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ChooseFI | Financial Independence Podcast

Side Hustle Coaching Series Part 4

ChooseFI | Financial Independence Podcast

Jonathan Mendonsa & Brad Barrett | Choose FI Media, Inc

Investing, Careers, Business

4.8 • 5.2K Ratings

🗓️ 16 November 2018

⏱️ 52 minutes

🧾️ Download transcript

Summary

Relying on a single paycheck might feel safe, but what if that stability is actually your biggest financial risk? Jonathan and Brad share how treating entrepreneurship as a series of experiments—not high-stakes gambles—can unlock income streams you didn't know you needed. Through stories of failed projects and unexpected wins, they make the case that your next side hustle doesn't need to be brilliant; it just needs to start. Finding the perfect side hustle doesn't require flawlessness; action is key. Jonathan and Brad share personal experiences that highlight the importance of trial and error, leading to valuable lessons learned through experimentation. They emphasize that starting with an imperfect idea can still lead to growth and opportunity. The episode explores various avenues like audiobook narration and the concept of converting hobbies into income-generating activities. Listeners are encouraged to actively pursue side hustles and diversify their income streams. Tips such as leveraging existing skills and pivoting business ideas are discussed, along with the necessity of tracking progress over time to measure success, especially when working with vulnerable populations. Key Topics & Takeaways: [00:01:12] Importance of Action "Success doesn't require perfection; just dive in and take action." Start your side hustle even if the idea isn't perfect—experimentation leads to valuable lessons. [00:10:27] Risks of a Single Income Source "Staying in a single W-2 job can be riskier than entrepreneurship." Diversify income to create more financial security and reduce overall risk. [00:21:06] Treating Setbacks as Experiments "Treat setbacks as valuable experiments, not failures." Perspective on failures can lead to growth—understand that every experience adds to your journey. [00:49:15] Building a Business Requires a Framework "The process is key; success relies on your approach, not just the idea." Focus on refining processes for business rather than solely fixating on ideas. Chapters: [00:00:04] Introduction to Side Hustles [00:10:00] The Importance of Taking Action [00:01:50] Personal Experiences: John and Brad [00:04:54] Creating a Life Review Slideshow [00:15:00] Experimenting with Income Ideas [00:26:30] Community Engagement: Listener Stories Action Items: Explore Your Interests: Identify skills and passions that could translate into a side hustle. [00:44:45] Measure Success Early: Begin tracking progress from the outset to understand growth over time. [00:41:06] Seek Community Support: Engage with your network for insights and encouragement on your entrepreneurial journey. [00:32:45] Related Resources: Design Your Future The Simple Path to Wealth Freelance to Freedom

Transcript

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0:00.0

Welcome to the ultimate crowd sourced personal financial. This is your Friday Roundup.

0:06.0

You're listening to Choose Applied Radio.

0:10.0

The blueprint for financial independence lives here.

0:21.0

If you're looking to unlock the secrets to financial independence and early retirement,

0:26.0

you're in the right place. Stay tuned and join a community of like-minded people who are getting off the ends of the year

0:33.0

and taking control of their lives in the pursuit of financial independence. Choose FI, your home for financial independence online.

0:44.0

Wow, there's so much to cover in this week's episode as we talked about this idea of finding the perfect sire hustle quote unquote.

0:52.0

And I think that to me was what was so interesting about this is that it doesn't have to be perfect.

0:57.0

What's important, just like with many of the concepts we talk about in financial independence, is taking action and doing something.

1:04.0

You can always pivot later. So I think this conversation is going to really be able to highlight some of our key takeaways.

1:09.0

And to help me with this, I have my co-host Brad here with me today. How you know, buddy?

1:12.0

Hey Jonathan, I'm doing quite well. Yeah. This was a really good episode with Nick.

1:17.0

And I agree with you that it doesn't have to be perfect with the sire hustle. There's a lot of just trial and error.

1:24.0

And that's what Nick said also. He's maybe had five good ideas in his life, but he's executed on them.

1:29.0

And the things that didn't work, he just kind of shuttle to the side. And that's fine. I know my own journey has been very, very similar to that.

1:36.0

I've had more quote unquote failures than I cared to even remember, frankly, but they've all led me to this place.

1:43.0

So were they truly failures? No, I don't think so at all. So lots to talk about. But yeah, what's going on in your life?

1:50.0

Well, probably the coolest thing is that I have finally started saying yes to some of my wife's spontaneous adventures that she's teed up for us.

1:57.0

And I don't know why I was resistant at first. Since this is something that we talk about in the show.

2:01.0

But when she pitched me on the idea of going to Stony Point Mall, local mall to watch a Christmas tree being lit up, I was a little bit reluctant.

2:09.0

But I went ahead and got past that and we did it. And we were there with probably a thousand other people in an outdoor mall with a 60 foot Christmas tree.

2:17.0

It was amazing and totally free. So this was our spontaneous adventure of the week.

...

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