WEBVTT - Want a side hustle? Avoid these ones 0:00:01.680 --> 0:00:03.880 Welcome to How Do They Afford That? The podcast that 0:00:03.960 --> 0:00:07.280 peaks into the financial lives of everyday Australians. I'm Michael Thompson. 0:00:07.320 --> 0:00:09.160 I'm an author and the co host of the podcasts 0:00:09.480 --> 0:00:13.119 Fear and Greed. As always, I'm with Canna Campbell, financial 0:00:13.160 --> 0:00:16.280 planner and the founder of Sugar Maumer TV, the financial 0:00:16.280 --> 0:00:20.920 literacy platform covering YouTube and podcast books, Instagram threads, TikTok, keynote, 0:00:20.960 --> 0:00:23.440 speeches and more. Hello, Canna, good money. 0:00:23.440 --> 0:00:23.880 How are you? 0:00:24.160 --> 0:00:28.200 I am great and I'm looking forward to today because 0:00:28.240 --> 0:00:32.479 we are talking about side hustles. We have talked a 0:00:32.600 --> 0:00:36.519 lot about side hustles on this podcast. It's a frequent 0:00:36.840 --> 0:00:40.239 topic on this show because who doesn't want to earn 0:00:40.240 --> 0:00:41.200 a little extra cash? 0:00:41.479 --> 0:00:41.599 Right? 0:00:41.640 --> 0:00:43.920 I don't think anybody would put themselves in that category 0:00:43.960 --> 0:00:48.280 of not wanting to do that. Last year we covered 0:00:48.320 --> 0:00:51.360 great ideas. Last year we did some summer side hustles. 0:00:51.479 --> 0:00:53.559 Earlier this year we did a bunch of ways to 0:00:53.720 --> 0:00:58.960 make money online as well digital side hustles. Today, I 0:00:58.960 --> 0:01:02.960 would like to go in a slightly different direction. Today 0:01:03.160 --> 0:01:07.360 it is about avoiding the pitfalls. We are going to 0:01:07.400 --> 0:01:10.560 go through some side hustles to avoid either because they're 0:01:10.640 --> 0:01:13.759 very hard to make money from. Perhaps in some cases 0:01:13.800 --> 0:01:18.760 they outright scams as well. So I know this is 0:01:18.760 --> 0:01:20.840 a little bit negative, isn't it. And you're normally a 0:01:20.920 --> 0:01:25.080 very kind of positive person, right, So this is going 0:01:25.120 --> 0:01:28.399 to be perhaps an uneasy approach for you. 0:01:28.959 --> 0:01:31.040 I think it's going to be refreshingly honest. 0:01:31.440 --> 0:01:34.280 Oh, I like that You're going to hammer some scam 0:01:34.360 --> 0:01:40.040 hustles here. Is there a temptation to rush into a 0:01:40.120 --> 0:01:43.840 side hustle without actually checking if it's worth it? And 0:01:43.880 --> 0:01:46.240 this is let's put scams to one side for a 0:01:46.280 --> 0:01:49.840 sec potentially, but just about kind of is it actually 0:01:49.840 --> 0:01:52.000 going to be worth your time to do this or 0:01:52.040 --> 0:01:53.200 are you just going to do a heck of a 0:01:53.200 --> 0:01:54.600 lot of work for not much gain. 0:01:55.280 --> 0:01:58.880 Look if there is an allure of some extra income 0:01:59.240 --> 0:02:02.120 or some quick and then you factor on top of 0:02:02.160 --> 0:02:04.240 that fact that you're under a bit of financial pressure, 0:02:05.200 --> 0:02:08.200 absolutely that you know there is a huge temptation, you know, 0:02:08.280 --> 0:02:10.840 to jump on that, and it's very easy to get 0:02:10.840 --> 0:02:13.480 caught up in the excitement and you know the opportunity 0:02:13.639 --> 0:02:17.800 and you start leaving that rational thinking at the door. 0:02:17.880 --> 0:02:20.560 But often you know it sounds too easy or too 0:02:20.600 --> 0:02:22.920 good to be true? It usually is. 0:02:23.639 --> 0:02:26.799 What are the big red flags that a side hustle 0:02:26.840 --> 0:02:28.480 perhaps might not pay off? 0:02:28.880 --> 0:02:33.160 There are lots so high upfront costs, you know, and 0:02:33.200 --> 0:02:35.359 I often see this online where people have to buy 0:02:35.480 --> 0:02:39.799 a starter kit that you've got to fund yourself. Oh yeah, 0:02:40.080 --> 0:02:46.160 have you ever seen those? Well? No, okay, I'm glad, Okay, 0:02:46.320 --> 0:02:50.160 all right. Another red flag is promises of fast, guaranteed income. 0:02:50.919 --> 0:02:53.480 So you know, sometimes I see this, are you talking 0:02:53.480 --> 0:02:56.040 about to get rich quick scheme? No, these are like 0:02:56.120 --> 0:02:57.960 we have to buy and it's like they pitch it 0:02:58.000 --> 0:03:01.720 as a side hustle, and it is almost they kind 0:03:01.720 --> 0:03:03.920 of get well, they're trying to be they're selling it 0:03:03.960 --> 0:03:06.560 like a get rich quick scheme. So I often see 0:03:06.560 --> 0:03:09.480 these on what they call when they're wrapped around a 0:03:09.520 --> 0:03:13.840 telegraph pole, the posters that says, you know, do you 0:03:13.840 --> 0:03:15.679 want to earn an extra five thousand dollars a week 0:03:15.760 --> 0:03:16.880 working from your phone? 0:03:18.440 --> 0:03:23.239 Look, I think they are guaranteed red flags, right. 0:03:23.080 --> 0:03:25.240 If they pitch them as a side hustle with people think, oh, 0:03:25.280 --> 0:03:27.440 you know, I'm on the bus, I'm sitting in my 0:03:27.440 --> 0:03:28.920 phone and mass we'll do this just be a bit 0:03:28.960 --> 0:03:31.320 of a sight hustle, so you're thinking of it as 0:03:31.320 --> 0:03:32.000 a side hustle. 0:03:32.600 --> 0:03:36.160 That's a good point, and those things you do see it, 0:03:37.080 --> 0:03:40.080 and you also get kind of unsolicited text messages about 0:03:40.120 --> 0:03:42.839 those oh yeah, all the time. But you see them 0:03:42.880 --> 0:03:46.080 on the side of a telegraph pole offering a lot 0:03:46.080 --> 0:03:47.760 of money, might be five hundred bucks a week or 0:03:47.800 --> 0:03:49.600 two thousand dollars a week, and all you need to 0:03:49.640 --> 0:03:51.840 do is have a phone and away you go. 0:03:52.560 --> 0:03:55.160 The other red flag is when you see when you 0:03:55.200 --> 0:03:56.880 start sort of doing a bit of digging and there's 0:03:56.920 --> 0:03:59.160 just a complete lack of transparency. If you always feel 0:03:59.160 --> 0:04:02.520 a little bit confused, you know there's vague job descriptions, 0:04:02.600 --> 0:04:05.600 or there's hidden fees, and you know there's no business details, 0:04:05.640 --> 0:04:09.160 or you don't understand who you're actually potentially in business 0:04:09.160 --> 0:04:12.120 with the side hustle or how it really works. And 0:04:12.160 --> 0:04:15.760 then there's like pressure tactics where you know, people will say, well, 0:04:15.800 --> 0:04:17.400 if you want to have this as your side hustle, 0:04:17.720 --> 0:04:19.720 you've got to sign up today because there's only a 0:04:19.760 --> 0:04:22.200 limited amount of spots that we're allowing people, you know, 0:04:22.279 --> 0:04:26.400 to be a part of this side hustle opportunity. Then 0:04:27.279 --> 0:04:30.840 no proof there's no evidence. You haven't actually seen anyone 0:04:30.920 --> 0:04:33.599 necessarily succeeding at that side hustle. And of course we're 0:04:33.640 --> 0:04:37.000 not talking about, you know, someone with a certain skill set. 0:04:37.600 --> 0:04:40.680 We're talking about people who are trying something new, some 0:04:40.720 --> 0:04:44.760 sort of new market and new skill. They're trying to 0:04:44.800 --> 0:04:47.560 sort of, I guess, be on the next bitcoin for example, 0:04:47.640 --> 0:04:50.360 because you know, we wear their side hustles, perhaps trading 0:04:50.400 --> 0:04:56.920 crypto and then a complicated contracts where you carry all 0:04:56.920 --> 0:04:59.359 the risk such as you know, having to buy these 0:04:59.400 --> 0:05:01.479 starter kits, or having to buy a certain amount of stock, 0:05:01.560 --> 0:05:04.040 or having to hold on to a certain amount of stock. 0:05:05.040 --> 0:05:07.400 That's where you start going, hang on like this, this 0:05:07.480 --> 0:05:10.120 isn't really a side hustle. This is something else. 0:05:11.920 --> 0:05:16.039 We're actually getting into quite a sinister place here, because 0:05:16.080 --> 0:05:18.280 when I started thinking about this episode, part of me 0:05:18.400 --> 0:05:22.520 was just thinking about side hustles where you are essentially 0:05:22.600 --> 0:05:26.200 backing yourself to go and do something and maybe it's 0:05:27.160 --> 0:05:30.240 I don't know, kind of making craft goods and selling 0:05:30.240 --> 0:05:35.200 them at the markets or something, for instance. And the 0:05:35.320 --> 0:05:38.000 risk there to me would be that you're going to 0:05:38.040 --> 0:05:41.120 put a lot of time, a lot of effort, perhaps 0:05:41.240 --> 0:05:42.800 need to buy a lot of things and pay for 0:05:42.880 --> 0:05:44.880 a stall and you're not going to make any money 0:05:44.880 --> 0:05:47.200 out of it potentially, right, and that would be the 0:05:47.320 --> 0:05:50.120 risk with that. But what you're talking about is actually 0:05:50.640 --> 0:05:56.839 quite sinister, that there are potentially people out there trying 0:05:56.880 --> 0:06:02.600 to rip you off through these schemes and marketing them 0:06:02.640 --> 0:06:03.480 as a side hustle. 0:06:04.279 --> 0:06:07.520 See, you're still almost talking like almost like a developing 0:06:07.560 --> 0:06:09.920 a business you know you're selling, So I'm talking about 0:06:09.920 --> 0:06:12.559 more of it as a as you used as a scheme. 0:06:12.640 --> 0:06:14.800 So two very similar things. They're still full on the 0:06:14.880 --> 0:06:17.440 under the banner of side hustles, and you're making some 0:06:17.480 --> 0:06:18.640 extra money in your spare time. 0:06:18.800 --> 0:06:21.800 Okay, have you got any horror stories like have you 0:06:21.880 --> 0:06:22.880 seen this play out? 0:06:24.240 --> 0:06:28.200 Oh? Gosh, you know what, there's so many. I haven't personally, 0:06:28.880 --> 0:06:34.640 but there are so many documentaries on these, more so 0:06:35.000 --> 0:06:39.040 multi level marketing schemes, like some of the herb Life one, 0:06:39.160 --> 0:06:42.920 some of the Essential Oils. There's one I believe about leggings, 0:06:43.000 --> 0:06:47.920 which I'm dying to watch. So yes, I have seen it, 0:06:47.960 --> 0:06:49.920 but not personally about you. 0:06:49.920 --> 0:06:53.680 No. Again, I suppose this gets down to this question 0:06:53.839 --> 0:06:57.160 of an investment of your time and your money and 0:06:57.200 --> 0:07:00.000 whether it pays off, and so it's less about getting 0:07:00.120 --> 0:07:04.120 ripped off by an overarching kind of body and more 0:07:04.279 --> 0:07:07.040 just about is this side hustle going to be worth 0:07:07.279 --> 0:07:09.880 your investment? Right? 0:07:10.640 --> 0:07:12.960 Actually I do now that you say that. I've spoken 0:07:12.960 --> 0:07:15.920 about this before. But Tom created these ice packs for 0:07:16.040 --> 0:07:20.000 dogs and horses and it was a massive flop. I mean, 0:07:20.000 --> 0:07:23.120 we're still we had ice packs coming out of very 0:07:23.200 --> 0:07:25.000 ears to the point where, like I literally wanted to 0:07:25.040 --> 0:07:28.320 burn them, and we got to the point where literally 0:07:28.360 --> 0:07:32.160 we were just agreed it was disaster. And Tom Kittle 0:07:32.200 --> 0:07:34.200 saying it's a sleeping giant. You wouldn't believe it. They 0:07:34.240 --> 0:07:36.520 now sell he sells like a couple of thousand dollars 0:07:36.600 --> 0:07:37.760 worth of ice packs. 0:07:37.600 --> 0:07:39.040 A week now he does. 0:07:39.080 --> 0:07:40.920 He's like something that sleeping giant. 0:07:41.000 --> 0:07:42.640 Yeah, hey, so Tom does. 0:07:42.840 --> 0:07:47.480 Yeah, this has been going on. We've been together what 0:07:47.520 --> 0:07:50.920 I think nine years, and only in the last probably 0:07:50.960 --> 0:07:56.680 eighteen months has it actually sudden like exploded. And that 0:07:56.800 --> 0:07:57.560 is a side hustle. 0:07:57.920 --> 0:08:01.640 This was supposed to be an episode about warning people 0:08:02.080 --> 0:08:05.120 side hustles. You have just said, you know what, no 0:08:05.160 --> 0:08:07.680 matter how much this costs and how much this drains on, 0:08:07.720 --> 0:08:10.600 you stick with it because this thing is guaranteed to 0:08:10.600 --> 0:08:11.080 pay off. 0:08:11.240 --> 0:08:13.760 But it's just I mean, we've spoken about this before, 0:08:13.800 --> 0:08:15.400 you know, when you were setting up a small business 0:08:15.400 --> 0:08:17.280 on the side, and this is a bit different. You know, 0:08:17.880 --> 0:08:20.200 it's another form of a business within a business. But 0:08:20.840 --> 0:08:22.840 you know that initially was we thought it was an 0:08:22.840 --> 0:08:25.240 absolute disaster and a huge waste of money. 0:08:25.480 --> 0:08:31.120 Okay. At the complete other end of the scale, we 0:08:31.200 --> 0:08:35.880 recently dabbled in like letterbox deliveries, pamphlet deliveries and you 0:08:35.880 --> 0:08:37.600 see those kind of you get them in the mailbox 0:08:37.760 --> 0:08:39.280 kind of saying hey, do you want to be a 0:08:39.320 --> 0:08:42.200 delivery person in your area, And was in the school 0:08:42.200 --> 0:08:43.840 holidays and we thought, you know what, this could be 0:08:43.880 --> 0:08:46.320 fun to do with the kids. Yeah, and it could 0:08:46.320 --> 0:08:47.880 be a good way to teach them kind of the 0:08:47.960 --> 0:08:50.600 value of money. And so we said, kind of help 0:08:50.679 --> 0:08:53.400 us with this, do this with us, and we will 0:08:53.440 --> 0:08:56.520 put the money towards a trip to the movies. Right, 0:08:56.600 --> 0:09:00.440 And so that was direct kind of work for a reward. Okay, 0:09:01.559 --> 0:09:05.920 Oh my god. It was the longest, most drawn out 0:09:05.960 --> 0:09:08.840 process because what you don't realize is you need to 0:09:08.880 --> 0:09:12.240 compile all of the pamphlets into one, so you might 0:09:12.320 --> 0:09:15.200 have like eight individual pamphlets, and so you're having to 0:09:15.200 --> 0:09:17.240 stat and they're all up in these kind of stacks 0:09:17.240 --> 0:09:19.120 of hundreds of them, and so you're they're kind of 0:09:19.120 --> 0:09:22.160 going one, okay, that's one bundle. Then you've got to 0:09:22.200 --> 0:09:25.120 do it four hundred times over again and again and 0:09:25.160 --> 0:09:27.600 again and again and again. Then you've got boxes and 0:09:27.640 --> 0:09:30.520 boxes of pamphlets then to take out. And so we 0:09:30.559 --> 0:09:32.520 had to drive. We were doing it kind of in 0:09:32.559 --> 0:09:34.280 our local area, but we still needed to get into 0:09:34.280 --> 0:09:37.560 the car, drive a couple of streets over park there. 0:09:37.760 --> 0:09:40.600 Use that as like a mobile operating base from which 0:09:40.679 --> 0:09:43.120 to go, and so Sean and I were each going 0:09:43.240 --> 0:09:47.079 with one child each and we went off in different directions. 0:09:47.120 --> 0:09:48.680 We mapped it all out and we did it and 0:09:48.720 --> 0:09:50.760 took us hours. And my god, it was hot. It 0:09:50.760 --> 0:09:53.960 was about thirty degrees that day. And the kids were 0:09:54.160 --> 0:09:57.559 very enthusiastic at the start and got progressively less enthusiastic 0:09:57.640 --> 0:10:00.480 as it went on, and we did it. It took 0:10:00.520 --> 0:10:03.400 a very long time. And you know what, we figured 0:10:03.400 --> 0:10:06.840 out at the end that we were working for an 0:10:06.880 --> 0:10:11.120 effective hourly rate of five dollars an hour all that, 0:10:11.720 --> 0:10:14.480 and so it taught them, the kids a valuable lesson 0:10:14.480 --> 0:10:18.400 about the value of money, and they got to go 0:10:18.440 --> 0:10:21.240 to the movies and it taught us the valuable lesson 0:10:21.520 --> 0:10:24.240 that we never want to do that again as long 0:10:24.280 --> 0:10:26.040 as we live. And so it kind of goes to 0:10:26.080 --> 0:10:29.160 that question of how do you figure out whether something 0:10:29.240 --> 0:10:31.600 is going to be worth your time, worth your effort, 0:10:31.679 --> 0:10:33.199 worth the hours that you're going to have to put 0:10:33.200 --> 0:10:35.080 into it. If you are looking at kind of like 0:10:35.120 --> 0:10:38.280 this side house, whether it's delivering pamphlets, whether it's kind 0:10:38.280 --> 0:10:42.040 of starting a little business and selling things at the markets, 0:10:42.240 --> 0:10:47.120 or I don't know, writing content online, creating a course, 0:10:47.520 --> 0:10:50.280 how do you figure out if you're going to actually 0:10:50.320 --> 0:10:52.280 make any money out of it? And it's probably an 0:10:52.280 --> 0:10:53.400 impossible question. 0:10:54.320 --> 0:10:55.520 Well, I think you need to do a bit of 0:10:55.520 --> 0:10:58.760 a pilot. You know, have give yourself a deadline and say, 0:10:58.760 --> 0:10:59.920 all right, I'm going to give this a go for 0:11:00.240 --> 0:11:03.120 thirty days or ninety days, or I'll give myself a 0:11:03.120 --> 0:11:05.319 whole year to give this his best shot. And you've 0:11:05.360 --> 0:11:08.640 got to track not just you know, what you're putting 0:11:08.679 --> 0:11:11.080 in for like investing money if you're having to buy 0:11:11.400 --> 0:11:14.240 supplies and stock, but also the income that you've got 0:11:14.240 --> 0:11:17.160 coming in. How much profit really you're making. But also 0:11:17.240 --> 0:11:21.600 the time are you sacrificing every single weekend and working 0:11:21.679 --> 0:11:24.960 until midnight every single night? You know, you worked out 0:11:24.960 --> 0:11:26.800 that you guys were earning five dollars an hour. You 0:11:26.840 --> 0:11:29.480 know you need to do exactly the same. And you know, 0:11:30.040 --> 0:11:32.760 a good sort of point of comparison is is would 0:11:32.800 --> 0:11:34.560 I do this as a full time job at that 0:11:34.720 --> 0:11:35.360 hourly rate? 0:11:36.000 --> 0:11:39.320 Probably not, I don't think so. The benefit of that 0:11:39.520 --> 0:11:41.800 was that there was kind of no lock in contract. 0:11:42.080 --> 0:11:43.440 We didn't have to do it again and again and 0:11:43.440 --> 0:11:45.640 again and again. We were able to do a test, 0:11:45.720 --> 0:11:48.199 we'll do a little kind of pilot of that, and 0:11:48.480 --> 0:11:51.160 realized after kind of two weeks, you know what, it's 0:11:51.160 --> 0:11:51.960 probably not for us. 0:11:52.480 --> 0:11:56.640 And did you have great satisfaction going I quit? We quit? 0:11:58.040 --> 0:12:00.319 I think Shan did. Yes. She was like, I'm sending 0:12:00.320 --> 0:12:03.680 them a very aggressive message. I'm like, okay, good luck, 0:12:04.080 --> 0:12:11.600 that's cool. Yeah, yes, she's she doesn't hold back anyway. Hi, Shan, 0:12:12.080 --> 0:12:14.440 I hope you're listening. We're going to take a very 0:12:14.480 --> 0:12:17.120 quick break. I'm going to send an apology message to 0:12:17.160 --> 0:12:19.439 my wife and we'll come back in a second. We've 0:12:19.440 --> 0:12:22.080 got a great listener. Email that I want to address 0:12:22.120 --> 0:12:24.720 today as well, which is all about side hustles. But 0:12:25.160 --> 0:12:27.000 I know that this has been very negative about things 0:12:27.040 --> 0:12:28.840 not to do. This is actually going to be about 0:12:28.880 --> 0:12:32.439 some things to do because this listener wants some advice 0:12:32.600 --> 0:12:34.720 on some potential ideas, and I think we could probably 0:12:34.720 --> 0:12:35.240 help them out. 0:12:35.320 --> 0:12:36.280 Oh I like this of this. 0:12:36.320 --> 0:12:38.040 Okay, we'll take a quick break back in a moment. 0:12:44.559 --> 0:12:46.560 Can We are talking about side hustles, and we have 0:12:46.640 --> 0:12:49.760 been talking about things to avoid basically, how to avoid 0:12:49.800 --> 0:12:53.160 some of those pitfalls of side hustles, perhaps because they 0:12:53.160 --> 0:12:55.280 are very hard to make money from, perhaps because they 0:12:55.320 --> 0:12:57.960 are in fact kind of how to rip you off 0:12:58.000 --> 0:13:01.080 if they are part of a larger organization. Are there 0:13:01.080 --> 0:13:04.120 any side hustles that look really flexible on the surface 0:13:04.160 --> 0:13:06.480 but will end up costing you more than you earn 0:13:06.600 --> 0:13:09.719 kind of petrol and fees and stress and things like that. 0:13:09.760 --> 0:13:11.760 And I see kind of a lot of the delivery 0:13:11.840 --> 0:13:14.880 drivers and things. That is something that you can actually 0:13:15.000 --> 0:13:17.800 measure out though, can't you You can calculate exactly how 0:13:17.880 --> 0:13:20.880 much you're going to earn and make an educated decision. 0:13:21.120 --> 0:13:24.560 Yes, absolutely so with those gig gaps, like you know, 0:13:24.720 --> 0:13:28.040 delivery or you know ride share, you can run your 0:13:28.080 --> 0:13:30.640 numbers before you commit, so and you know exactly how 0:13:30.679 --> 0:13:32.360 much you're going to get paid, so you're making an 0:13:32.440 --> 0:13:36.360 educated decision before you actually commit. And also with a 0:13:36.360 --> 0:13:41.080 lot of those you know, ride shairs and Amazon delivery partners, 0:13:41.559 --> 0:13:43.760 you can choose when you want to work. So you 0:13:43.840 --> 0:13:45.920 might think, well, I've got a type month of bills 0:13:45.960 --> 0:13:48.760 coming in, I'll just do a solid month of you know, 0:13:49.080 --> 0:13:51.560 side hustles. But then you know, there's things like drop 0:13:51.600 --> 0:13:54.920 shipping and online reselling now that can work, and I 0:13:54.920 --> 0:13:57.880 have seen it work, but it also requires a lot 0:13:57.960 --> 0:14:00.920 of time, a lot of upfront investment into your website 0:14:00.920 --> 0:14:05.120 and having some skills around marketing. It's you know, there's 0:14:05.160 --> 0:14:07.320 a lot of trial and error, and if you don't 0:14:07.320 --> 0:14:12.040 have any experience in drop shipping, it can go against you. 0:14:12.080 --> 0:14:15.760 And obviously it's also quite saturated as well. Another one 0:14:15.800 --> 0:14:18.920 that people always ask me is survey sites. You know, 0:14:18.960 --> 0:14:21.440 where you get paid to do a survey and they'll 0:14:21.440 --> 0:14:23.960 pay you like five dollars per survey, but they don't 0:14:24.000 --> 0:14:25.240 tell you it's going to take you an hour to 0:14:25.280 --> 0:14:27.640 do that survey, and it's actually a really boring survey 0:14:27.920 --> 0:14:31.280 and you know really fairly. You know that can actually 0:14:32.440 --> 0:14:34.440 you can almost be caught out and most ripped off, 0:14:34.440 --> 0:14:37.080 I find by doing those surveys because you're committed to 0:14:37.120 --> 0:14:39.280 doing it, and then you find yourself like three quarters 0:14:39.320 --> 0:14:41.480 of the way going, oh my goodness, this is torture. 0:14:41.920 --> 0:14:44.040 And then you discover you know, you're only getting a 0:14:44.080 --> 0:14:46.040 small amount of money for that, or it's a voucher. 0:14:46.120 --> 0:14:48.000 Sometimes they pay you. And of course, then as we 0:14:48.160 --> 0:14:50.280 discuss the multi level marketing schemes. 0:14:50.520 --> 0:14:52.640 How important is it and you mentioned kind of when 0:14:52.680 --> 0:14:54.840 you don't have any knowledge of drop shipping or anything 0:14:54.880 --> 0:14:58.040 like that, how important is it to align a side 0:14:58.120 --> 0:15:01.480 hustle with your own interests or your own kind of hobbies. 0:15:01.720 --> 0:15:04.240 I suppose you're probably setting yourself up for a greater 0:15:04.400 --> 0:15:06.560 chance of success because it's something that you actually want 0:15:06.600 --> 0:15:06.920 to do. 0:15:06.920 --> 0:15:10.160 Right exactly, it's crucial, you know, when you're doing a 0:15:10.200 --> 0:15:13.040 side hustle, it's something you love, something you're passionate about, 0:15:13.040 --> 0:15:15.560 something that you see is not just about making money 0:15:15.600 --> 0:15:19.040 but also improving your own skill set. It's not a 0:15:19.200 --> 0:15:21.680 chore to get out of bed at five am and 0:15:21.760 --> 0:15:24.440 work on it, and you know, doesn't feel like a 0:15:24.480 --> 0:15:26.800 sacrifice when you're not going out on the weekend to 0:15:26.800 --> 0:15:29.080 see your friends and family. Because you're working on your 0:15:29.320 --> 0:15:32.240 side hustle, you're a lot more motivated and therefore you're 0:15:32.280 --> 0:15:35.920 more likely to succeed with that side hustle. And so 0:15:36.360 --> 0:15:39.640 you know, I would ask myself, you know, would I 0:15:39.680 --> 0:15:42.360 even do this if I wasn't getting paid at first? 0:15:42.400 --> 0:15:44.760 And some people say, you know what, I'm happy to 0:15:44.840 --> 0:15:47.840 do this and make no money for three months because 0:15:47.840 --> 0:15:49.960 I'm so excited about This is something I'm really passionate about, 0:15:49.960 --> 0:15:53.080 and I see it an intangible value that comes to 0:15:53.120 --> 0:15:55.400 me beyond actually making money, because I'll be able to 0:15:55.520 --> 0:15:57.520 get better at using my camera, I'm going to get 0:15:57.520 --> 0:16:00.000 better at creating content, or I'm going to get better 0:16:00.240 --> 0:16:02.800 at the particular arts and crafts, you know. So that's 0:16:02.960 --> 0:16:05.360 a great sign. You know, you're going in with nothing 0:16:05.600 --> 0:16:08.280 to lose in so much to gain an abundant mindset. 0:16:08.360 --> 0:16:11.120 So yes, you've got to really love this, And you know, 0:16:11.200 --> 0:16:13.920 side hustles are supposed to be fun, supposed to be, 0:16:14.120 --> 0:16:16.800 you know, something you look forward to and repull the 0:16:16.800 --> 0:16:20.920 wonderful benefits. It's not punishing yourself or torturing yourself and 0:16:20.920 --> 0:16:23.040 doing something that makes you feel miserable. 0:16:23.280 --> 0:16:26.200 Yeah. Yeah, I think that makes a lot of sense 0:16:26.280 --> 0:16:28.760 because that way, if you're enjoying it, then the money 0:16:28.840 --> 0:16:30.360 can just be a benefit that comes. 0:16:30.120 --> 0:16:32.240 Along from it, exactly, a bonus. Yeah. 0:16:32.320 --> 0:16:35.160 Okay, you've kind of given us a bit of a 0:16:35.200 --> 0:16:39.320 checklist there for spotting a good side hustle that it 0:16:39.400 --> 0:16:42.800 is something that you enjoy. Are there any other things? 0:16:42.800 --> 0:16:44.680 I know I'm going to put you under pressure because 0:16:44.680 --> 0:16:46.200 we are running out of time. Do you reckon you 0:16:46.200 --> 0:16:48.240 could do this in say thirty seconds or less, because 0:16:48.240 --> 0:16:49.680 I really want to get to the listener questions. 0:16:49.680 --> 0:16:52.520 I'm talking I'll do it all right. So a low 0:16:52.560 --> 0:16:55.120 startup cost, so minimal financial risk. You know, you're not 0:16:55.120 --> 0:16:57.360 having to sink a whole part of money. It's making 0:16:57.400 --> 0:17:00.400 it scalable, you know, knowing that you can actually grow 0:17:00.440 --> 0:17:04.840 this over time, particularly as your own skills and experience increase. 0:17:05.400 --> 0:17:08.280 Making sure it's flexible. You know, there are certain times 0:17:08.280 --> 0:17:10.680 of the year where we have other commitments and we 0:17:10.760 --> 0:17:14.080 have to you know, maybe not put the side hustle 0:17:14.119 --> 0:17:16.919 on hold, but perhaps scale down or press pause temporarily, 0:17:17.440 --> 0:17:19.679 you know, making sure it's aligned, as we've said, and 0:17:19.760 --> 0:17:23.800 making it a legitimate structure, so you understand the model 0:17:23.800 --> 0:17:25.520 behind your side hustle or is it going to be 0:17:25.560 --> 0:17:27.840 evolving into a business. Is it going to be profitable 0:17:28.200 --> 0:17:31.440 if you've got the right legal framework in place, And 0:17:31.480 --> 0:17:35.959 then you know, looking at whether it's transferable skills. You know, 0:17:36.520 --> 0:17:39.160 can you use these skills for other areas of your life? 0:17:39.280 --> 0:17:41.880 You know what other intangible values are going to come 0:17:41.880 --> 0:17:44.760 from it? And the best side hustles don't just make money, 0:17:44.960 --> 0:17:47.200 you know, they actually make you smarter, They make you 0:17:47.200 --> 0:17:49.920 more skilled, more entrepreneurial, more independent. 0:17:50.400 --> 0:17:54.480 Okay, that was slightly longer than i'd. 0:17:54.520 --> 0:17:55.720 Sorry, I got a little bit carriederwat. 0:17:55.880 --> 0:17:58.160 That's fine. That's fine. I've been known to waffle on occasion. 0:17:58.640 --> 0:18:03.359 Not today, obviously. Is it time for our listener question? Yes, 0:18:03.560 --> 0:18:05.879 because I love this. This has come from Holly and 0:18:05.920 --> 0:18:10.360 so Holly sent a message via Instagram. She went along 0:18:10.400 --> 0:18:12.680 to my Instagram Michael Thompson author, just in case you 0:18:12.720 --> 0:18:15.439 want to do the same thing, And she says, and 0:18:15.480 --> 0:18:20.080 her name is Holly, and she says, my husband and 0:18:20.160 --> 0:18:22.560 I own over seven acres of land out in the 0:18:22.600 --> 0:18:25.000 country and the process of building our dream off grid 0:18:25.040 --> 0:18:27.600 home on it. So it's a great little kind of setup, right, 0:18:27.640 --> 0:18:32.480 and this is in a regional Victoria okay, And she says, 0:18:32.640 --> 0:18:35.719 as we're getting close to finishing the build and moving in, 0:18:35.840 --> 0:18:37.760 we're trying to figure out what we can do with 0:18:37.840 --> 0:18:41.359 the land to actually make some money. She says, I 0:18:41.400 --> 0:18:43.840 know not everyone has acreage, but perhaps some of your 0:18:43.840 --> 0:18:46.359 listeners have decent sized blocks and might be thinking the 0:18:46.400 --> 0:18:49.679 same thing. There's a great question. So one idea that 0:18:49.720 --> 0:18:53.280 we've tossed around is growing saffron, right, which is cool. 0:18:53.560 --> 0:18:56.760 It's very kind of high value saffron is it's interesting, 0:18:56.960 --> 0:18:59.919 but she said, but we're wondering what other creative or 0:19:00.080 --> 0:19:04.040 realistic ways there might be to generate income or build 0:19:04.119 --> 0:19:09.080 wealth from the land besides just essentially straightforward farming of 0:19:09.119 --> 0:19:13.880 the land, which I think is really interesting. She has 0:19:13.920 --> 0:19:17.879 suggested that maybe a miniature donkey farm might be a 0:19:17.880 --> 0:19:19.879 good idea. It feels like that's a passion project that 0:19:19.920 --> 0:19:22.280 she's trying to convince her husband to get on board with. 0:19:22.640 --> 0:19:24.920 So juries out on the donkey farm. But we'll take 0:19:24.960 --> 0:19:27.760 that under consideration. What do you think, Kenna? 0:19:28.760 --> 0:19:33.560 Okay, So there's so much I mean farming saffron that 0:19:33.960 --> 0:19:37.200 years of experience and knowledge, and you know, being farming 0:19:37.280 --> 0:19:40.919 is such a it's so fragile. You know, the elements 0:19:41.600 --> 0:19:45.320 control so much of your success, and you know, I 0:19:45.320 --> 0:19:49.480 mean you're jumping into something that potentially requires a huge 0:19:49.520 --> 0:19:52.399 amount of knowledge and experience, and you don't even know 0:19:52.440 --> 0:19:54.359 if you have the right land. I mean, the soil 0:19:54.440 --> 0:19:57.480 cauality may be not appropriate for saffron. So I see 0:19:57.480 --> 0:20:00.480