A Bit More Than A Bit On The Side: Strategies To Build A Side Hustle And Investment Portfolio Concurrently
When you are planning your budget, and looking for ways to get a bit more money, you have to remember that it’s a lot to do with mindset. Planning appropriate strategies and ways of thinking can put you ahead of the other budding entrepreneurs that have their own side hustles. It isn’t just about the side hustle, but it’s about an investment portfolio as well. So if one aspect that has a dry period, the other can, hopefully, balance it out. But when you’re trying to build both at the same time, it can be very overwhelming. What are the best strategies to help with this?
1. Getting A Feel For Investments
Jumping into investments and the stock market is an incredibly overwhelming subject matter. We’ve all been there; one of the major issues in terms of mindset is getting into the habit of taking that risk with our money. It’s good to get a feel for investments, but you can do it in other smaller, more manageable ways. You could go on on numerous betting or gambling websites, and get a feel for putting some money into something. There are plenty out there; the Eos Gambling website provides plenty of games and advice for you to get stuck into. When you start to become more comfortable with putting a bit of money into something, that’s when you can begin to look at the markets and think about the significant investments you would like to make.
2. Structuring Your Day
Starting an investment portfolio is a lot of work, especially if you are working a job as well. This means you’ve got to structure your day accordingly. In many ways, you have to treat it like it’s a job. This is all about getting an extra income, and whether you’re looking for the best passive income stream or a sure thing on the stocks, you have still got to put in the leg work. Stretching your day, perhaps by getting up an hour before you would typically wake up, and doing a little bit of research over a cup of coffee, and then maximizing your downtime during your working day, gives you that opportunity to get clued up quickly.
3. Really Think About Your Passions As A Way To Earn Money
Earning money doing something you don’t like is drudgery. As such, you should think about the things you really care about in life. Whether it’s starting a side hustle or investing money in companies, we can surrender ourselves to the elements somewhat. Building up a side hustle is a lot of work, but so is improving your investment portfolio. When you think about the things that you really have a passion for, this can help keep you on track and motivate you. This is especially prudent in terms of setting up a side hustle. When you follow your passions, it doesn’t necessarily feel like work.
It isn’t just a bit on the side; it’s something that can take a lot of effort at the outset. A lot of people decide to build up an investment portfolio or only a side hustle. If you try to do both, either because you want to retire early, or you have people to provide for, making it a bit more than a bit on the side is crucial.
[a contributed post]