Business

‘I only work 3.5 days a week’

In 2017, after graduating from university, I started working as an engineer at an oil and gas company. I am 23 years old and earn $98,500 per year.

At first, I thought I had my dream job. But after watching senior leaders work 60 hours a week with frequent travel, I realized that was not the lifestyle I wanted. My father passed away when I was three years old, so family time has always been precious to me.

Josh works less than four days a week and spends a lot of free time with his family.

Photo: Danny Mizicko for CNBC Make It

In 2018, I started experimenting with side hustlers. I aim to earn $3,450 per month (after taxes) from my hustle jobs to support my lifestyle. As soon as I got there, I decided, I would quit my full-time job.

Today, I accomplished my goal of being my own boss and more. I left my engineering job in February 2021 to work full time on my job.

Last year, I made a little over $189,000 from my seven sources of income:

  1. YouTube (Google AdSense): $82,349
  2. Made by Amazon: 13,886 USD
  3. Patreon (coach): $33,114
  4. Fiverr (product research): $29,014
  5. Affiliate Marketing: $29.496
  6. Rental property: $1,272
  7. Taxable dividends: $639

Now I only work 22 hours a week. I am off on Thursday, Friday and weekend afternoons. Whether it’s golfing with my grandfather, cooking dinner for the family, or starting new businesses in my community, I have plenty of time to invest in the people and things I care about most. .

Here’s my best advice for turning your side hustle into your full-time gig, all while working fewer hours:

1. Don’t be afraid of trial and error.

With my initial hustle, I managed to buy rental properties, then started placing ads in the backseat of Ubers and renting out my three-wheeled Polaris Slingshot motorcycle on Turo, a platform Online car sharing platform.

But none of them were successful. It wasn’t until I started selling products on Amazon, using the Fulfillment By Amazon (FBA) service, that I started generating real passive income.

All I had to do was find a generic product that was in demand and shipped it to Amazon. My first product was a $1,000 headset, then I moved on to iPhone cases and sports gear.

I made over $25,000 in 2019 through my Amazon store. I wanted to share with others what I learned from my trial and error, so I started a new project that would later become my biggest source of income. : start my own YouTube channel.

2. Build a community around your expertise.

I launched my YouTube channel, Dollar debt, in February 2020. First, I commit to posting at least two videos per week. Over the next eight months, I gained 14,000 subscribers and 871,000 channel views.

Josh’s most lucrative source of income in 2021 is his YouTube account, where he earns nearly $83,000 from ads.

Danny Mizicko for CNBC Make It

While growing my viewership, I realized that I wanted to connect more with my subscribers and build a real community. So in October 2020, I started consulting one-on-one with students at $50 a month on how to make money selling products on Amazon.

I am currently using Patreona platform that provides business tools for content creators to run subscription services, host my coaching sessions.

In February 2021, I start my product research service on Fiverr, in which customers will pay me to find products with high demand, low competition – trending toys, gadgets for pets or travel accessories – which they can sell on Amazon.

These community-based businesses have helped me achieve my long-awaited income goal $3,450 per month.

3. Prioritize debt settlement.

I was able to quit my full-time job earning less than $4,000 per month because I paid off all my debts, except for the house and car.

There are many methods you can use to pay off debt, but I personally like the “Debt Snowball” method because it helps you see your progress.

Here’s how it works:

  1. List all your debts from smallest to largest.
  2. Make the largest payment on your smallest debt and the minimum payment on the rest.
  3. Repeat until you’ve paid off the smallest debt, then continue with the next smallest debt.

4. Set up the legal side of your business early.

5. Find a schedule that works for you and stick with it.

When I was doing my full-time job, I lacked the motivation to work at my fast pace.

But once I put pen to paper and committed to my schedule, working on my business became part of my weekly routine. I have chosen to focus on the hustle and bustle of my life every weekday evening after work and every Saturday morning.

I still stick to the weekly schedule. I work Monday through Wednesday and half a day on Friday. Every day, I would work 4 to 6 hours, each hour blocked off for a specific task.

One of the benefits of setting your own schedule is getting to go golfing with your grandfather on Thursday mornings.

Photo: Danny Mizicko for CNBC Make It

If you don’t set aside specific time to rush to your side, your business can get lost in daily priorities.

6. Set up systems that will save you time in the future.

I invest in business models that require as little time as possible. It’s the only way I can work 22 hours a week and still have multiple sources of income. But keep in mind that automating everything, and creating the most efficient systems, can take time at first.

Every month, I reflect on where I spent most of my work and find ways to make those processes more efficient. For example, I used to spend four to eight hours a week editing videos.

I decided to outsource my video editing, but that also required a while to run the numbers to see where it fits into my budget and find a great editor to do the job. job. But now that I’ve made time for that, I’m spending those hours growing my business in other ways, or working less.

7. Identify what makes you different.

I quit my $35k job to grow my business - now it brings in $141 million a year

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