Sign in
Download Opera News App



How to Successfully Generate Passive Income Through Side Hustles.

To begin, consider the following scenario. On a Friday night, you're bored at home. You're thinking about things to do to become rich, you're considering taking that long-awaited vacation, or maybe you're thinking about buying a house. But you'll need a lot of money to achieve these objectives! So you rack your brain for days and weeks, endlessly scrolling through YouTube videos and articles in the hopes of finding something potentially profitable. I'm going to put an end to this scenario here.

Does this sound familiar?

If that's the case, you're not alone. Many of us who try to make money on our own make the same mistake of looking for 'the holy grail' hustle. It's natural, but it's also pretty harmful. This constant testing and hopping from hustle to hustle is logically equivalent to going from theater to theater, watching 5 minutes of movies, and then deciding which one has the best story. When you examine all of the people who have successfully generated passive income streams, you will notice that they are typically in the top 10% of their chosen hustle and far above average. What are your conclusions as a result of this?

The conclusion that must be drawn is that the concept of specialization is critical. In today's economy, we've progressed from the 'all-in-one' Jack to the 'great-at-one' Jill. This also relates to a macroeconomic concept known as 'opportunity cost.' Without devoting too much time to economics, an opportunity cost is essentially what you lose by doing something else.

Rather than constantly looking for new side hustles, concentrate on mastering the one you already have or are interested in. Use the time you would have spent looking for other hustling opportunities to devote to it. Although I have two full-time jobs thanks to my side hustles, the reality is that most of us only have one to three side hustles. To be successful with side hustles, you must be above average at what you do. This, however, is not a difficult task. The average person does not make money in most hustles and abandons them within a month. The general consensus among those who have succeeded in quitting their jobs for side hustles is that it took them at least a year to make it stable and pay enough to replace their job. That average time is increasing.

There are still plenty of side hustles available, and you are reminded of them everywhere! It's entirely possible that all of them are capable of generating meaningful income, but, once again, the one who does is usually the one who only receives income from that source. Concentration is the only universal truth when it comes to acquiring wealth; look at the Forbes billionaire's list; the majority of those on the list have their wealth concentrated in ONE company.

Humans are extremely resilient and intelligent creatures. Nobody is born with the ability to excel at any given task. One achieves success through sheer grit and creativity. The main takeaway from this piece is to ignore the flood of side hustle opportunities and instead devote more resources to the one you already have. As a result, you will gain knowledge that can only be gained through experience and time.

If you're looking to get your feet off the ground, I hope you leave with the determination to focus your tunnel vision on that one hustle. Thank you for taking the time to read.

Content created and supplied by: robustflipper (via Opera News )


Load app to read more comments