Study: Over 44 Million Americans Now Have a “Side Hustle”

The side hustle era is fully upon us, largely thanks to the Internet, where the opportunity to earn extra money by way of entrepreneurial endeavors that have little in common with traditional, part-time jobs is much more expansive.

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As reported by CNN Money, there’s a new study from Bankrate that reveals over 44 million Americans now have some type of side hustle.

Not only that, the money is real. As Bankrate’s Sarah Berger notes, “It isn’t spare change from a lemonade stand.” According to the data, 36 percent of those engaging in a side hustle earn at least $500 per month.

Notably, while it’s younger adults – young “Millennials” – who are more likely to have a side hustle, according to Berger, it is actually older adults – those closing in on retirement age (53 to 62) – who are more likely to earn at least $1,000 a month from their side gigs.

That’s not surprising. It’s reasonable to assume that if more “seasoned” folks are involved in the gig economy to make extra money, it’s because they really need it, and will thus be more serious and deliberate in the pursuit of it. Additionally, older adults can sometimes have built-in advantages when it comes to making more dough, particularly if their side hustles are related in some way to careers in which they worked for decades.

The number of “side hustlers” is on the increase, and they’re pursuing all kinds of interesting, entrepreneurial activities to make their extra money. You may be one of them now.

If not, chances are improving all the time that you will be, one day soon.

The information contained here is for general information purposes only. The Financial Writer blog and Bob Yetman disclaim responsibility for any liability or loss incurred as a consequence of the use or application, either directly or indirectly, of any information presented herein. Nothing contained in this article, or any other article featured at this blog, should be construed as a solicitation or recommendation to engage in any financial transaction. You should seek the advice of a qualified professional before making any changes to your personal financial profile.

Are You as Busy as Elon Musk? Maybe You SHOULD Be

How badly DO you want success?

Do you want it as much as Elon Musk?

If you’re not as busy as he is, the answer is “probably not.”

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Actually, that’s unfair. Musk, founder of Tesla and SpaceX, is one of the world’s great entrepreneurs and visionaries, and so it makes sense that he might also be one of the very busiest people anywhere. For most of the rest of us, it is not necessary to have such grandiose objectives (like running a company devoted to achieving the colonization of Mars) to still realize accomplishments that qualify as examples of resounding success.

Still, if you are plugging away each day at making the most of your own pursuits, it might not hurt to take a peek at just what an average day looks like for a guy like Musk, to see if there might be more you could, or should, be doing on behalf of your own interests.
Courtesy of Business Insider, here’s a rundown of Musk’s day:

Elon Musk gets up at 7 a.m., and typically skips breakfast. But breakfast is the most important meal of the day, right? Evidently the super-successful Musk does not agree.

He does make time for a shower, however. In fact, Musk has said it is his most important daily habit.

The key to Musk’s success, in his estimation, is his insistence to work as many hours as he can each week. During what is, for him, a regular workweek, Musk will put in about 42 hours at Tesla, and another 40 at SpaceX.

Something else Musk does that’s key to his productivity: He spends as little time as possible answering phone calls and dealing with emails.

Still, it’s not like he can avoid those mediums of communication entirely. A few years ago, Musk mentioned that he spends time on email while he’s hanging out with his kids.

“What I find is I’m able to be with them and still be on email. I can be with them and still be working at the same time … If I didn’t, I wouldn’t be able to get my job done,” said Musk.

On that note, Musk says he’d be nowhere if he did not multitask. In his view, multitasking and working as many hours as possible is what allows him to keep on with his Herculean efforts.

When he finally does go to bed, it’s around 1 a.m.

Wow.

It appears the rest of us aspiring to greater levels of success need to get to work, because, compared to Musk, we’re all just goofing off right now.

The information contained here is for general information purposes only. The Financial Writer blog and Bob Yetman disclaim responsibility for any liability or loss incurred as a consequence of the use or application, either directly or indirectly, of any information presented herein. Nothing contained in this article, or any other article featured at this blog, should be construed as a solicitation or recommendation to engage in any financial transaction. You should seek the advice of a qualified professional before making any changes to your personal financial profile.

Shark Tank’s Daymond John on Working to Make It Big as an Entrepreneur: “Don’t Quit Your Day Job”

For those of you who are bent on achieving entrepreneurial success, but cannot bring yourselves to quit your day job and throw everything you have into your dream effort, side hustle, or whatever you want to call it…Shark Tank’s Daymond John understands, and has your back.

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As a matter of fact, he thinks it’s a bad idea for anyone building a business on the side to leave behind the source of income that’s paying the bills right now.

According to John, the notion that one must quit a reliable, “regular” job to ultimately become successful as an entrepreneur “is garbage,” according to the mega-successful founder of the FUBU clothing line.

And he speaks from personal experience.

During an appearance last week at CNBC’s iConic conference in New York City, John said, “I was working at Red Lobster for five years as a waiter as I was running this business.” From there, he recalled that “it was 40 hours at Red Lobster and six hours at FUBU. Then it was 30 hours at Red Lobster and 20 hours at FUBU, because money started to come in.”

Importantly, John said that even as his business started to gain traction, he kept his restaurant job.

Why?

“If it would have failed, I still wouldn’t have been owing everybody; I wouldn’t have had this huge deficit; my credit wouldn’t have been ruined for seven years.”

In other words, John says to keep your day job until it is positively clear that you don’t need it any longer.

So how do you stay the course in burning the candle at both ends? The old-fashioned way, says John.

“Work. Bust your butt. Get up before everybody, go to sleep after everybody, and bust your butt. That’s it.”

The information contained here is for general information purposes only. The Financial Writer blog and Bob Yetman disclaim responsibility for any liability or loss incurred as a consequence of the use or application, either directly or indirectly, of any information presented herein. Nothing contained in this article, or any other article featured at this blog, should be construed as a solicitation or recommendation to engage in any financial transaction. You should seek the advice of a qualified professional before making any changes to your personal financial profile.

SBA Administrator Says Volume of Government Regulations Is Devastating Small Businesses

Have you tried to start a small business in America recently?

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Depending on the size and nature of your concern, you may be out of compliance with a host of local, state, and federal regulations and not even know it. There are large numbers of people, all across the country, who innocently start working at very small, almost-entirely self-contained enterprises, and later find themselves at odds with regulators eager to fine and sanction them for any of a whole host of violations, many of them very minor and technical in nature.

So is there any real help forthcoming?

Very possibly. Linda McMahon, wife of professional wrestling impresario Vince McMahon and new administrator of the U.S. Small Business Administration (SBA), seems genuinely concerned about the fact that the present regulatory environment in the nation is suffocating small business. On Monday, McMahon rightly noted that even more than any one regulation, it is the mountain of rules and laws facing small business that prompt many budding entrepreneurs to decide that going into business just isn’t worth the hassle.

“It is not necessarily any particular regulation as much as it is the volume of regulations,” McMahon said Monday as a guest on Fox Business’ After the Bell. “And the cost of compliance and the time for compliance—everything is just way too complex than what it needs to be.”

Still, while it is a good sign that the Trump administration – including, and especially, the SBA’s administrator – recognize that small business owners are drowning in regulations, that awareness is of no value if material change is not implemented.

Here’s hoping the right thing is done, for the sake of all of those who keep America’s economic engine running.

The information contained here is for general information purposes only. The Financial Writer blog and Bob Yetman disclaim responsibility for any liability or loss incurred as a consequence of the use or application, either directly or indirectly, of any information presented herein. Nothing contained in this article, or any other article featured at this blog, should be construed as a solicitation or recommendation to engage in any financial transaction. You should seek the advice of a qualified professional before making any changes to your personal financial profile.

How You’re Wasting Time Each Day, and Cheating Yourself Out of Success

Think you’re a productive person? Rose Leadem, writing over at Entrepreneur.com, has news for you.

You’re wasting time, and, very likely, much more than you think.

This is an issue that hits particularly close to home for the self-employed, and, especially, those who do their toiling from home; one of the biggest disadvantages to working at our residences is that there are built-in distractions aplenty.

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In her article “8 Time Wasters Stealing Your Productivity,” Leadem details some of the more pronounced of those facing small businesspeople that can, almost surreptitiously, act to derail them off the path to success. Here are just a couple of examples.

Television. This is a big one. According to Leadem, the average person watches three to four hours of it each day. A prominent pitfall for folks working from home is that many keep a TV set going in their home offices, ostensibly to keep an eye on news or the stock market. The problem is, even if these individuals are not watching the television in a particularly focused way, it nevertheless remains a distraction that simply would not exist if it wasn’t present. It’s an unrealistic expectation to think one can work in such close proximity to a television and not have  his or her time, energy, and intellectual resources at least indirectly commandeered by it.

Social media. Again, another big one. Leadem says that the average Facebook user spends nearly an hour a day on the platform, and when you add to that the time spent each day on all of the other social media outlets to which people are becoming increasingly devoted – nearly 20 minutes a day, on average, just over at YouTube, for example – the capacity of these outlets, as a whole, to keep people from remaining singularly focused on their labors is enormous.

You get the picture. The tricky part in all of this is that entrepreneurs have now come to rely on the very devices and platforms that can act to impede success..for success. The answer? Heightened awareness, more than anything else. As noted, many distractions are now an essential part of doing business, even as they are distractions. The key, for many, therefore, is to become more discerning about when and how time is spent on them, and to endeavor to do the best job possible separating wheat from chaff.

The information contained here is for general information purposes only. The Financial Writer blog and Bob Yetman disclaim responsibility for any liability or loss incurred as a consequence of the use or application, either directly or indirectly, of any information presented herein. Nothing contained in this article, or any other article featured at this blog, should be construed as a solicitation or recommendation to engage in any financial transaction. You should seek the advice of a qualified professional before making any changes to your personal financial profile.

Underground Bunker Company Making Millions from People Afraid of Trump

Apparently, if you’re in the business of building survival shelters, the only thing better than an Obama presidency is a Trump presidency.

Say what?

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An article over at CNBC.com details the curious case of Clyde Scott, a guy who started building underground bunkers during President Obama’s tenure for those who believed his presidency represented the kind of threat to liberty that practically demanded one own a shelter.

While that surely made sense to Scott, a funny thing happened as soon as Trump replaced his predecessor in the White House: business positively skyrocketed.

It turns out that the best person to have in office to help spur sales of underground shelters was not Obama nearly as much as it is “The Donald.”

That’s right; for Scott, the underground bunker market is now driven not by tinfoil hat-wearing right-wingers…but by liberals in California and New York so afraid of the likelihood of nuclear war under Trump that they’re cracking open their piggy banks to buy shelter protection.

“We’ve had liberals coming out of the woodwork to protect themselves,” said Scott.

According to the entrepreneur, “business went out the roof” immediately following the 2016 election; he estimates that his business has increased over 500 percent since Trump’s November victory.

While Scott’s personal politics tend to lean to the conservative side just a bit, when it comes to business, he’s a political agnostic.

“The more politicians talk, the busier I get,” he says.

The information contained here is for general information purposes only. The Financial Writer blog and Bob Yetman disclaim responsibility for any liability or loss incurred as a consequence of the use or application, either directly or indirectly, of any information presented herein. Nothing contained in this article, or any other article featured at this blog, should be construed as a solicitation or recommendation to engage in any financial transaction. You should seek the advice of a qualified professional before making any changes to your personal financial profile.

Talent is Great, but Mental Toughness is Better

In the never-ending quest to unlock the true formula for success, many will weigh the strengths of talent vs. grit, in much the same way behaviorists ceaselessly go back and forth on the “nature vs. nurture” debate.

Obviously, talent can be a magnificent asset, but even those with loads of it cannot be successful without putting in the work, as well.

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On that note, there’s a nice piece over at Entrepreneur.com, entitled “Talent is Overrated: Top 10 Habits of Mentally Tough People,” that details a variety of habits and characteristics those with minds and wills of steel seem to have in common. It’s a good read, and while all ten won’t be addressed in this space, there are a few that are particularly near and dear to the heart of this author, and thus will receive a little attention here.

One habit mentioned in the article is consistency. Those who are not so mentally tough often have a real problem with maintaining consistency, but, without it, success usually remains elusive. Those who can establish a highly-productive regimen and maintain it, even as life may prove wildly unpredictable from one day to the next, will tend to prevail, even if they aren’t bathing in natural talent.

Another important characteristic of the mentally tough detailed in the article is that “they don’t whine, complain or criticize.” You know the types – the people who are (nowadays) constantly griping about this or that on Facebook or another social media site. While the mentally tough are not spared the raw deals, mishaps, and misfortunes that befall others, they tend not to allow themselves to become self-destructively sidetracked by those incidents. Chronic negativity is absolutely one of the worst diseases the goal-oriented can contract.

Along the same lines is that the mentally tough refuse to dwell on the past. This doesn’t mean they are not affected by what has come before, obviously, or that they are incapable or unwilling to learn the lessons past events and experiences can provide to them. However, in order to forge ahead on the path to both achieving and maintaining real success, the past, regardless of what it represents, must remain firmly there. As with the unfortunate inclination to endlessly complain, living in the past will prove to be an insurmountable obstacle to one desirous of real success.

As noted, these are just three of the ten habits of the mentally tough outlined in the great article over at Entrepreneur. Check it out for yourself to see if you are presently “ready-made” as a mentally tough person, or if there are some elements of your makeup that need a little tweaking so that you may successfully become one of them.

The information contained here is for general information purposes only. The Financial Writer blog and Bob Yetman disclaim responsibility for any liability or loss incurred as a consequence of the use or application, either directly or indirectly, of any information presented herein. Nothing contained in this article, or any other article featured at this blog, should be construed as a solicitation or recommendation to engage in any financial transaction. You should seek the advice of a qualified professional before making any changes to your personal financial profile.

Successful Entrepreneurs Need to Start Their Engines Early, Every Day

When you work for yourself, you have to start early…every day…if you want to be successful.

If you linger in bed, or otherwise allow yourself to get a later start to your labors, thinking it’s OK because you’ll simply make up the lost time by working into the wee hours, you’ll find that it won’t work…at least, not as well as biting the bullet and kicking off your day as early as you can.

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On that note, there is an article over at Entrepreneur.com by Serenity Gibbons that details seven things every entrepreneur should do before 7 a.m., and it is certainly worth a look.

I won’t run through all seven in this space – as noted, it’s a great article, and you should check it out for yourself – but I will make mention of a couple that are near and dear to my heart.

One thing an entrepreneur should be sure to do while it’s still early is exercise. Whatever your specific pleasure – running, lifting weights, yoga, etc. – beginning the morning by getting the physical blood flowing rarely fails to get the mental juices flowing, as well (and this, of course, is besides the obvious health benefits associated with exercise). Exercise has been shown to also help with mental focus, something of particular importance to the person who has only himself/herself on whom to rely to get the company moving forward.

Something else that is of particular utility to entrepreneurs is using the earliest hours to write down goals and priorities for both that day and the rest of the week, as appropriate. Speaking for myself, I keep a yellow pad at my desk that’s devoted to scribbling out and otherwise clarifying in the morning what I want to accomplish by the end of the day. As it is, the first step to achieving any goal is to write it down, making it extra-real by putting it in front of your face. That, however, applies not only to the loftier, longer-term objectives one might have for themselves, but also to those “must-do,” task-oriented goals that are a daily part of reaching and maintaining your success.

These are just two of the seven “things” presented in the article; the other five are great, too.

Go check ‘em out.

The information contained here is for general information purposes only. The Financial Writer blog and Bob Yetman disclaim responsibility for any liability or loss incurred as a consequence of the use or application, either directly or indirectly, of any information presented herein. Nothing contained in this article, or any other article featured at this blog, should be construed as a solicitation or recommendation to engage in any financial transaction. You should seek the advice of a qualified professional before making any changes to your personal financial profile.

Is Being an Entrepreneur “in” You? Here Are Five Signs that May Reveal the Truth

Are you someone who is meant to be running their own show?

5 Ways to Know Whether You Have the DNA of an Entrepreneur

In a piece for Entrepreneur.com (what else?), Brian Evans, himself a successful entrepreneur by trade, identifies five tell-tale signs that reveal someone has the nature of a classic, business self-starter woven into their DNA.

At the top of his list is the need to learn by doing. Evans points out that there’s a reason so many business successes are high school or college dropouts. Entrepreneurs, he says, are oftentimes poorly served by the school environment, because they are at their best when out in the world applying themselves.

Evans says, as well, that natural entrepreneurs are characterized by impatience. That is, their natural inclination tends to be to want to get going. If you know a successful entrepreneur (or happen to be one yourself), you’re likely very familiar with the characteristic.

Natural-born entrepreneurs are also terrible at taking “no” for an answer, says Evans. However, he points out, there is an important difference between those who don’t accept “no” but also don’t remain on the lookout for helpful feedback…and those who do look for information that will help a good-but-not-yet-great idea eventually succeed.

The other two features of born entrepreneurs, according to Evans, are an insistence on “owning” the work they do, as well as possessing a lust for freedom. He says a principal reason that entrepreneurial types don’t do well operating within typical corporate structures is “because they feel as though they don’towntheir work. It’s a combination of either not being given enough creative freedom, or having so many checks and balances in place that nothing actually gets done effectively.

As for the matter of freedom, that’s everything, says Evans: “True entrepreneurs seek freedom — and the definition of freedom is subjective. It’s more about a lifestyle than a benefits package or an end-of-the-year bonus.

So, do you notice any of these features in yourself? If not, being a success as an entrepreneur is not necessarily off the table – plenty of people achieve while working against type. That said, if you can readily identify most, or even all, of these features as being a part of you, and you’re still chained to a desk working for someone else, then it’s very likely you’re in the WRONG PLACE, presently.

The information contained here is for general information purposes only. The Financial Writer blog and Bob Yetman disclaim responsibility for any liability or loss incurred as a consequence of the use or application, either directly or indirectly, of any information presented herein. Nothing contained in this article, or any other article featured at this blog, should be construed as a solicitation or recommendation to engage in any financial transaction. You should seek the advice of a qualified professional before making any changes to your personal financial profile.

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