This is the year that could change everything. Your side hustle could grow into a main hustle which could grow into a multi-million dollar business.
10 years ago, I was reading the book The Four-Hour Workweek by Tim Ferris (if you haven’t read it, you need to!) and it planted the idea in my head that it was possible to make a full time income on the internet without the constraints of working a full 8 hour day. In fact, in the book there are examples of people who log on once a week, claim their profit, and that’s the extent of their work. I thought to myself, this seems super sketch. This concept went against everything I was told about working my way up the corporate ladder. But only working a few hours a week? It’s worth a shot, right?
If you go to Google and type in “how to make money online”, you’re going to be bombarded with a plethora of crazy methods. It’s actually a pretty dark world. If you’re just beginning your side hustle journey, I want to start by weeding out the methods that could not only waste your time and money, but could jeopardize everything for you.
While there are many bad ones out there, I’m going to go over my top three that I advise you to avoid. You may potentially disagree with me — and most times somebody does — but I want you to know that I’ve literally tried it all: Amazon FBA, drop shipping, Etsy, flipping items, affiliate marketing, blogging, YouTube, you name it.
My 3 Rules
So, why do I avoid these side hustles? When choosing a method, I make sure they follow my 3 key rules:
- Risk. How risky is this side hustle? Do I have to risk money? Time? More than that? Am I risking getting sued? Am I risking people’s health? What’s the risk?
- Cost. How much is this side hustle going to cost me? Do I need to take out a loan? What’s the capital? How much can I afford to lose?
- Time. How much time do I have to devote to this side hustle? What am I getting in return for my time?
Now that you know my three rules, let’s go over the three side hustles that I encourage you not to do.