418: Replacing His Wife’s $100K Salary in Year ONE with THIS Online Side Hustle

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 5 June 2023

⏱️ 53 minutes

🔗️ Recording | iTunes | RSS

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Summary

An online side hustle that replaces your $100K salary in year one!? It sounds like an impossible feat, but today’s guest was able to achieve this by launching an unusual ecommerce business—allowing his wife to quit her job and stay at home with their kids full-time! Welcome back to another episode of the BiggerPockets Money podcast! Today, we’re chatting with Steve Chou, a serial entrepreneur, ecommerce influencer, and founder of MyWifeQuitHerJob.com. When Steve’s wife became pregnant with their first child, he was faced with the challenge of finding a side hustle that could replace his wife’s 9-5 income. Of course, living in Silicon Valley isn’t cheap, and replacing a $100K salary is much easier said than done. Despite these hurdles, Steve was able to turn one brilliant idea into a profitable business that has managed to grow every year since 2007. If you’ve always wanted to start your own side hustle but are unsure where to begin, this episode is for aspiring entrepreneurs like you! Tune in to hear Steve share about the humble beginnings of his handkerchief side hustle, how to find ecommerce success in 2023, and achieving financial freedom without burning out. As always, Mindy and Scott bring their own financial expertise to the table and deliver some timely wisdom! In This Episode We Cover Why you NEED a side hustle to make life-changing money How to launch a successful ecommerce business in 2023 Building a business with the goal of replacing your 9-5 salary Staying relevant, outlasting AI, and achieving longevity in your business How to arrive at “enough” so that you enjoy financial freedom without burning out The best ways to protect your business against intellectual property (IP) theft And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott's Instagram Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Money Moment Grab Your Copy of “Set for Life: An All-Out Approach to Early Financial Freedom The Most Profitable Skill to Learn (From a $200M+ VC Investor) Pre-order The Family First Entrepreneur and Get $690 in FREE Bonuses Learn How to Start a Thriving Ecommerce Business Bumblebee Linens Click here to check the full show notes: https://www.biggerpockets.com/blog/money-418 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to the Bigger Pockets Money Podcast where we interview Steve Chu from mywifequitherjob.com
0:06.5	and talk about starting a business that doesn't take over your family time.
0:10.6	Hello, hello, hello, my name is Mindy Jensen and with me as always is my his wifequitherjobcohostscotttrendt.
0:17.2	Thank you, my her husbandquithisjobcohost Mindy Jensen.
0:22.0	Scott and I are here to make financial independence less scary, less just for somebody else,
0:26.6	to introduce you to every money story because we truly believe financial freedom is attainable for
0:30.8	everyone no matter when or where you are starting. That's right whether you want to retire early
0:34.7	and travel the world going to make big time investments and assets like real estate, start your own
0:38.6	business or enable your spouse to quit their job. We'll help you reach financial goals and get
0:42.8	money out of the way so you can launch yourself towards your dreams. All right Scott today we are
0:47.1	talking to Steve Chu and in the beginning of the show I might give him a little bit of hassle for his
0:54.2	current side hustle which is selling handkerchiefs online. I should disclose that I am a handkerchief user
1:02.6	myself so my my jabs at him are ingest and I'm not sure that they came across but I really wanted him
1:10.8	to explain why that was the product that they started selling when they had literally the entire
1:18.9	catalog of the world to sell and they focus on handkerchiefs. Yeah, you know at the beginning of
1:23.8	the show, you know, I really believed you that you didn't use handkerchiefs so you really pulled
1:28.0	the wool over me and Steve over eyes today. Scott is full of puns in this episode so if that's your
1:37.2	thing stay tuned you will not be disappointed but before we jump into today's show we have a money
1:44.1	tip. This is the money moment where we share a money hack tip or trick to help you on your financial
1:49.9	journey. Today's money moment is take advantage of all of your work benefits. How? Read. Read the
1:57.8	documents that your HR department provides you. Some companies offer a wide range of benefits
2:03.2	outside of the standard healthcare 401k including gym memberships tuition reimbursement adoption
	...

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