The other day I wrote a post about getting a second job to easily increase investment potential significantly, and at work yesterday, I mentioned it to one of my colleagues - who looked at me like I was a crazy person. Doubling the amount one can invest by trading a couple handfuls of hours doing some odd job like stacking shelves per month, doesn't seem like a bad deal to me, but to him, it would have cut into his time too heavily, making it not worth it.
He also said,
when you are stacking shelves, I will come see you.
And I think this is the real reason that so many people won't do it, because they are embarrassed and think that it is beneath them. But, is it really that embarrassing still, or is side hustling common enough that people could accept it as normal?
What I did remind him however was, I am already doing this, as while I am not stacking shelves, I do have a small consulting business I operate and, of course my crypto activities on the side of full-time employed work. This means that I am earning additional euros and because it is a small business, I am required by law to also pay into a superannuation fund, on top of what I pay in through my salaried work. Plus, this extra gives me the possibility to for example, save over the last few years and give the possibility to renovate the kitchen without extending our debt exposure. Once the renovations are done, it will also bring in a trickle here and there to cover the rising costs of living and possibly, give a little to invest into a crashing market.
Then through Hive, Splinterlands and the trickles coming in through LPs, I am able to invest further into crypto or at least, not have to use it to cover my life. While volatile and carrying risk to hold it in crypto, the upside potential is high enough to warrant accepting the risk exposure and rolling the dice.
As I was saying to some friends the other day, the upside is so high, that it is crazy that they (already investing) aren't putting 5% of their regular investment into crypto projects. Losing it might make them feel stupid of course, but it isn't catastrophic to their holdings to lose, but if it does go 5x or 10x in the next couple years, the return will likely cover the same return as the other 95% of their holdings.
Let's work with 5x on crypto, where their traditional holdings are getting 10% return a year. If they start with 1000 in total and put 50 into crypto for a 10x gain in two years, they will have 500 dollars worth of holdings, for around about a 250% gain a year. The other 950 getting 10% however, will be valued at 1150. So, 450 extra from the 50 initial investment and 200 extra from the other 950. And that is at 5x, however depending on what they are buying, it could be 10x, or 100x - so picking up some penny coins, with 10% of the 50, might very well double, triple or go more than the other 90%.
Upside potential is hard to recognize and accept, because we are generally risk and loss averse, meaning that we don't want to lose anything, even if the amount is quite insignificant to our outcomes on the traditional side and, the loss of it isn't going to impact too heavily either.
And, this is part of the reason that I think the extra job can help people also, because if one goes in with the intent to invest all of that earning anyway, there isn't the same challenge to actually do what is intended, as it is extra money. And, once there is more money coming in that is investable, it is easier to put a slice of that into more risk-seeking investments, like crypto.
If someone who was putting away 400 a month to invest, while earlier they were too risk averse to use it in crypto, if they could double it with a second job, the barrier is lowered to put Some of it into crypto. For example, they could increase their traditional portfolio from 400 to 600, and still put 200 into more risk. Two years down the track, their investment portfolio on the traditional side is looking much healthier than it was, and if things pan out, the crypto side is looking very healthy.
Are they embarrassed still?
Maybe, but it is also possible that after a couple years, they have got accustomed to the habit of the second job, maybe even enjoying it a bit and, they are also getting the results of their portfolio growth. Sure, they might still be stacking shelves for a few more years, but a few years past that, they also may be able to retire comfortably, while all the people's whose opinions they were worried about, will still grinding away at a job until they are 70.
There are always opportunities and with all of the vacancy notices in the shop windows and the economy getting set to collapse, a second job is not just a possibility to combat the rising cost of living, but giving that little extra to build a portfolio during the bear market. The difference a person can make over the next few years to their financial outcomes could be quite extreme, if only they weren't too embarrassed to stock a shelf or flip a burger.
Taraz
[ Gen1: Hive ]
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Stacking shelves is something that has appealed to me in the past. Why waste time at the gym lifting the heavy things when you lift many light things and get paid for it? (And probably burn the same, if not more calories?)
Of course, there are higher value activities that could be completed in lieu of stacking shelves.
I'm starting to take the stance that I don't like spending money on things unless it saves me time to allow me to do more of the things that I enjoy.
Lol, this hadn't even occurred to me! :D
Paid to workout, working out to invest.
Of course, it is also going to depend on skillset. The guy I was talking to would be able to earn a fair bit more with the skills he has, with not much work.
For sure. I think I am not there yet, but trying to get there. Still have to do some work I don't enjoy as much as other work I would enjoy more, but doesn't pay as much. Not too long still ahead though!
I know this feeling well. The important thing is to not work to live, but live to work, or is it something about that old phrase that says "Do something you love and you'll never work a day in your life?"
That could be problematic as when people often ask what I want, the true introvert within me wants to respond "To be left alone and not asked this question". :D
I want to do something I love, but I am of the position that in doing so, ,it will mean working for it whenever possible. It becomes a passion, doesn't it? It is the most important work we might do in our lives - salary or not.
It's more of an addiction. Those who are truly creative get addicted to seeing what they can generate and, for me, at least; the act of creation is that of introspection, and of learning about myself. Constantly whittling away against that inner monologue and the societal conditioning of "should do this..." to say "no, instead; this is what shall be done".
The addiction of it is how I see it too. It is no wonder that there is so much risk in following your passion ;)
At least there's more romanticism in:
Over
My investment in crypto is not financial. It is only the time and work invested first in Steemit and now Hive. I'd consider a second job, but my health basically limits me to the one part-time job I have now. Thank goodness opportunities like this exist instead.
Absolutely. It has been life changing for me, even though financially I haven't benefited in real life. The financial condition I was in when starting was quite bad and I was desperate to help my family. It never really panned out that way here, but what it did do was open me up to changing my work ethic and taking opportunities (like a second job) that altered our position. If I hadn't corona would have killed my business with no back up and now, I have done well enough at the second job, that it is more like my main job now. It is a lot of work, but I see my activity on chain as my investment strategy into an industry I might be too afraid to enter otherwise.
Thank goodness....
I think diversifying into crypto is one of the better long-term prospects when the US dollar, the Euro, etc. are destabilizing. I don't guarantee any of them, not even Bitcoin, will be the cure to monetary mismanagement, but like silver, gold, stocks, real estate, and tools, it has potential for a payoff. I trust crypto more than I trust Social Security or my measly library pension plan, for example.
There's also a moment of shame, not for what you're doing. It's what your acquaintances would say about it. That has always been my case, until recently. Now I can scrub the bathroom floor if I understand what I'm doing it for. And with your plan, I understand what I'm doing. 😅💪
Yeah - shame. It is funny how people do all kinds of things and say "I don't care what others think of me", but when it comes down to it - yes they do.
I'd get a third, fourth and fifth job, if I had to :)
A second job is a great idea to personally combat the financial decay. I have done that over the years and even diversifying what I offer as a musician. But for many there are only so many hours in a day. I have heard of full time Walmart employees who struggle to make a living. Perhaps really diversifying how your money makes money may help. For some reason the great entrepreneurs seem to do it.
This is the crux of it -working fulltime at Walmart is not going to lead to financial success (most likely), so it is about find ways at some point to put more into making money work in the background alongside.
I can't remember the exact numbers, but it is something like the top 5% of earners work 30% more hours in a week. The argument is that it is because they earn more, they are more motivated, which is likely true - but that behavior started somewhere.
For a while I was Door Dashing for extra cash to throw into projects. Joe I’m just slowly starting to sell off random collectibles I’ve boarded throughout the years. Most amid that these next few years will be used to dive into more projects here or strengthen positions. So I say do whatever possible to allow this dream to become a reality.
I wish people would understand the opportunity, before it is too late. So many see buying some new gadget that will depreciate to zero, as "worth it".
Absolutely. I am trying to show my kids the potential of what's out there in this strange corner of the world, but it's a difficult task.
How many people can tell their grandkids that they became crypto millionaires by stacking shelves for ten years😅
My friend Joe laughed at me... he is still working😄
And when you think about your legacy...😛
Hopefully many!
And their grandkids will be sitting pretty because of it, with parents who have had a good financial role model.
I am not allowed to do a second job due to what I signed with my company. However, as said before, HIVE is a great solution for second or part timr job. No one would ever hinder me being on HIVE and it is not againts any law. It is being like on Facebook or Instagram ;)
Oh, you have a clause that says you can't?
Mine is that it can't compete with the company I work for, but I have a clause added to say that I can run my business on the side - it was part of the deal I made.
Hive is a great side hustle!
I also can't establish a company on behalf of myself.
That is interesting. Hopefully, you get paid enough for it not to be an issue :)
Let'a say so
It's tough to get started and I think it's more because people don't like change. They prefer to keep things the way they are and they don't change until it's late into the trend. Sacrificing a bit now so it can pay off in the future isn't a bad idea.
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I have argued in Finland that more young people at school should be doing parttime work, instead of spending 40 hours a week gaming. two shifts at McDonald's gives them independence, responsibility and some cash to make decisions with.
LOL!
Anyone who is embarrassed to take a side gig for investments is interesting in my book. I won’t judge right away, but I think focusing more on what people think, then achieving financial independence is not a winning strategy.
I don’t know if I would shovel shit, but there are plenty of other clean, air conditioned opportunities out there, that I would not be embarrassed to do… And if shit shoveling paid really well, hey I would take a look.. LOL!
The bottom line is to invest early and put time and compound interest on your side.
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It is a funny problem, isn't it? :D
I use stacking shelves as an example, but the people I am talking to have the ability to teach night classes at an adult university, coach young entrepreneurs, code on the side - they are skilled professionals, but that doesn't mean they are earning enough to invest a lot.
A real pity that the days do not have more than 24 hours so you can show and your friend can see that the need to sleep does not have to be an impediment to fulfilling your dreams. LoL
I have the same 24 hours as everyone else.
I know, I know! :)
I believe is a different story for each folk. In your case, you find the time, purpose, and energy to build two streams of income + crypto.
Nice perspective. I don't think there's anything embarrassing about these jobs that you mentioned, especially when there are so many people making an honest living out of them. I think as we grow older, we tend to care less about what people think about us, which sometimes is a good thing haha.
Unfortunately, I don't even have 1 job. Our work is valued inexpensively, like this cognac. And I would be sorry to buy it with my monthly salary.