Like Rick Ross sings, “Everyday I’m Hustlin’.” Add in my classic ADD symptoms; I cannot focus too long on one thing. So, this leaves me jumping from one side hustle to another. I’m working on a couple of blogs, planning out YouTube channels, and planning out my investments. But I often wonder, is Side Hustle Stacking worth it?
I’m blessed with a job in the medical field that allows my brain to be fed with constantly changing situations. All different types of patients, other hospitals, different conditions, and illnesses to manage, but I look forward to working on my side hustles out of work.
However, again, too long at one side hustle has me losing steam, so I switch over to the next as I work down my side hustle stack. Sometimes, I work on more than one side hustle at the same time.
Decades of this experience of trying to manage and work on several side hustles at once has left me with life lessons I hope to pass on.
Side Hustle Stacking might help you; since side hustles aren’t passive, they can feed your passive income generators (PIGs)( Side Hustles Are Not Passive Income Generators ).
What Side Hustle Makes The Most Money?
Using hindsight, from personal experience, managing my investments has returned the most money.
Being a simple person, my retirement is the bulk of my investments. Early in my working life, my retirement was a 401k. I just had to calculate the amount of money I wanted to invest and pick an index(index-like) mutual fund targeting the S&P500 makeup.
The best thing I did was squeeze as much money into my 401k as possible, either by high contribution percentages or by working more over time and forgetting about it.
With time, I’ve rolled over my old IRAs, 401ks, Simple-IRA’s, and 403b’s into one of two funds, depending on whether they were pre-tax(IRA, standard 401k, etc.) or post-tax(Roth IRAs, Roth 401k’s, etc.).
I actively manage them now, mostly moving money into and out of ETFs; Schwab U.S. Dividend Equity ETF (SCHD) is my favorite, parking cash into a Sweep account( Charles Schwab Sweep Account Rate Of Return?) when the market tops out, and I expect a pullback.
Again, I am more active in managing my retirement accounts today. Still, this is my favorite side hustle( What Is The Easiest Passive Income Generator (PIG) ) compared to the amount of time I do so and the amount of money I make.
What Side Hustle Has The Greatest Potential?
Today, if I were to do all my side hustles at the same time, at the same phase in life, starting all at the same time, the side hustle with the most significant potential would be digital marketing.
What I mean by digital marketing is creating digital content and selling it directly or using it to generate sales for affiliates.
I’ve learned over two decades that creating websites that attract visitors interested in learning about products, offering insight, and directing them toward possible sales has earned me a lot of money over time. This type of marketing is called Affiliate Marketing.
Remember: With Affiliate Marketing, you get a percentage of the final sale from someone else’s product or service.
You can change your call to action toward a digital product you created, such as a workbook, membership system, online education, etc. In that case, the percentage of profit you keep is 100%.
In affiliate marketing, you are helping to sell someone else’s product; with digital products, your marketing is selling your products.
Truth digital products I ever sold were subscription services. It was sweet getting to keep all that money. I now focus on passive income, so I might include selling my digital products in the future.
In the meantime, I blog and play on YouTube, my digital side hustle stack.
Benefits Of Side Hustle Stacking?
Diversification comes to mind. Suppose I work on several side hustles simultaneously. In that case, I can figure out the best Return On Investment(my time) and focus on that.
However, there is another benefit to running a side hustle stack: it keeps you motivated. Working too long on a single task or activity bores me. I start losing focus, and my mind drifts.
So, if I work on one side hustle and get bored, I jump into the next. This allows me to feel recharged and work as effectively as possible.
Drawbacks Of Side Hustle Stacking?
You are spreading yourself too thin.
Some side hustles take little time. An example is moving investments around to change with the current market conditions. In fact, you shouldn’t play with less time spent playing with investment re-balancing too often.
But, I am a little spread thin for the number of blogs I have, the YouTube channels I am trying to create, and the constant research and trial and error.
Once I find what works for me, it will happen. I will find something I have built to generate passive income, like a blog( Income From Blogging Be Passive Income? ).
There might be better times when I’m trying to learn a new craft for hands-on activities. :p
What I’ve Learned About Side Hustle Stacking:
There might be a better use of your time than side hustle stacking.
We all hear those internet success stories, rags to riches tales; no matter how they got there, what did many have in common?
They were at rock bottom, with nothing to lose or distract them from working hard, or they were naturally hard workers who could focus on one task till they were an expert at it.
After what I just wrote, what do you think about side hustle stacking?
Yeah, I figured so. If you want to try out several side hustles at once, trying to figure out which side hustle works best for you, then focus on that side hustle; well, you are a genius in my book.
I still have a primary job that pays well, bills and cars are paid for(the youngest car is 11 years old), and my waistline keeps getting bigger. So, doing a stack of side hustles to appease my desire to do more and keep my mind entertained works for me.
So, Side Hustle Stacking Worth It To You?
Do you have a set of side hustles, related or unrelated, that you work on? Or are you a non-stack type of side hustler?
Leave a comment, please.
 Myself with an interesting Bull Sculpture. Notice: No Lambo’s. :/ | Hi I’m Tom, A Blogger And A PIG Farmer. PIG Farmer as in I grow Passive Income Generators(PIG’s). I’ve been playing with stocks, mutual funds, and options for decades, as well as always working on my side hustle stacks. Unlike what you read online, I’ve yet to find a way to get rich quickly. Get Rich Quick isn’t happening for me. My journey has been long and continues. I hope to have so many PIGs I can stop working at my current job and volunteer as a medical worker overseas. Still waiting, but getting there. I still am a family man, and while on this Journey of Growing PIGs. I wanted to share my adventures(ups and downs), hoping you will contribute with your feedback and comments. Fun Fact: In my spare time, I am a Band-Dad! |