Side Hustle

Fear of money

Fear Of Money

Money Maroon

Money is a difficult topic to talk about. Not because money is inherently bad, but because money is an instant mark by which we compare ourselves to others. To the few, money is viewed as a tool to get what they desire. To the masses, money is a scarce resource that must be guarded. Most have a fear of money, consciously or unconsciously.

The Have And The Have Nots

When addressing money, there are major differences between the wealthy and those without wealth. The wealthy sees money as a tool that is to be used. The more money they have access to, the more they can bend the world to their desires. 

Consequences Of Having A Fear Of Money

While the wealthy view money as a tool, those without wealth fear money. Yes, they fear money. Many believe in the concept of “more money more problem.” Further, the masses have an unhealthy fear of not having money.  

More Money More Problems

Why is there a belief in “more money more problems.” Have you ever heard the statement: “money is the root of all evil.” Now, think about who you have heard this from. Was the statement made by someone with wealth or from someone without wealth or new to wealth? I can guarantee that you have not heard the above statement from a wealthy individual.

Let’s dig in. Note that 1 Timothy 6:10 actually reads, “For the love of money is the root of all kinds of evil.”  Even without historical context, it is clear that the bible is not saying that money is the root of all evil. Instead, it is saying that a love of money and not money it self, is the root of  all kinds of evil. This one misquoted phrase and other similar phrases have consciously and unconsciously ruined our relationship with money.

With this miss quoted text, many view money as not being good and subconsciously very bad. How can you make and grow your money when you believe that money is the root of all evil? 

Change your relationship with money. Money is a tool that can be used, in some cases for good and in other cases for evil. As such, remove the above and similar phrases from your vocabulary and build wealth.

The Fear Of Not Having Money

While a healthy fear of not having money is a good motivator, an unhealthy fear of not having money is a problem. Why is this a problem? The fear of not having money can lead to a scarcity mindset. The belief that money is a limited resource, it is not. 

Further, acting out of an unhealthy fear of not having money can lead to not allowing yourself to take risk to grow yourself or your business. An unhealthy fear of not having money can lead to lack of confidence and not standing up for yourself personally and/or professionally. 

In this regard, the fear of not having money leads to an employee mindset. A mindset of working for someone else for a secure salary and not rocking the boat. This mindset is a danger to financial independence. 

Let’s dig into the above statement with regard to the security of a salary position. A salary position is not a secure income source. With a salary position, you are giving your boss complete control over your financial life. The classical, putting all your eggs in one basket. Further, most employees are at-will employees and as such your company can fire you for any reason. Does that sound secure to you?

Embrace money and use money as a tool. Instead of  having one salary position, invest in yourself and secure multiple income streams. Stop fearing not having money and take back control of your financial life from your boss.

Conclusion

Money is a difficult topic to talk about. Not because money is inherently bad, but because money is an instant mark by which we compare ourselves to others. To the few, money is viewed as a tool to get what they desire. To the masses, money is a scarce resource that must be guarded. Most have a conscious or unconscious fear of money. Get over the fear of money, have confidence in yourself and take calculated risk and journey to financial independence.

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Side Hustle

Get Your Side Hustle Right

Money Maroon

We have all seen stories after stories of people ditching their day jobs for a side hustle. In some cases, multiple side hustles. These major financial and professional moves typically occur upon the realization that the side job provides more income, time with family and all round satisfaction as compared to the main hustle. Whether you want to make your side hustle your main hustle, or you simply want to supplement your main income with income, one important principle rings true. While you may want to jump head first into your first or second side hustles, do not allow your side hustle to interfere with your main hustle.

Reliance On The Main Hustle

Picking up and doing a side job is easy. Being consistent enough to garner a reliable income stream and/or growing the side job to become your main income source is difficult. This is akin to starting your own business. Building a reputation and developing a reliable clientele requires a huge investment of time and potentially financial resources. This investment is almost always reliant on your main hustle’s income. Therefore, it is essential to keep your main job stable as income from your side job grows.

The Problem

Even if your side hustle is performed in the hours outside of your main job, at the very least, your time investment will take away from the time available to focus on your main hustle.  

  • For example: 
    • Main hustle: 9am-5pm
    • Side job: 7pm-10pm

Those extra 3 hours of working a side job per day or week will result in a tired employee. An employee who no matter how good you are, will become prone to mistakes. Further, such an employee will likely not be providing full attention to the main hustle as they will be thinking about the side hustle….potentially having one foot out the door. How would you react as an employer if you got wind of such developments. Now, as an employer, imagine if your employee’s side job is or could become a direct competitor.

Does Your Employer Have Your Best Interest

We would all like to think that our employer want the best for us as employees, and while this may be true for some, these employers are in the minority. Your employer wants what is best for you so long as what is best for you is best for them. Where what is best for you diverges from your employer, you will have trouble. This is often the case once you begin a side job.

Employer Becomes Aware Of Your Side Hustle

If your employer have the slightest belief that your side job could potentially compete or take business away from him, he will ensure that you do not survive, at least at your current position. Expect to be fired, however, before the axe falls, the warning signs will show themselves as complaints with regard to: your ability to focus on the task at hand,  you not spending enough time in the office, you not making yourself available, or you are unable to handle new responsibilities and your inability to grow.

I have seen this play out, even in fields where a side job is completely unrelated to the main hustle. In one case, a jealous co-work informed the employer of a fellow co-worker’s side job, caused a big stir and eventually got him fired. In this case, the side hustle and the main hustle were completely unrelated. However, jealousy is ever-present as we are all human beings.

Once an employer learns of your side job, it is not uncommon for you to be accused of using company’s resources for your new endeavor. This can have far reaching implications depending on your employment agreement. For example, if your side job is one that is a new idea. Note that many employment agreements have an assignment clause wherein inventions developed with the use of employer’s equipment (for example computer) and on employer’s time belongs to the Employer. 

If your side hustle and your main hustle are in the same field,  you may even face legal action with regard to mailing lists or stealing clients among other grievances. 

As such, it is imperative that you keep your side job and your main hustle separate. We would suggest not even answering an email related to your side hustle on your current employer’s computer.

Conclusion

Side hustles may provide more income, time with family and all round satisfaction as compared to your current main hustle. However, if your journey to financial independence includes a side hustle, do not allow your side hustle to interfere with your main hustle until you are ready to have your side hustle become the main hustle.

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