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Money Guy Show

Should You Turn a Side Hustle into Your Main Job?

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Education, Investing, Business

4.73.1K Ratings

🗓️ 27 March 2023

⏱️ 35 minutes

🧾️ Download transcript

Summary

What all should you consider before turning a side hustle into your full-time job? We'll walk you through that question and more in today's Q&A episode! Watch more exclusive content only on YouTube! Visit our website - Get our FREE financial resources - Check out our course, Know Your Number! - Sign up for our Financial Order of Operations course - Get easy to understand answers to your financial questions Follow us on social media! -Instagram -Twitter -Facebook -TikTok Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0

Next up, we've got Sam's question.

0:09.2

He says, I'm getting a decent amount of passive income, but I'm scared to quit my salary

0:14.7

job.

0:16.0

What do I need to consider to make this jump?

0:19.9

Well, say, this is always so interesting.

0:25.6

I think downturns, the number of businesses and other things that it creates, it's almost

0:31.6

like a up.

0:33.6

Dounternds, I always tell you guys, the bad stuff, they're all extroverts, whether it's

0:37.8

real estate marketplace, whether it's recession, whether it's the stock market going down,

0:43.7

unemployment going up, these things all hang out together.

0:47.0

But the optimist of me likes to say there is a positive thing.

0:50.7

The lemonade that comes from the lemons is that we get so many people that start businesses

0:55.9

without meaning to start businesses.

0:57.8

It sounds like Sam is kind of somewhere in that journey.

1:02.0

It's one of those things where he's trying to figure out, do I jump?

1:05.5

Or do I keep the comfort of basically still having a wage?

1:10.5

That's the difference.

1:11.5

Do I do this on my own or do I do the wage?

1:14.6

As an entrepreneur, it takes a while to get rid of that fear.

1:18.1

If it ever goes away, I think this is one of those things.

1:20.2

Always say entrepreneurs have a healthy fear that it could go away tomorrow.

1:25.2

That's why a healthy entrepreneur is actually going to take action to make sure you're creating

...

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