WEBVTT - Creating Extra Income. Tips on Side Hustles. 0:00:02.310 --> 0:00:04.920 Hello, and welcome to A Little Bit Richer, with me, 0:00:04.920 --> 0:00:08.160 Iona Bain, brought to you by LNG. Now, with life 0:00:08.160 --> 0:00:11.039 so busy and living costs high, it can be hard 0:00:11.039 --> 0:00:14.130 to think of creative ways to boost your income with 0:00:14.130 --> 0:00:16.590 a side hustle. Here to help us think outside the 0:00:16.590 --> 0:00:19.410 box and unlock our potential to make some long- term 0:00:19.410 --> 0:00:24.060 extra income is Emmanuel Asuquo. At 22, Emmanuel became the 0:00:24.060 --> 0:00:28.110 youngest Barclays financial advisor in the country. Over the past 0:00:28.110 --> 0:00:31.410 15 years, he's worked at RBS and NatWest, and then 0:00:31.410 --> 0:00:34.409 branched out into TV presenting on Channel Four and the 0:00:34.409 --> 0:00:38.310 BBC. He's written two bestselling books on money management, and has 0:00:38.310 --> 0:00:42.090 even spoken in parliament about the importance of financial literacy 0:00:42.090 --> 0:00:44.640 in schools. Welcome, Emman. 0:00:44.760 --> 0:00:45.629 Thank you for having me, Iona. 0:00:45.720 --> 0:00:48.120 So we're chatting about side hustles today. 0:00:48.150 --> 0:00:48.240 Yes. 0:00:48.600 --> 0:00:50.520 They've been around for a while now. 0:00:50.640 --> 0:00:50.729 Yes. 0:00:51.360 --> 0:00:54.210 What's the situation at the moment with side hustles? 0:00:54.270 --> 0:00:57.030 With the cost of living crisis and everybody worrying about 0:00:57.030 --> 0:00:59.970 money and I think just living costs going up in 0:00:59.970 --> 0:01:02.130 general, I think side hustles have gone from a thing 0:01:02.130 --> 0:01:04.440 of people being a nice- to- have to a lot 0:01:04.440 --> 0:01:07.740 of people having- to- have just to maintain their lifestyle. 0:01:07.920 --> 0:01:10.410 Since the pandemic, we have been cutting and cutting and 0:01:10.560 --> 0:01:13.680 reducing our costs and becoming more savvy and spending out 0:01:13.680 --> 0:01:15.930 less and eating out less and going on less holidays, 0:01:16.050 --> 0:01:18.060 I don't think there's anything left to cut. And so 0:01:18.060 --> 0:01:20.399 now, it's how do we increase our income, and side hustles 0:01:20.910 --> 0:01:23.340 have formed that way of us increasing our income to be 0:01:23.400 --> 0:01:25.050 actually able to enjoy life. 0:01:25.230 --> 0:01:27.480 I think side hustles can sometimes get a bit of a 0:01:27.480 --> 0:01:30.209 bad rep. There's some people who don't like the term 0:01:30.240 --> 0:01:32.550 side hustle, they think it sounds a little bit too 0:01:33.030 --> 0:01:35.910 harsh and clinical, and there are others that think that 0:01:36.030 --> 0:01:40.200 side hustle is shorthand for taking all the joy out 0:01:40.200 --> 0:01:43.169 of everything that you do and monetizing every last activity 0:01:43.170 --> 0:01:45.839 in your life. But do you feel that side hustles 0:01:46.140 --> 0:01:47.581 still have their place and can still be worthwhile? 0:01:47.581 --> 0:01:51.240 I think side hustles are so worthwhile, and I think what 0:01:51.240 --> 0:01:53.220 I've found is for a lot of people what was 0:01:53.220 --> 0:01:56.010 a side hustle has become their main hustle, and actually 0:01:56.130 --> 0:01:59.580 enabled them to have financial freedom, have time freedom, have 0:01:59.580 --> 0:02:02.160 life freedom. And even if you might make less on 0:02:02.160 --> 0:02:04.290 your side hustle than you did employed, the fact that you're 0:02:04.290 --> 0:02:06.030 now able to spend more time with your kids or are 0:02:06.030 --> 0:02:08.580 now able to work from wherever you want in the 0:02:08.580 --> 0:02:12.150 world, that freedom and flexibility means that people are actually 0:02:12.150 --> 0:02:15.090 enjoying life and seeing life as a much better option, 0:02:15.090 --> 0:02:16.500 so I think side hustles are fantastic. 0:02:17.130 --> 0:02:19.980 What's a good starting point if someone is thinking about 0:02:19.980 --> 0:02:21.510 how they can make some extra cash? 0:02:21.690 --> 0:02:24.120 Oh, I love this. I always tell people I don't 0:02:24.120 --> 0:02:26.550 wake up in the morning thinking about how much money 0:02:26.550 --> 0:02:28.350 I can make, I wake up in the morning thinking 0:02:28.350 --> 0:02:30.389 who can I help, and as long as I can 0:02:30.389 --> 0:02:32.580 find people to help, I'll be able to make money, 0:02:32.730 --> 0:02:34.290 people will pay me for the help that I can 0:02:34.290 --> 0:02:36.630 give them. So for me, it's all about finding a 0:02:36.630 --> 0:02:39.600 problem and then finding a solution. And a lot of 0:02:39.600 --> 0:02:41.910 the times, you will talk about things, " Oh, I wish 0:02:41.910 --> 0:02:44.760 that was better, that could do better, I could do 0:02:44.760 --> 0:02:48.180 better than that." And again, you've now found people that you can help, 0:02:48.180 --> 0:02:50.910 you found a community that you can help, and by helping them, you're 0:02:50.910 --> 0:02:52.860 able to help yourself. And I think that's the first 0:02:52.860 --> 0:02:54.720 place to start is, what's the problem I want to 0:02:54.720 --> 0:02:57.418 solve, can I solve it, do I have the skills, 0:02:57.570 --> 0:02:59.430 and who is the community that I'm going to help? 0:02:59.610 --> 0:03:03.090 And when we're thinking about side hustles, are we talking mainly about the 0:03:03.090 --> 0:03:06.300 online world here or can you have side hustles in 0:03:06.300 --> 0:03:08.550 person? What does a side hustle look like? 0:03:09.150 --> 0:03:13.290 Good question. Obviously, you've got your main work or whatever 0:03:13.290 --> 0:03:15.510 you do for your main income, a side hustle is 0:03:16.139 --> 0:03:18.750 I always call it what you do between 5:00 to 9:00. So 0:03:18.750 --> 0:03:20.669 you've got your 9:00 to 5: 00, and then your side hustle is 0:03:20.669 --> 0:03:23.160 what you do from 5: 00 to 9:00, and it's like, actually, 0:03:23.160 --> 0:03:25.650 outside of work, what is the things that I can 0:03:25.650 --> 0:03:28.139 do to make that additional income? And that may be, 0:03:28.410 --> 0:03:32.430 again, in person, service- based side hustles are excellent. So 0:03:32.430 --> 0:03:34.650 for example, if you're an English teacher and then you can 0:03:34.650 --> 0:03:37.530 do tutoring, that's a side hustle and it's a skill that 0:03:37.530 --> 0:03:39.840 you have already. If you are a PA and you 0:03:39.840 --> 0:03:42.570 can then do executive PA in the evenings for small businesses, 0:03:42.810 --> 0:03:44.610 that's a side hustle, you haven't had to learn a new 0:03:44.610 --> 0:03:47.340 skill. All you're doing is applying this skill you already 0:03:47.340 --> 0:03:50.850 have in another environment, and so that is the easy 0:03:50.850 --> 0:03:53.700 side hustle. Sometimes a side hustle can just be, actually, 0:03:53.970 --> 0:03:56.490 there's a problem, here's a solution, and now I can 0:03:56.490 --> 0:03:56.970 go on with it. 0:03:57.030 --> 0:04:00.060 It's a bit like inventing in the 21st century, isn't it? 0:04:00.060 --> 0:04:02.610 Exactly that. One of the big things about social media is that 0:04:02.940 --> 0:04:05.670 we feel like you need so many numbers, but actually, 0:04:05.670 --> 0:04:08.580 think about it. Someone will have 1, 000 followers and feel 0:04:08.580 --> 0:04:12.540 like that's nothing. Imagine 1, 000 people in one room 0:04:12.930 --> 0:04:15.240 or in one space, that's a lot of people that 0:04:15.240 --> 0:04:17.609 you're able to get access to, and not all of 0:04:17.610 --> 0:04:19.950 them have to buy from you. And so, the problem with 0:04:19.950 --> 0:04:23.760 side hustles is we think we need so many customers, but actually, you 0:04:23.760 --> 0:04:26.310 only need a small community that you're able to service 0:04:26.610 --> 0:04:28.469 and you're able to make money from it, because again, 0:04:28.620 --> 0:04:30.089 it's on the side. This is not a full- time 0:04:30.089 --> 0:04:34.440 job, you're not trying to work eight hours in the day and then eight hours in the 0:04:34.440 --> 0:04:34.890 evening as well. 0:04:34.890 --> 0:04:35.490 No, no. 0:04:36.300 --> 0:04:38.099 You're trying to work a few hours in the evening 0:04:38.100 --> 0:04:39.089 to make a little extra money. 0:04:39.150 --> 0:04:40.830 Because you need to make it sustainable. 0:04:40.920 --> 0:04:41.160 Exactly. 0:04:41.160 --> 0:04:42.839 A lot of people do not want to get home 0:04:42.839 --> 0:04:44.820 from work and think, oh my goodness, I've got another 0:04:44.820 --> 0:04:47.400 eight hours ahead of me. So what are your tips in terms 0:04:47.400 --> 0:04:50.279 of actually making sure that the side hustle doesn't take 0:04:50.279 --> 0:04:52.770 over too much and become exhausting? 0:04:53.100 --> 0:04:55.290 I think it's so important to really have a plan. 0:04:55.529 --> 0:04:58.529 For me, it's about having boundaries, because again, I speak 0:04:58.529 --> 0:05:00.510 to people, especially when you've got kids, I've got four 0:05:00.510 --> 0:05:03.360 kids and I always tell people, my kids are really 0:05:03.360 --> 0:05:05.609 important to me, but I can't say my kids are 0:05:05.610 --> 0:05:07.229 important to me if I spend all my time working. 0:05:07.650 --> 0:05:09.750 If I don't spend time with my kids, how important 0:05:09.750 --> 0:05:11.430 can they be? And I know sometimes, we want to 0:05:11.430 --> 0:05:14.010 make money for our kids, but there's an importance about 0:05:14.010 --> 0:05:16.830 being there. So for me, as much as I love 0:05:16.830 --> 0:05:18.960 work and I'm busy, there has to be cutoffs, there 0:05:18.960 --> 0:05:21.270 has to be time for other things as well. And 0:05:21.270 --> 0:05:23.550 also, look at how much you actually want to make. 0:05:23.730 --> 0:05:25.710 So one of the things is that as we start 0:05:25.710 --> 0:05:27.330 to get good at our side hustle, we start to 0:05:27.330 --> 0:05:29.760 make more, and then all of a sudden, because we 0:05:29.760 --> 0:05:31.440 make it more, we start to put more energy into it 0:05:31.620 --> 0:05:33.089 and we start to make more, and then all of 0:05:33.089 --> 0:05:36.029 a sudden, it becomes something that has taken over us, 0:05:36.180 --> 0:05:38.850 we're just chasing the money. And actually, this was only 0:05:38.850 --> 0:05:41.370 meant to be something on the side to support what 0:05:41.370 --> 0:05:43.529 you're doing during the day. And so, it's really about 0:05:43.529 --> 0:05:45.810 having those boundaries. I speak to Uber drivers, for example, 0:05:45.870 --> 0:05:48.330 and they'll always tell me, " I'm going to make X amount 0:05:48.330 --> 0:05:50.160 today, and once I make that, I'm on the way 0:05:50.160 --> 0:05:52.200 home. It don't matter how many other journeys there are, 0:05:52.200 --> 0:05:53.820 how many other trip,? If I make that in the 0:05:53.820 --> 0:05:55.589 first three hours or I make that in six hours, 0:05:55.980 --> 0:05:57.660 once I've made what I need to make, I'm going 0:05:57.660 --> 0:05:59.670 home." And I think that's a great mindset to have 0:05:59.670 --> 0:06:01.349 of, what do I need to be making from this, 0:06:01.560 --> 0:06:03.089 and once I've made that, let me put it down. 0:06:03.480 --> 0:06:05.880 We all need to listen to the Uber drivers, they've 0:06:05.880 --> 0:06:08.160 got the right idea. And also, what are your thoughts 0:06:08.160 --> 0:06:11.160 on doing a side hustle and it's something that you 0:06:11.160 --> 0:06:13.890 love, maybe it's a hobby or an activity that you've 0:06:13.890 --> 0:06:15.599 enjoyed in the past? On the one hand, it means 0:06:15.600 --> 0:06:17.460 you're motivated to do it, but on the other hand, I 0:06:17.460 --> 0:06:19.620 have heard from people sometimes that it can take a 0:06:19.620 --> 0:06:20.940 bit of the joy out of it. So what are 0:06:20.940 --> 0:06:21.330 your thoughts on that? 0:06:21.690 --> 0:06:25.409 Yeah, I agree, it can take the joy out of it. But at the same time, I 0:06:25.410 --> 0:06:27.990 think what's important is that if I'm doing what I 0:06:27.990 --> 0:06:29.640 love, there are times when I don't want to do 0:06:29.640 --> 0:06:32.790 it. So for example, me as a financial advisor, I love 0:06:32.790 --> 0:06:35.190 what I do, I love helping people with their finances 0:06:35.190 --> 0:06:38.010 and money. There are some days though that I'm going 0:06:38.010 --> 0:06:40.470 through life and life makes me feel like I really don't 0:06:40.470 --> 0:06:42.480 want to do this, but I still get up and 0:06:42.480 --> 0:06:44.400 do it, because I would do it for free, and 0:06:44.400 --> 0:06:46.169 because I would do it for free, why wouldn't I 0:06:46.170 --> 0:06:48.240 do it to get paid? And so, for me, it's 0:06:48.240 --> 0:06:50.279 about doing something that you love is so important. So 0:06:50.279 --> 0:06:52.980 if you love football and then you create a football coaching 0:06:53.040 --> 0:06:57.150 side hustle, yes, kids can be annoying, parents even worse, 0:06:57.570 --> 0:07:00.120 but you love football, you love it, you love the 0:07:00.120 --> 0:07:02.490 sport, and so you're giving back to the sport and 0:07:02.490 --> 0:07:05.460 you're encouraging and empowering young people. So I think, yes, 0:07:05.460 --> 0:07:06.510 there are going to be days when you're not going 0:07:06.510 --> 0:07:08.279 to enjoy it, yes, it's going to take some of 0:07:08.279 --> 0:07:10.320 the fun out of it, but also, the legacy that 0:07:10.320 --> 0:07:12.870 you build, because again, I can love football and I 0:07:12.900 --> 0:07:14.760 can love it for myself, but when I have now 0:07:14.760 --> 0:07:17.160 coached these kids and now they grow up and some 0:07:17.160 --> 0:07:19.200 of them go professional, or even if they don't, in 0:07:19.200 --> 0:07:22.350 the future, they're still calling you coach 10 years later, 0:07:22.680 --> 0:07:24.900 that will never stop. So I always say, if you 0:07:24.900 --> 0:07:27.060 love it, do it, and you'll enjoy the benefits. 0:07:27.090 --> 0:07:27.720 You'll figure it out. 0:07:27.720 --> 0:07:28.020 Yeah. 0:07:28.890 --> 0:07:32.160 Some business ideas do need some money to get off 0:07:32.160 --> 0:07:32.550 the ground. 0:07:32.610 --> 0:07:32.970 Yes. 0:07:32.970 --> 0:07:37.530 So what are your tips for starting a business on the side 0:07:37.530 --> 0:07:39.300 that is relatively low cost? 0:07:39.360 --> 0:07:42.120 Yes, I think so important. I always tell people, if 0:07:42.120 --> 0:07:46.050 you can do service- based side hustles, that normally reduces 0:07:46.050 --> 0:07:49.980 your costs. If you do product- based businesses, that's where 0:07:50.070 --> 0:07:52.830 it really becomes high cost, and so you have to 0:07:52.830 --> 0:07:55.860 think about then maybe looking at getting some investment or 0:07:55.860 --> 0:07:58.950 getting some support or crowdfunding, telling friends, family and so 0:07:58.950 --> 0:08:00.900 forth to come and support you, because it can really 0:08:00.900 --> 0:08:03.120 become a drain. So I really say, if you're going 0:08:03.120 --> 0:08:06.420 to start, start off on a service- based business, something 0:08:06.420 --> 0:08:10.680 like gardening or car washing or stuff that maybe might 0:08:10.680 --> 0:08:13.320 be physical but not necessarily need a lot of money, 0:08:13.470 --> 0:08:15.690 because once you've bought the equipment, you're ready to go. 0:08:15.840 --> 0:08:18.300 And if you have a service, is it enough to promote 0:08:18.300 --> 0:08:20.489 it through social media, or do you think that you 0:08:20.489 --> 0:08:23.551 need to do a little bit more to get the word out there? 0:08:23.551 --> 0:08:26.370 I think a little bit more is so needed. The algorithm is rude. I always 0:08:26.370 --> 0:08:29.100 tell people, the algorithm... I've been on social media a 0:08:29.100 --> 0:08:31.980 long time, when I first started, the reach that I 0:08:31.980 --> 0:08:34.410 could get when I only had 10,000 followers is so 0:08:34.410 --> 0:08:37.800 much more than now, and actually, the algorithm is only 0:08:37.800 --> 0:08:40.079 sending your stuff to very few people. I always tell 0:08:40.080 --> 0:08:42.840 people, you're one post away from going viral, but you 0:08:42.840 --> 0:08:45.600 could be 100 posts away, you actually don't know what's 0:08:45.600 --> 0:08:47.969 going to go. When you make that piece of content that you 0:08:47.970 --> 0:08:50.040 think is really going to go far, that's the one that 0:08:50.040 --> 0:08:51.990 doesn't do anything, and when you do that throwaway one 0:08:52.380 --> 0:08:53.490 that you don't even want to put it on there, 0:08:53.700 --> 0:08:56.280 that's the one that's going to fly. So actually, it's 0:08:56.280 --> 0:08:59.130 just about continually doing it and just being consistent. What 0:08:59.130 --> 0:09:02.160 I would say is find the community. So once I 0:09:02.160 --> 0:09:04.440 know the community, then I can find other people who 0:09:04.440 --> 0:09:08.010 have access to that community already. So for example, I'm 0:09:08.010 --> 0:09:10.679 a financial advisor, so if I want to find clients, 0:09:10.890 --> 0:09:13.319 I will typically go to an accountant who will know 0:09:13.320 --> 0:09:16.470 people's finances and then I can help and support, or 0:09:16.470 --> 0:09:18.750 I'll go to a solicitor who then may have clients 0:09:18.750 --> 0:09:21.630 who might need financial advice and support. Actually, you can 0:09:21.630 --> 0:09:24.240 find people who already have the people that you're looking 0:09:24.240 --> 0:09:27.300 for, so that's really important. Once you know your audience, 0:09:27.660 --> 0:09:29.729 rather than you kill yourself to try and get there, 0:09:29.970 --> 0:09:32.580 find who's already in with that audience and see how 0:09:32.580 --> 0:09:34.650 you can collaborate and how you can make it easier 0:09:34.650 --> 0:09:35.190 for both of you. 0:09:35.190 --> 0:09:36.121 That almost seems like a cheat code. 0:09:36.121 --> 0:09:37.170 That is the cheat code. 0:09:39.150 --> 0:09:39.750 It's allowed? 0:09:40.380 --> 0:09:40.381 It's allowed. 0:09:40.381 --> 0:09:42.750 It about reaching those people where they're at with the 0:09:42.750 --> 0:09:44.520 services maybe that they're already using. 0:09:44.550 --> 0:09:44.550 Exactly. 0:09:44.550 --> 0:09:48.179 And what are the most popular side hustles that you're seeing at the moment? 0:09:48.330 --> 0:09:51.990 So I think the most popular ones are coaching, whether 0:09:51.990 --> 0:09:55.800 that be life coaching, career coaching. So let's say I've 0:09:55.800 --> 0:09:57.900 got a senior job and there's someone that's junior that 0:09:57.900 --> 0:09:59.969 wants to get to the level, then you'll coach them 0:10:00.030 --> 0:10:03.000 their way through it. Teaching, so whether I'm good at 0:10:03.000 --> 0:10:06.000 playing the guitar or the drums, then I teach lessons. 0:10:06.179 --> 0:10:08.790 If you have a skill that you can teach someone, 0:10:09.000 --> 0:10:10.920 those are really popular, because again, they can be done 0:10:10.920 --> 0:10:14.010 online, which means reduces your cost, means you can reach 0:10:14.010 --> 0:10:16.199 people across the world so you're not limited to your 0:10:16.200 --> 0:10:18.030 local area. So those are really, really popular. 0:10:18.330 --> 0:10:22.230 Got you. So what about the tax implications of side hustles? 0:10:22.320 --> 0:10:25.920 Yes. This is the funny part, because I think sometimes, 0:10:25.920 --> 0:10:27.870 we think because we do the side hustle and because it's 0:10:27.870 --> 0:10:29.820 not work, we think we should have it all for 0:10:29.820 --> 0:10:32.580 free and it should all be ours and we're living 0:10:32.580 --> 0:10:34.920 in the Middle East where we don't pay tax. No, we 0:10:34.920 --> 0:10:37.860 here have to pay tax. So you've got your £1, 000 0:10:37.860 --> 0:10:41.280 allowance, so up to £1, 000, you don't have to declare, 0:10:41.490 --> 0:10:43.980 but once you make over £ 1, 000... And that is 0:10:43.980 --> 0:10:46.439 profit, I think people need to understand, when we say 0:10:46.440 --> 0:10:49.980 that £1,000, that is profit. So if you are selling old 0:10:49.980 --> 0:10:52.320 goods or things in your house and you're selling it 0:10:52.320 --> 0:10:54.660 for less than the value that you bought it for, even 0:10:54.660 --> 0:10:57.840 if you make £1, 000, that is not what's included, that 0:10:57.840 --> 0:11:00.390 doesn't count. But if you are going to charity shops 0:11:00.390 --> 0:11:02.700 or going and buying something for a lower price and 0:11:02.700 --> 0:11:06.089 selling it for more and you're making profit, that would 0:11:06.090 --> 0:11:09.000 count towards the £1, 000. And so, once you get over the £1, 0:11:09.000 --> 0:11:11.700 000, that needs to be declared to HMRC. 0:11:11.880 --> 0:11:12.719 And how do you do that? 0:11:13.020 --> 0:11:15.690 It depends how you've registered your company. Typically, for side hustles, 0:11:16.290 --> 0:11:18.839 you would be a sole trader. So a sole trader 0:11:18.840 --> 0:11:21.510 basically means you and your business are the same, so 0:11:21.510 --> 0:11:23.219 any money you make and any money in your business 0:11:23.220 --> 0:11:25.199 make is the same. So what you would do is 0:11:25.200 --> 0:11:27.990 do a self- assessment return and you would then talk 0:11:27.990 --> 0:11:30.300 about the income that you've made from your side hustle. 0:11:30.630 --> 0:11:32.970 Some people will have a limited company, so if you're 0:11:32.970 --> 0:11:35.670 making more money from your side hustle, then you might have 0:11:35.670 --> 0:11:38.400 a limited company where you and your company are separate. 0:11:38.610 --> 0:11:40.679 So you'd then have to do a tax return for 0:11:40.679 --> 0:11:43.710 your company, and also then the company will pay tax, 0:11:43.950 --> 0:11:45.569 but then if you took money out of your company 0:11:45.570 --> 0:11:48.000 and paid yourself, you would then have to pay tax 0:11:48.000 --> 0:11:49.830 on that as well. So you have to bear that 0:11:49.980 --> 0:11:50.370 in mind. 0:11:50.490 --> 0:11:54.540 Super, really helpful. And finally, what about passive income streams, 0:11:54.540 --> 0:11:58.470 what are they and how realistic are they for anyone 0:11:58.470 --> 0:11:59.550 who's listening or watching this? 0:11:59.730 --> 0:12:03.240 Passive income streams are the dream, they're like Midas's gold, 0:12:03.450 --> 0:12:07.170 they're what we're looking for. Basically, a passive income stream 0:12:07.170 --> 0:12:10.620 is where you put money into something and then it gives 0:12:10.620 --> 0:12:13.410 you an income each month, each year, without you having 0:12:13.410 --> 0:12:14.970 to go back and work for it, so your money's 0:12:14.970 --> 0:12:18.210 working for you. Now, it sounds really difficult and really 0:12:18.210 --> 0:12:20.189 hard, but there are some ways that you can do 0:12:20.190 --> 0:12:22.979 this. So for example, I meet people who have a 0:12:22.980 --> 0:12:26.160 spare room, so you could rent out that room, no 0:12:26.160 --> 0:12:28.709 additional work, don't have to move anywhere, don't have to 0:12:28.710 --> 0:12:31.170 do anything, you could rent out that room, and every 0:12:31.170 --> 0:12:32.910 month, that room, or every week, depending on how you 0:12:32.910 --> 0:12:35.490 rent it out, could be making you money, so that could 0:12:35.490 --> 0:12:38.580 be considered passively. Or you could have a car, some 0:12:38.580 --> 0:12:41.850 people get a car and then they rent out that car, and again, they 0:12:41.850 --> 0:12:44.700 get an income from that car every single month. So 0:12:44.940 --> 0:12:48.090 it all depends on what you're doing. But typically, I 0:12:48.090 --> 0:12:51.780 would say that most things, although they say they're passive, 0:12:52.020 --> 0:12:55.140 require work, anything that you're making money from needs to 0:12:55.140 --> 0:12:57.390 be maintained and tends to need to require work. So 0:12:57.570 --> 0:12:59.880 one of the big ones people talk about is owning 0:12:59.880 --> 0:13:02.160 a property and renting it out, but even if you 0:13:02.160 --> 0:13:04.260 rent out that property, even if you get an estate 0:13:04.260 --> 0:13:07.199 agent to manage that, there's still work to be done, because 0:13:07.200 --> 0:13:09.240 there may need to be updating to the property, there 0:13:09.240 --> 0:13:11.130 may need work that needs to be done, there may 0:13:11.130 --> 0:13:13.350 be times when the property is empty, you may need 0:13:13.350 --> 0:13:15.900 to help with the marketing. There's work to be done 0:13:16.080 --> 0:13:18.270 to really maintain that income and make sure that that 0:13:18.270 --> 0:13:21.900 grows and works on. So I'd say passive sounds amazing, 0:13:22.290 --> 0:13:24.360 but the reality is that there normally needs to be 0:13:24.360 --> 0:13:24.870 work to be done. 0:13:25.050 --> 0:13:27.840 And also, often, you need an asset to begin with 0:13:27.840 --> 0:13:30.599 that you can benefit from, such as property or a car, 0:13:30.600 --> 0:13:32.460 and that's not a reality for a lot of younger 0:13:32.460 --> 0:13:33.390 people in particular. 0:13:33.450 --> 0:13:35.429 Exactly, and it's something that you have to build up to. 0:13:35.429 --> 0:13:37.470 So I don't think you need to die on that 0:13:37.470 --> 0:13:39.150 cross of, I need to get passive income. I think 0:13:39.150 --> 0:13:41.040 first of all, just start where you're at. And I 0:13:41.040 --> 0:13:44.130 think the hardest, hardest, hardest part of all of everything 0:13:44.130 --> 0:13:46.500 that we've said today is getting started, because there's the 0:13:46.500 --> 0:13:49.469 imposter syndrome, there's nobody will buy from me, who wants 0:13:49.470 --> 0:13:51.689 to buy what I've got to sell, and this already 0:13:51.690 --> 0:13:54.809 exists. I always tell people, look at the bread aisle, 0:13:54.929 --> 0:13:56.670 the next time you go into a supermarket, go to 0:13:56.670 --> 0:13:59.520 the bread aisle. There is so many options of bread, 0:13:59.760 --> 0:14:01.530 and none of them said, " Well, bread already exists, so 0:14:01.530 --> 0:14:03.059 I'm not going to make a new one," and they're 0:14:03.059 --> 0:14:06.030 all being bought. So don't worry about the fact that 0:14:06.030 --> 0:14:08.130 somebody else is doing a similar business or somebody else 0:14:08.130 --> 0:14:10.890 has a similar idea, you are unique, you are your 0:14:10.890 --> 0:14:12.600 superpower, you go out and do it. 0:14:13.020 --> 0:14:14.730 The other thing is that I have seen, in recent 0:14:14.730 --> 0:14:18.210 times, a lot of people online marketing ways to get 0:14:18.210 --> 0:14:21.630 passive income, and I must say, a lot of those 0:14:21.630 --> 0:14:23.910 offers seem a little bit too good to be true. 0:14:23.910 --> 0:14:26.940 What are your thoughts on the passive income industry that's 0:14:26.940 --> 0:14:28.320 on social media these days? 0:14:28.440 --> 0:14:30.510 I think the problem is that we all want to 0:14:30.510 --> 0:14:33.660 dream. And I always tell people, anything that's worth it 0:14:33.840 --> 0:14:36.630 takes time and is hard work, you've got to do 0:14:36.630 --> 0:14:39.720 the work. And so, let's really think about it. If 0:14:39.720 --> 0:14:42.210 I had this investment and I know that if we 0:14:42.240 --> 0:14:45.120 invest it, you're going to make a 100% return, why 0:14:45.120 --> 0:14:47.520 am I on the internet telling strangers? Wouldn't I just 0:14:47.520 --> 0:14:49.320 keep this to me and my family members and we 0:14:49.320 --> 0:14:50.160 just enjoy life? 0:14:50.190 --> 0:14:51.631 Oh, but Emman, they say that they don't want to gatekeep. 0:14:51.631 --> 0:14:55.590 And you have to really look into it, because a 0:14:55.590 --> 0:14:58.350 lot of the time, when you really dig deep, they're 0:14:58.350 --> 0:15:00.180 not making money from the thing they're telling you about, 0:15:00.180 --> 0:15:03.000 they're actually making money from the course. And that's okay, 0:15:03.240 --> 0:15:05.550 but let's be honest and open. And so, what's really 0:15:05.550 --> 0:15:07.650 important is, yes, it's great to get education, it's great 0:15:07.650 --> 0:15:10.800 to invest in yourself, but understand that it takes work 0:15:10.800 --> 0:15:12.390 and hard work. If you're not prepared to put the 0:15:12.390 --> 0:15:15.270 work in, don't follow the dream. Focus on what you 0:15:15.270 --> 0:15:17.730 can do, what you are doing. And remember, I always 0:15:17.730 --> 0:15:20.610 talk about personal finance, the clue is in the name, 0:15:20.790 --> 0:15:23.130 it's personal, so don't look at what other people are 0:15:23.130 --> 0:15:26.070 doing and how other people make money, understand your journey 0:15:26.190 --> 0:15:29.310 that you're on, your personal finance journey, and focus on that. 0:15:29.550 --> 0:15:33.630 Great advice. Well, to finish, let's have three tips from 0:15:33.630 --> 0:15:36.780 you about what you can do to build your income 0:15:36.930 --> 0:15:37.591 with a side hustle. 0:15:37.591 --> 0:15:41.880 Okay. So number one, I think what's really important is, 0:15:42.000 --> 0:15:46.200 who can I help? Always focus on helping people. Business 0:15:46.260 --> 0:15:48.930 in general is all about helping people. So who can 0:15:48.930 --> 0:15:52.620 you help? Two, marketing. One of the biggest problems I 0:15:52.620 --> 0:15:55.620 find for most people when they build a side hustle is that 0:15:55.620 --> 0:15:58.470 they're only posting on Instagram or in their WhatsApps, that 0:15:58.470 --> 0:16:01.650 is not marketing. You really have to market, understand who's the 0:16:01.650 --> 0:16:04.170 audience that you're trying to reach and be noisy about 0:16:04.170 --> 0:16:07.680 it. Doing one post a week, nobody cares, because if 0:16:07.680 --> 0:16:09.930 you understand how many posts are going out in the 0:16:09.930 --> 0:16:12.240 minute that you're sending, let alone the day, to get 0:16:12.240 --> 0:16:15.090 people's attention, you need to be noisy, so marketing is 0:16:15.090 --> 0:16:19.200 really, really important. And then, three is about customer feedback. 0:16:19.380 --> 0:16:21.270 I think one of the big things that people feel 0:16:21.270 --> 0:16:23.040 when they do a side hustle is they don't actually 0:16:23.040 --> 0:16:25.530 ask people, " Why did you choose my service? How did 0:16:25.530 --> 0:16:28.440 you find my service? How can I improve?" The biggest 0:16:28.440 --> 0:16:33.090 companies improve through knowledge of their customers, because the people 0:16:33.090 --> 0:16:35.790 that are buying from you... We're killing ourselves marketing to 0:16:35.790 --> 0:16:37.859 people that don't know you, yet you're not putting the 0:16:37.860 --> 0:16:40.710 attention to the people that are actually buying from you. So actually 0:16:40.740 --> 0:16:43.320 focusing on those who are buying from you, those who 0:16:43.320 --> 0:16:45.900 are actually consuming your product, and ask them, " How can 0:16:45.900 --> 0:16:48.630 I improve?" And I promise you, you will get more sales. 0:16:48.780 --> 0:16:52.860 Fantastic. Well, Emman, that's all been incredibly helpful. It's inspired 0:16:52.860 --> 0:16:54.990