Do You Really Need That Side Hustle? | Phil Town

Are you one of the many Americans taking on some extra work on the side? Leave your thoughts after watching this video below!

Worked a "side hustle" for 14 months, didn't spend a dime and bought a house. Make it, invest it, forget about it, INVEST it. Appreciate you Phil!

I am so glad I found your channel

♥️? im trying to make youtube my side hustle

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Tks alot Mr Phil for very necessory financial future and i really care this knowledge especially: "The best possible way to lose money….. where it shoud go""

@Phil Town Hi, In your bio it says that you turned 1,000$ into more than 1,000,000$ over a 5 year period – how is that possible with a 15% annual return on investment? – In other words, what have you done exactly over those 5 years to be able to make about triple the average person salary with such little starting capital? I'm looking for an answer that isn't abstract and vague like "applying this or that philosophy/rule" – what were the practical steps? I couldn't find that information anywhere. Thanks in advance ~

Is it better to make extra payments on your mortgage or invest in the stock market

My side hustle is working OT.   It pays 1.5x – 2.5x, depending on the day, than what I make normally.   I figure if I'm willing to do the work at straight time, I'm definitely willing to do it for more on OT.

Nope, I'm only focused on one… Great vid, Mr Phil

The more you make, the more you pay taxes on. The best thing to do is invest as much as you can in a monthly dividend paying REIT and reinvest the dividends.

Hey Phil, great video! I think a great follow up topic for this discussion would be zero-based budgeting. Granted, you may have already done a video on this topic, but I think that zero-based budgeting is the key to getting the most value out of side hustle revenue.

Also, an interesting question is this: What is more valuable–use your time to earn revenue through a side hustle, or use your time to build skills that will build up your primary career/business (not to mention learning how to invest!!)?

Anyways, love the content on this channel and talking about financial freedom. Good stuff!

I think that side hustles provide an extra source of income, but if you spend that time in creating something that will help you in the long run that would be much better. For example, instead of spending another 20 hours doing extra work for your entire life earning minimum wage, you can invest in stocks using a defensive strategy and hopefully the right choice will lead you to more comfort and ease.

Dear Phil can buying gold be termed as an investment cos I'm considering it as a side hustle to go into

Back to bussing tables as a side job. I was already able to pay off all CC debt. Now I plan on using the extra money to pay down a personal loan, invest more, and of course mad money (primary vacations).

I started investing in stocks recently thanks to your videos, and it’s already made a big difference in my life, my family happier with me because I really tried, and I actually seem like I know what I’m doing thanks to you

If you do a side hustle, and make money from it and have any kind of debt, use the side hustle to help you pay off debt.

Uber hurts my side hustle

Work two server jobs at good locations, and fill in open free time with side hustles like uber, doordash, Ebay, and Amazon sales and you have yourself over $10,000 a month. Blow all those accounts and retirement and investment accounts out of the water while you live on beans and rice with no debt.

Drove with Uber & Lyft as a side hustle for a few years. Started out just as something to do while I was in-between jobs. Then kept doing it because I had the time and the extra money was nice. Then I bought a nicer car and had to pay it off, insure it, and maintain it. Opened up a separate bank account and did all of the above with Uber & Lyft money. Paid off my car in under 3 years. Maintained it almost religiously. Now has almost 125,000 miles and still runs like new. Some of the extra profit went into a couple of performance upgrades and track days (I like to enjoy the fruits of my labor, and I really like driving). Definitely cost me plenty of time, money, and effort. But I did plenty of math and it was worth it for me. Oh, and the rest of my profit gets invested.

I gamble with them!

Yes, I have a few side hustles – real estate investing, Quora partner and a few online writing jobs. Currently working on my YouTube channel as another stream of income.

on the podcast is there a version without Danielle talking? She just prolongs the podcast, wasting my time….

Network marketing is the ultimate side hustle that can replace jobs

Phil's books are really worth your time give it a shot guys . I did!!
Rule #1 is my favourite

It really is important to take the minute and analyze that side hustle in terms of time. After all, time is the only resource you can't get back. Don't get it twisted tho, I currently have a side hustle (YouTube) that takes quite a lot of time to run and it makes me monthly returns lower than the hourly income I get from my other business. However, it's a side hustle in the making, that means that it takes a lot of time and pays almost nothing, IN THE BEGINNING. Once you manage to transform it into a real side hustle BUSINESS and you automate the process things will turn around. It will start taking less time and making more money. If the side hustle you're looking for is not able to be automated, it may not be worth it.

Thank you Phil. Your workshop was great. I am saving money and learning to invest in stocks. I have subscribed to your Rule 1 site. It is very useful to say an understated. You are very encouraging. Cheers Wayne

I’m a full time student so my part time job is kind of like a side hustle. Since I still live with my parents (I’m only 19 years old), I actually put 50% of my wage into my investment account. My main goal is to never have to work full time to support myself. I also want to have a net worth of $1 million as that would be the stage where I wouldn’t have to work at all (I’d probably still choose to though) and I could live comfortably off my investments (assuming a 5% average annual return I would get just under $1000 a week to live off and I would expect my returns to me much higher than that).

Trying to find a side hustle that’s profitable but no luck. Anyhow when you coming to UK to do your 3 day course >.<

Great advice, Phill!

Speaking of watches, my side hustle is buying, restoring, and selling vintage wrist watches. It's really more of a self sustaining hobby than a side hustle if I look at it in purely financial terms. Buy the joy it brings me has benefits beyond just the income.

I don't have a side job, because to make more money I can put more time and attention to my current business.

With the internet, a side hustle is a lot easier than before!

Yo, you're a good man.

My side hustle is administrative support for a social organisation, i'm lending them my salary at an interesting rate. Thats a very good way to ''invest'' the fruits of your side hustle. I haven't touch a penny yet, but the debt represent 25% of my total income in 2018, still growing.

Its like you are reading my mind, I'm literally starting my second job tomorrow to help clear debt and build up my savings to ultimately have disposable money to max out next years roth ira contribution and other investments

This Phil Town is an alien copy imposter! Notice how he blinks sideways at 3:23

36 + 33 =

Sell on eBay – overpaying the mortgage and investing with it. Sue ?

I've been working my side hustle for 3 years – serving tables. I invest more than 10% of that money into my Roth, in fact I use it to max out a Roth and have done so every year. After that yearly contribution, then I buy myself a new toy 🙂 For anyone interested, you only need to make $106 every week to max it out. You can do this pretty easily working at any restaurant 3 weeknights and still have your weekends free!

Love my YouTube side-hustle. I dropped my other ones to focus on it.

I fix bikes, snowblowers, cars all sorts of stuff which I’ve been doing for 4 years- bikes are my passion so I’m turning that into the main business and then small engine repair will be my side hustle, the profits of which will be invested in my bike shop business!

I used to clean houses and do babysitting as a side hustle but I just came back from the Feb workshop and I'm so ready to apply the safe options trading I learned from you to turn that into a side hustle! ?❤️

Rule #1Investing is becoming my side hustle.