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I initially made a mistake after reading Robert Allen’s “Multiple Streams Of Income,” believing that having a household with more than one job satisfied that goal. My wife and I worked, contributing to our bills and, more importantly, our retirement account. But Hindsight has really taught, Side Hustles are not passive income generator, they are hustles.
That wasn’t a proper application of establishing multiple streams of income, and I realized this many years later. I needed to build side hustles, but then most side hustles I found were active. Also, sometimes they only made an income for a while.
Public School Education Broke The Side Hustle Generation?
I did side hustles when I was younger, too young for a job, or old enough for a job but made very little money working for minimum wage.
I made an income as a young man doing side hustles and learned much about balancing multiple side hustles. Then I learned all I could learn from public school and got kicked out with a High School Diploma.
I then went on to gain a set of trades from the six years in the military, worked on my first two college degrees, started a couple of businesses, didn’t weather an economy well, so pivoted into the medical field, got two more degrees, and now work as a critical care nurse.
See the problem? After public school, I learned to be a ‘worker,’ working for someone else. I started companies, but they revolved around me and became glorified jobs.
My side hustle days were over; I thought working, paying taxes, and saving for retirement was the plan for me. Yes, it was, a plan public schools laid out for me to become a solitary life working for someone else dream.
Side Note: The public school created an old plan based on the pre-80s. Afterward, the public school plan was to make today’s students life-long students, never getting a job but accumulating debt along the way.
Glad I didn’t go through school today.
So, What Happened To Side Hustles?
Well, my narrow thinking and limited time killed any chance of side hustles. The side hustles took up too much time to focus on while having a job and working on gaining further education.
The problem is the side hustles we think of are typically involved and very far from being passive, so trying to create passive income from side hustles is impossible if we have an all-or-nothing approach to this extra side income.
So, Is A Side Hustle Considered Passive Income?
I will review what I’ve observed over time.
What Is Passive Income Generator?
For this post, we defined Passive Income as an income generated from no active participation from the income receiver.
Doesn’t calling something a hustle mean it’s NOT passive? ( https://www.merriam-webster.com/dictionary/hustle )
So No Side Hustle A Passive Income Generator?
Now if we are purists, there aren’t any passive income side hustles out there(review the definition of hustle again), even when we group in residual income sources(product royalties, blogs, YouTube videos, etc.).
The effort was made to create products or services that continuously generate an income after their creation(Residual income generators) and become passive over time. However, they do require some upfront work to get them created.
As we advance this argument, it sounds like side hustles don’t serve you as a passive income source.
What Is The Importance Of Having A Side Hustle Then?
For many of us, side hustles are our glimpses into becoming self-employed and seeing how an actual company is run.
One of the few times in our lives that we reap the rewards of our efforts.
With a job, don’t work, no loss of income, use PTO.
With a job, bust your butts, make money, and collect a check while your boss adds to his fleet of Lambos.
With a side hustle, it either works or doesn’t. It is measured by whether you make money or not.
Side hustles build character and establish our ultimate goal of paying ourselves first without making a profit for someone else.
How Side Hustles Can Help Passive Income Generators(PIGs)?
Side hustles are just that, something you do on the side outside your primary source of income. You can pick up and put down a side hustle as needed.
Side hustle money should be counted towards something other than your regular income to pay bills. And often, it’s not.
When a friend tells me about their side hustle(building decks, detailing cars, trash pick-up, etc.), they talk about how they plan to spend their money on ‘extra’ stuff in their life—bigger truck, family vacation, etc.
Rewarding yourself is okay; it motivates us to continue building our side hustle activities.
However, for the point of this blog, Passive Income Generators (PIGs) are my focus. Side hustles can feed PIGs( 11 Great Side Hustle Ideas To Feed Passive Income Generators(PIGs). ).
Side Hustles Are Not Passive Income Generators!
Truth.
I think we covered this topic well enough; hustling isn’t passive. So, side hustles aren’t passive income sources.
So, How Do Side Hustles Work With Passive Income Generators?
However, side hustles can feed your Passive Income Generators(dividend stocks, real estate ownership, etc.).
Face it: we often know it takes money to make money, and without money, we need to trade our time for this money and hustle. With extra income, we can make that money work for us.So keep those PIGs hungry, wanting more, and keep growing and feeding them PIGs!
Click for Robert Allen’s “Multiple Streams Of Income” Price.
Everyday I’m Hustlin’, Nothing Passive About Hustling, Side Or Main.
Now, not to make light of the work that goes into hustling, but I wanted to close this post with a video of a person who can put it best. Every day, I’m Hustling because you have to. Life isn’t passive, and it should be your hustle.
My Request To You…
If you have a side hustle you turned into a passive income stream; please leave a comment on how you did it.
Was it hard to walk away from your hustle?
Being passive now, how much control do you still have?
 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! |