Today we are going to talk about the best investment to build wealth and get you on your way to earning a six figure income.
One of the most common questions I get is “Jeff what is the best investment for me, what is going to make me the largest return on my investment?”
Most people are expecting me to give them a hot stock tip!
When I tell them the best investment, in my opinion, I get a really strange look. Because this investment takes work. It takes some hustle, grit, and some personal investment. It puts you in a position where you may fail.
So let’s find out what this invest is right now…….
One of my favorite authors, Chris Guillebeau wrote this book Side Hustle - From Idea to Income in 27 Days. The side hustle is the best investment you can make.
Why? It’s no surprise that less than 40% of Americans have $1,000 in their savings. We all know how much minimum wage is right now, we are just not making a lot of money. So how do we increase our income?
We do that by starting a side hustle. That is how you get that income insurance or protection.
In the book Chris refers to the side hustle as ‘it is more than just another stream of income, it’s the new job security.” Of all the things you can invest your money into, why would you chose a side hustle over stocks or mutual funds?
It’s the benefits.
Some of the benefits of starting a side hustle: low cost, minimum experience, you don’t need an MBA, no employees, no advanced skills.
So what DO you need?
You need an idea, time, and determination (grit).
Starting a side hustle doesn’t bring in money overnight. You have to stick with it. You have to have the determination to push through the obstacles to get where you want to be.
When I talk about a side hustle, I am not talking about UBER or a part time job. I am not talking about trading TIME for MONEY.
Instead, we are building an asset that will potentially deliver passive income in the future.
This is something where YOU are in charge. You are controlling how you want to do it, how hard you want to work at it, and when you want to do it.
So you may be thinking ‘I have no ideas, what can I do” You have to take some time to think about some of the things that you can do. Take the time to sit down and brainstorm.
If you are still having trouble check out Chris’s book or his Podcast - Side Hustle School. He interviews so many people that have started a side hustle and are making $500 to $1,000’s of dollars a month.
Just to show you that no idea is too crazy, I pulled some from the book:
One guy in the UK makes $700/month writing fish tank reviews, another is making a killing making saddles for pet chickens, another sold 75,000 unit of a homemade Gin kit.
These people are making bank on a passion that they are interested in.
These are just a few ideas to show you the possibilities.
But what if you want to make six figures? Well I have some examples for that too!
Jeff Jones was the drummer in a popular Christian band. He created a side hustle selling custom drumsticks. He started this side hustle with $600. He expanded to custom bats, coolbats.com.
Evan Burse has been a cartoonist for as long as he can remember. This led to him getting a job with Marvel. He started a YouTube channel - the cartoon block - teaching people how to draw. This led to a membership site - Cartoon Block Academy - that has grown to a full-time gig.
Chris Greenwood is a musician with a band Manifest. He learned how to use online marketing to sell his music. Now he teaches others, to the tune of a multiple six figure income.
Holly Johnson, Clubthrifty.com, is a fellow blogger that started a side hustle of freelance writing. Now she makes over 6 figures a year writing articles, blog posts, and her course Earn More Writing.
Michelle has a blog, Making Sense of Cents, and started writing on the side. Now it is her full time gig making $100-$150K/month.
So, how do you get started?
Take one of your ideas and make $100. Figure out a way to make $100 from this side hustle idea. I want you to know how it feels to implement it and make money from it (without scamming anyone). If you can push past that, you will be blown away.
So what is your side hustle idea? If you are brave enough, share how much you made and how long it took you to make that first $100.
▶ Check out my gear on Kit: https://kit.com/jeffrosecfp
★☆★ Want More Good Financial Cents? ★☆★
💻 Check out my blog here: https://www.goodfinancialcents.com/
Listen to my podcast here:
Pick up my best selling book, Soldier of Finance, here:
Connect with me on Twitter:
My most favorite inspiration T-shirt line, Compete Every Day: