I love side incomes, and why you should too
How I use my side income to improve my future
Since I started my journey as a solopreneur on the side of a 9-5 job, I had in mind to replace it with my online business income.
But lately, I started looking at my journey from a new perspective.
Having businesses that generate a side income, is interesting for some reasons.
If you have been in the career path “game” long enough, you know that salaries don’t increase often.
If you are lucky you get a moderate increase every year, or you have performance bonuses.
You can live a comfortable life with that, and even save a bit if you’re good at reducing expenses.
But in the modern world—at least in the part of the world I live in, Italy—this amount of money is not enough to guarantee a comfortable future.
Our generation lives in a slightly different world compared to our parents.
They lived through the economic boom after the Second World War. It was hard for them, but new job opportunities were present, the pension system was not yet completely screwed up, new infrastructures were built, and so on.
Today, the landscape has changed. The salaries are just enough to sustain our expenses, inflation is draining purchase power every day, and our pension system will not guarantee a peaceful old age 20 years from now.
That’s why long-term investments are more and more important.
And your solopreneurial journey on the side can help you with that.
Let’s say that you have a good fixed salary, you can pay the bills, travel a couple of times per year, and live a comfortable life. Brilliant.
Now, if you could have an extra 2 or 3 thousand dollars every month (or even more), set aside the amount to pay the taxes, and the rest is yours.
I would use it to increase the amount of money I can invest long-term, increase my capital over time, and avoid devaluating the money caused by inflation in the long term.
So, if you think about side hustling this way, you’ll see how good it is compared to full-time entrepreneurship.
Working full-time on your things is risky. New big competitors could take our space in the mid-term, platforms can change the rules and destroy our products (it happened to me with Twitter), Google might change the algorithm and your effort in SEO won’t generate traffic, and your mind will always go to the products, even when you want to chill, because they are such an important part of your life, and so on.
Let’s be clear, a full-time job is not a guarantee of stability. Layoffs happen more and more often, and you might not enjoy it for any reason, but side incomes are a very good compromise.
As a consequence, you enable yourself to new opportunities like, selling the SaaS product for a good amount of money, or if the product takes off, and it can cover your bills and more, you can decide to go full time.
But the intermediate situation has some benefits.
Of course, this is my personal view of the world I experience, it’s not advice to invest (study and inform yourself before taking any important decisions) and what I’m describing might not apply to your specific case, but what I want to highlight is that having a side income has benefits, and as long as you can work on it, a tiny bit every day, without burning out, it’s a superpower for your finance stability.
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That’s all for today.
See you next Sunday 🙌
Luca
