The title of this post sounds so sultry and salacious, but I assure you it is not. I’ve come across this term through various websites and podcasts related to entrepreneurship and business, rather than Larry Flynt. Nevertheless, love this term, it will be something I will use in my conversations in client meetings. So what is it?
You see, I’ve always been interested in starting a business…building something with blood, sweat and tears. I love the whole notion of being in control of my destiny and my opportunity to bear fruits of these endeavors. Fortunately…or unfortunately (everything in this life is a double edged sword), I have excelled in my career as a Wealth Manager and Financial Planner, and that afforded my family the security of income which fulfills many layers of Maslow’s hierarchy of needs. In addition, it is a vocation that I truly love and am challenged. It affords me the opportunity to continually learn and develop not only the topics of finance and economics, but include public speaking, communication, psychology, sales and politics.
On the other side of the blade, this vocation is very demanding as you can imagine. It makes it quite challenging mentally to leave a safe and secure job, that pays for the comforts my family enjoy, for the risk of starting a business with no assurances. So what do we do? There is a great podcast and book called 40 Days to the Work you Love by Dan Miller. A section he included in the book is the opportunity to venture into a side business…a side hustle. The perfect side hustle idea is to “pick flowers in your own garden.” You don’t need to venture into anything new; it has to be something you enjoy and close to your area of expertise. I’ve been immersed in what that can be…and I arrived at 2 things I enjoy. I enjoy investing and I enjoy real estate. So for the past few months, with the help of my investment manager, we are creating multiples source of income. We put together a portfolio of energy MLPs in my taxable investment account which provide tax favored income (more in a future post), and I started my Real Estate Investment firm (I will write more about these ventures-buy and hold, cash flow strategy) with the help of my attorney. There are advantages of having a truly comprehensive wealth management team 🙂
So here I am, completely immersed and engrossed at work and my side hustles, when my wife casually mentioned she signed herself up and our home through a website called Dog Vacay. Dog Vacay is like AirBnb for dogs! What What?!?! I had no idea something like that existed. I casually dismissed and told her, “sounds good!” and didn’t think much more of it..UNTIL NOW.
What happened from a month ago? Well since then, we hosted more than 10 dogs. One of which was recovering post operative (eye surgery-poor thing), and one was completely blind. Yes, there were some challenges like:
- Giving medicine to a dog is no picnic. We will need to find a better way to give medicine…maybe a business idea?
- Why is it that the intake of new dogs are always on Thursday or Friday, when Honeybabes is working on Friday and Saturday?
Nonetheless, each and everyone of the dogs we hosted were an absolute blast. They were all housetrained, very affectionate, and I truly miss them when they leave. Surprising to me, this little side hustle has earned Honeybabes over a 4 figure income paycheck for the month…ok, that is serious money…Honeybabes can I include that in our monthly cash flow budget ?!?
Why is it so important to have multiples streams of income? With the economy that way it is, you have to take control of your finances whether the economy is good, lukewarm or bad. Side hustles and creating multiples streams of income can insulate huge shocks to the system due to the loss of a job, a source of income, because you have multiple sources working for you. In addition, you can use this additional income to save and invest (like buying more houses or adding to the income portfolio), or pay down debt. You don’t have to look very far to create this additional income. With the growing “sharing economy” and “Gigonomics” you can freelance with Uber or Lyft, Fiverr, E-Lance, rent out a room in your house, or as my wife would recommend, take in borders…of the four legged variety!!!