Summary

The article emphasizes the importance of developing multiple income streams through side hustles to secure financial well-being in an era of economic uncertainty.

Abstract

The article "The Secret to Build Your Empire" discusses the significance of side hustles in the current economic climate, where inflation and stagnant wages threaten financial security. It suggests that relying solely on a 9–5 job may not be sufficient due to the increasing cost of living and the devaluation of currency caused by aggressive money printing during the pandemic. The author advocates for leveraging the internet and the gig economy to start a side business, such as building a YouTube channel, trading stocks, or selling products online. The path to creating a sustainable income stream is acknowledged as challenging, requiring dedication and sacrifice, but it is presented as a necessary step to ensure one's financial future. The article cites the example of Chris Gardner, portrayed by Will Smith in "The Pursuit of Happyness," to illustrate the harsh realities of financial hardship and the motivation to overcome them. It concludes by encouraging readers to persist in their side hustles, noting that many self-made millionaires have multiple streams of income, and emphasizing that what starts as a survival strategy can evolve into a long-term wealth creation plan.

Opinions

The author believes that the value of money is declining, making it crucial to have more than one source of income to keep up with the rising cost of living.
It is expressed that a traditional 9–5 job may not provide the necessary financial security due to the lack of salary adjustments in line with inflation.
The internet and social media are seen as powerful tools for starting and growing a side hustle, offering numerous opportunities in the gig economy.
The article conveys that the initial stages of a side hustle can be demanding and may require sacrificing leisure activities, but this effort is minimal compared to the potential consequences of financial instability.
The author cites a study by Tom Corley, indicating that a significant number of self-made millionaires have multiple income streams, reinforcing the idea that diversification of income is key to wealth accumulation.
Persistence is highlighted as essential for turning a side hustle into a significant income source, with the journey being likened to a marathon rather than a sprint.
The article suggests that the discipline and strategy of creating additional income streams can transform a survival tactic into a deliberate wealth-building strategy for the future.

The Secret to Build Your Empire

Make the future you proud of the actions you have taken today

It is the time of the week again.

Weekend.

You are probably thinking about what show to watch on Netflix. “The Queen’s Gambit”? Maybe “Money Heist” is better.

Maybe you are thinking of where to go later to enjoy your life.

Maybe not. You are at the work desk, quietly hustling through the night.

What is a side hustle?

A side hustle is what you do after your 9–5 job. When most people ended their long day at work, yours is just getting started. Again.

Building your Youtube channel, reading the financial report to build your stock portfolio, selling things online — whatever you do, you continue to invest that precious time of yours, sowing the seeds. Believing that one day, it will bear fruit.

That is the art of side hustle.

Why you need to take a side hustle seriously

The world is printing money at an unprecedented rate to curb the pandemic. As a result, there is more money chasing after the same amount of goods.

$100 note now is worth lesser compared to one year ago. The food, rental and necessities are going to get more expensive.

If you are working 9–5, your salary will not rise in tandem with the cost of living. Your boss is not going to raise your pay check just because the goods are getting more expensive. Your salary is supposed to match the value you provide to the Company. Not the price of the goods.

Looking at the rate the governments worldwide are printing money frenziedly; I do not feel secure by having one source of income, let alone the economic impact arising from it.

Take charge of your financial well-being.

Fortunately, it is easier than ever to start your hustle now

Thanks to the rise of the Internet, social media and even Covid-19 (No thanks), they accelerate the decline of corporate offices and the the rise of the gig economy.

Despite staying at home, everyone can be connected. You can do almost everything can be done on the Internet. You can sell your product on Amazon; you can sell your services on Facebook; you can work from home with Microsoft Team and Zoom.

Armed with the proper skill set, you can earn money relatively anywhere. For example, I have never thought that I can make money with writing one year ago.

After knowing about Medium, I love writing and I want to capitalize it to create an additional source of income for me.

I find the publication in my niche of interest.
I read their most popular articles to learn the style, format and readers’ response in the comment section.
I learn how to write concisely.

These allow my readers to read quickly and gain something out of it.

Find your interest and start your hustle.

Hustling, however, is the hardest thing you ever do at the beginning

If you just started your journey to climb the “Side Hustle Mountain”, I have to break the bad news.

No dinner and chit chat till late night, no going to the bar and watch football, no Netflix and chill night.

Yeah, it sucks. That is because making money from nothing is hard. Even after days, weeks, months or even years working on your hustle, you may not have found the “secret formula” yet.

But do you know what sucks more? It is cannot provide the basic livelihood for your own family — enough food on the plate and a proper shelter to live in.

If you have no idea how it feels like, try watching “Pursuit of Happyness” starred by Will Smith, and you will know what I mean.

I still remember that heart-wrenching scene vividly until today.

After Chris (Will Smith) and his son are evicted from the apartment, they spent the night in a subway station restroom.

While his son was asleep, someone was knocking on the toilet door, trying to come in. Chris immediately covers his son’s ears and use one of his legs to secure the toilet door.

The person did not give up and knock even harder, yelling at the opposite door.

It is this moment that tears welled from deep inside and coursed down Chris’ cheeks. He felt humiliated. Life is tough when you have no money.

I cried. No one wants to go through that!

Between hustling hard or experiencing what Chris had gone through, I choose the former.

Sustain your side hustle until it becomes a respectable income stream

You find the progress of your side hustle is slow. The income is petty.

This time you feel like giving up.

When it comes to building own empire, it is not your job to tell yourself — I want to give up.

Learn more about your hustle. Master, monetise and scale it further.

Rich Habits author Tom Corley conducted a five-year study and found:

65% of self-made millionaires had three streams of income.

45% of self-made millionaires had four streams of income.

29% of self-made millionaires had five or more streams of income.

As it turns out, the wealthiest among us have more than one source of income. You are already making progress to riches when you have more than one stream of income.

Your hustle is a marathon, not a sprint.

Concluding Thoughts

While I am not a millionaire yet, I have my plans to become one someday. It will be owing to the multiple streams of income I have created over time.

Hustle now and let time does its magic. Make the future you proud of the actions you have taken today.

What initially started as a survival technique has turned into a wealth creation strategy for decades to come.

Amanda Abella