.” But in reality, many of the people who read this blog are extremely skilled, talented, intelligent individuals who have LOADS to offer the world! Get out there and share those hard-earned skills with others who can benefit! 🙂 I’m glad to hear that you’re brainstorming on ways you can implement this. Sweet! 🙂
JH
A couple of words of caution if you’re exploring side hustles (and this is not intended, and does not constitute, legal advice).
Check your contract, your employer’s code of business conduct (ethics code) and policies that relate to outside business interests. There may be restrictions on taking on outside work (absolute prohibitions are unusual but restrictions are not uncommon) and there often are notification requirements (e.g. to let HR, your manager or the Compliance department know about your outside job). These policies usually are in place to reduce the potential for conflicts of interest. (Generally, if your employer is big enough to have an ethics code, it probably has some kind of restrictions and/or notification requirements relating to outside business interests.) Your contract might also limit your ability to use the skills you employ at work outside the company.
Paula Pant
Absolutely! Thanks for the note, JH. Everyone should definitely check with their employer to see if there are any restrictions on hustling.
For example, I know some magazines/newspapers that won’t let their staffers write for competitors. (If it’s a food magazine, for example, the staffers can’t write for a direct competitor, but they can write for a home-and-garden magazine or a skiing magazine.) Every company will have its own policy, of course, so always check with HR first. You don’t want to lose your day job before you’re ready! 🙂
Thanks for the note!
Tim
Ok serious question. Where do I find these blogs from people that unscrew their oven light to save 3 cents per year and shower with their cloths on to save on laundry costs?
I want to see if I can’t learn anything from them. I’ve never heard of this level of frugality before but since you speak of it I want to learn how they function and become so incredibly expense free.
Please point me to your reference.
Thanks!!!
Paula Pant
Tim, I just sent you an email privately with a link to the hyper-frugality blog. (I don’t want to publicly bad-mouth specific websites, but since you asked, I’ll share it with you privately via email.)
Paul B.
Wait, those examples are real? I thought you were just using hyperbole to mock those extreme frugality sites. I think I also may need to see the article where they suggest doing those things.
Pira
Wow, I’m floored by this post. Unlike a lot of people, you offer very workable advice for just about anyone. In these terms, boosting your income is incredibly attainable. I always scoff when people say they have no time (keeping in mind I’m one of them!) – absolutely everyone has a BIT more time if they’re willing to make it. You’ve inspired me.
Paula Pant
Thank you so much, Pira! 🙂
I agree: When people say “I don’t have time,” they really mean, “I’m not making it a priority.”
Jonathan
What a way to jumpstart your motivation! Very in-depth article that I will definitely return to in the future, that’s for sure. It is so easy to get comfortable doing stuff that you don’t like. It is a noble goal to try to increase your income but at the same time lower your expenses so you can invest more and benefit on the long-term.
Paula Pant
Thank you Jonathan! 🙂
Sarah
GREAT POST! Thanks for the reminder and the shove. I am a SAHM and own my own small work at home business, but I have every excuse for why it hasn’t expanded. Excuse time stops now 🙂
Paula Pant
Good for you, Sarah!! I’m excited for your leveling up!
Sarah
Excellent lengthy post … thanks for taking the time to help bust us “aspirers” out of our mire. Cheers!
Mysticaltyger
I liked the longer version of this better, but it’s still a good post.
Piggy
“Frugality is fine. Avoid fake frugality: saving pennies at the cost of your time and sanity.”
Girl, thank you for putting this so simply. My time has become a very limited resource, and it’s worth a lot of money. It needs to be spent on my side hustles rather than on fretting about “fake frugality.”
Ameen
Great article with practical tips! this just shattered my limiting beliefs.. Thank you Paula!