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Side Hustle Spark 314: $160,000 per month in passive income

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Graham Cochrane is 38 and bringing in some serious cash.

What launched him on his steady rise to affluence? Getting laid off in 2009.

He opted to ramp up his passion for music production and in the process he launched his blog The Recording Revolution , as well as a YouTube channel.

And now the poor guy is putting in about five hours per week on his Recording Revolution ($40,000 per month) and his online coaching ($120,000 per month in gross sales) businesses.

For more of Graham’s story…

Photo by Soundtrap on Unsplash

Three tips he shares:

1. Sell your skills to earn passive income.

2. Give people a free sample of what you can offer.

3. Build automatic systems.

Side Hustle Suggestion 89: Balancing side hustle with your job–3 tips

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For those readers juggling both job and side hustle, bravo. (Of course, this being pandemic times, I’m sending you good vibes that you have a job.)

So, how to weave the hustle into your daily routine?

This 2018 article by CNBC’s Simon Slade offers 3 tips to make it work. (While I do supply key points, I encourage you to read the entire 800-word piece.)

Create specific hours.

“…even for just a half hour. Routine is key.”

Get comfortable with the word ’no’. 

“If you don’t have the bandwidth, don’t take it on.”

Look for crossover opportunities.

“When you find certain skills or activities that can serve both your side hustle and your full-time job, practice them.”

The author’s final point: Above all, maintain your own health and sanity. 

In this weird thing called 2020, AMEN!
(As I write this, I’m essentially a shut-in amidst hour 40
of smoke-filled skies and falling ash– a 99% shut-in.)

  • Hang in there, side hustlers or whatever you want to call yourselves.
  • I’ve been reading some stuff that questions the wisdom of all this extra hustle-related exertion–one of the reasons I posted this.
  • Either way, and for whatever reasons you’re going this route (short of shady deals), I’m in your corner.

Suggestion 77: Fiverr success stories

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So we looked at a few Upwork success stories in the previous post.

Let’s look at some Fiverr folks who have done well.

How this dad made almost $1 million on Fiverr

How these three people make six figures annually on Fiverr

How this Fiverr freelancer made $150K in six months

As the word cloud shows, the gigs included:

  1. freelance writing
  2. copywriting
  3. resume writing
  4. career consulting
  5. doing voiceovers

As always, see what strategies these people have used that you might tailor to your own side hustle.

Suggestion #22: Look at pros and cons of a side hustle

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In this June, 2019 post, CNBC’s Beth Braverman shares five myths about side hustles. Do any of these apply to you?

Myth #1: Everyone needs a side hustle.
— Question: While a little extra money sounds nice, do you want to risk less rest, family time, and relaxation?

Myth #2: Your side hustle will solve all your money problems.
— Equipment, software, education/courses, fees, and commissions often put hustlers into the red early on and/or cut into initial profits.

Myth #3: There won’t be an impact on your full-time job.
— The pull of side hustle-related messages and calls while you’re at work can be, for some, irresistible.
— Make sure your side hustle doesn’t directly or even indirectly compete with your employer’s livelihood.

Myth #4: Turning your passion into profit is a dream side hustle.
— Enthusiasm can wane once all the additional duties [marketing, accounting] kick in.

Myth #5: It’s easy to turn a side hustle into a profitable business.
— Expect long hours and plenty of ups and downs.
— Most inital side hustles aren’t successful.

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My Manifesto

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