I started talking about this in a different article but then realized that the content was diverging from the article's intended topic. So here we are, a followup post.
Ever since I graduated from college, I've been a hustler. There has never been a time when I did not have a stable and well-paying job, and I jump around companies very infrequently. I've worked at three companies over 16 years in the tech industry, which is almost unheard of these days. A lot of my tech peers jump to a new company every two to three years.
Why do I side hustle? I've had a lot of friends, coworkers, and acquaintances make comments or give me looks asking this very question. Like most things in life, there is no single response.
Probably the most significant impact my side hustles have done is to expand my skill set. At every job, there is a lane we are expected to stay in — some list of responsibilities and tasks we are supposed to perform for our given role. If someone wants a promotion, they might look at the position above theirs and start executing against that list of responsibilities and tasks. But everything is very narrow. Seldom have I seen an environment where you are encouraged to do everything and anything possible. Engineers should engineer; support should handle customer interactions; sales should sell the product, etc. Expanding it further, people working in technology don't have any reason to deal in real estate, to perform market analysis for the food industry, or any number of non-technology related situations.
When I freelance in technology, I'm able to perform every job task, wear every hat. For example, I've learned quite a few skills that now make me better than a lot of product managers, even though I've never held a product manager title. The same goes for support, customer relations, or project management. When I resell online, I'm able to branch out of my industry and start thinking about things like small scale supply chain, procurement, inventory management, distribution, popular trends, and marketing.
Instead of becoming narrowly-focused on my one role within my day job, I'm able to become a well-rounded individual.
Another benefit of the side-hustle is the network that you create. Some people go to meetups, some to conferences and conventions. Some people try to work with every outside vendor or client. Those are all fine, but to me are a bit shallow from a professional sense. When I network professionally, I want to know how well someone can perform in completing their assignment, and I want to showcase my ability to execute. What better way to do that then to have real projects working with real deadlines. Even if it's an internal project like my online reselling where I don't have a client or a contract, it's still applicable. If I meet someone who sells on the same platform as I do, I can pitch a collaboration to test their abilities and follow through. If I need some help with SEO, I can reach out to professionals for advice.
By having real projects to work on, my networking is more accurate to life and all-encompassing to any facet of a professional need.
And the last benefit is financial, which is also the least important to me. Typically side hustle income goes into one of two categories. The first category is fun-money. This category is usually the case if I earn only a few hundred dollars. That can pay for a few nice dinners or a couple of months of Starbucks. Or maybe a treat for my wife or kids. It can even be something bigger like a laptop or iPad that will dual-purpose in both professional and personal or combined to help pay for a vacation. The second category is investment money. This category comes into play when the income generated reaches thousands of dollars. I love it when I can max out my IRA contributions from side-hustle pay; it feels like my "after 5" work is going towards my long term goals. It's even more exciting if I can generate enough side-hustle money to fund a more substantial investment.
When I can funnel my side-hustle money into an investment, I'm directly converting my limited time into cash, then into passive income. When the passive income is large enough, it allows me to buy back my freedom. I'm not just trading time for consumer goods or experiences but instead trading time today for freedom tomorrow. This exchange is a balancing act because tomorrow may never come, so you don't want to exchange too much time. But the entire purpose is to Financial Independence is to gain freedom, so being able to act directly against that goal is motivating.
Some people may think I'm crazy, or I juggle too many projects when I don't need to because of my day job. But I see these side hustles as a way to expand my skill set, expand my network, and to help buy my freedom.
(Written 2019.10.23)
Ever since I graduated from college, I've been a hustler. There has never been a time when I did not have a stable and well-paying job, and I jump around companies very infrequently. I've worked at three companies over 16 years in the tech industry, which is almost unheard of these days. A lot of my tech peers jump to a new company every two to three years.
Why do I side hustle? I've had a lot of friends, coworkers, and acquaintances make comments or give me looks asking this very question. Like most things in life, there is no single response.
Probably the most significant impact my side hustles have done is to expand my skill set. At every job, there is a lane we are expected to stay in — some list of responsibilities and tasks we are supposed to perform for our given role. If someone wants a promotion, they might look at the position above theirs and start executing against that list of responsibilities and tasks. But everything is very narrow. Seldom have I seen an environment where you are encouraged to do everything and anything possible. Engineers should engineer; support should handle customer interactions; sales should sell the product, etc. Expanding it further, people working in technology don't have any reason to deal in real estate, to perform market analysis for the food industry, or any number of non-technology related situations.
When I freelance in technology, I'm able to perform every job task, wear every hat. For example, I've learned quite a few skills that now make me better than a lot of product managers, even though I've never held a product manager title. The same goes for support, customer relations, or project management. When I resell online, I'm able to branch out of my industry and start thinking about things like small scale supply chain, procurement, inventory management, distribution, popular trends, and marketing.
Instead of becoming narrowly-focused on my one role within my day job, I'm able to become a well-rounded individual.
Another benefit of the side-hustle is the network that you create. Some people go to meetups, some to conferences and conventions. Some people try to work with every outside vendor or client. Those are all fine, but to me are a bit shallow from a professional sense. When I network professionally, I want to know how well someone can perform in completing their assignment, and I want to showcase my ability to execute. What better way to do that then to have real projects working with real deadlines. Even if it's an internal project like my online reselling where I don't have a client or a contract, it's still applicable. If I meet someone who sells on the same platform as I do, I can pitch a collaboration to test their abilities and follow through. If I need some help with SEO, I can reach out to professionals for advice.
By having real projects to work on, my networking is more accurate to life and all-encompassing to any facet of a professional need.
And the last benefit is financial, which is also the least important to me. Typically side hustle income goes into one of two categories. The first category is fun-money. This category is usually the case if I earn only a few hundred dollars. That can pay for a few nice dinners or a couple of months of Starbucks. Or maybe a treat for my wife or kids. It can even be something bigger like a laptop or iPad that will dual-purpose in both professional and personal or combined to help pay for a vacation. The second category is investment money. This category comes into play when the income generated reaches thousands of dollars. I love it when I can max out my IRA contributions from side-hustle pay; it feels like my "after 5" work is going towards my long term goals. It's even more exciting if I can generate enough side-hustle money to fund a more substantial investment.
When I can funnel my side-hustle money into an investment, I'm directly converting my limited time into cash, then into passive income. When the passive income is large enough, it allows me to buy back my freedom. I'm not just trading time for consumer goods or experiences but instead trading time today for freedom tomorrow. This exchange is a balancing act because tomorrow may never come, so you don't want to exchange too much time. But the entire purpose is to Financial Independence is to gain freedom, so being able to act directly against that goal is motivating.
Some people may think I'm crazy, or I juggle too many projects when I don't need to because of my day job. But I see these side hustles as a way to expand my skill set, expand my network, and to help buy my freedom.
(Written 2019.10.23)
