This transcript was generated from the episode audio and may contain minor errors.
[Music]
Hey, hey, hey, what's up? Welcome to "Side Hustle School," episode 1,901. Today, 1,901. I hope you survived the Ides of March. The Ides of March, 15 March, 2022.
That was yesterday. Since you're listening, I'm gonna assume that you made it, so that's good. And as I said, here we are in the 1900s of "Side Hustle School." So exciting. Thank you for being part of the journey. Today, I've got a caller from Hawaii.
He is wondering if it's a good time to transition from his second part-time job into his primary side hustle. So he wants to go full-time, but he's trying to figure out is this the right time to go full-time? So we're gonna look at his situation, but also like what are the most important factors to consider in making this decision, right? Because the answer is gonna be different for each person. I'll explain some of those factors in my answer.
But more importantly, what are the factors that everyone I think should consider when making this kind of decision? So when should I go full-time? That's what we'll talk about specifically and generally. Clarence's question and my answer coming up after this quick message from our sponsor. [Music]
Aloha, my name is Clarence from Hawaii.
I read your "Side Hustle" book, and I'm catching up listening to your show. My question is, when or how should I transition from a second part-time job to fully invest my time into my side hustle? I'm part of the group of people who have a second job. I see the freedom that having an extra source of income brings, but I also want to start a side hustle with my passions. Thank you as always for bringing tips and collecting inspirational stories of people living their best lives.
Hope to see you in Hawaii. - Aloha. [Music]
Hey, Clarence, what's up, man? Thank you so much for listening. Definitely a big fan of living your best life all about that.
So hopefully Clarence and lots of our listeners can embrace that. Now let's talk about when is the right time to go full-time or when is the right time to go all in? When's the right time to quit your job? I think it's important to say right up front, every person's situation is different in terms of their lifestyle, their household, their stage of life, their responsibilities, family commitments, risk tolerance, lots of factors there, but all of those factors are unique to each person, right? So you have to decide for yourself your assessment of those different factors, but what are some factors that might apply to everyone so that anyone listening who's in a place of trying to go from side hustle to full-time income or perhaps working multiple part-time jobs and trying to consolidate a bit or trying to ultimately create something that provides more passive income.
So I would say first things first, income, what is the monthly income? Okay, what is the monthly income of the side hustle compared to the monthly expenses? What are your monthly living expenses? Like what do you need to have your minimum monthly amount and how much above that is your side hustle income? Also, how predictable is it?
Is it predictable and sustainable? Do you think to the best of your knowledge, looking out three months, six months, nine months, is it reasonable to expect that you're gonna be able to continue to have at least that income and hopefully more? But it's not just something that's seasonal. It's not something that could easily go away. And in fact, maybe this is the last part, like if you spent more time on your side hustle, could you make more money?
Like if you invested more time, could you make more? So what is the income? What's the ratio of the income to your monthly expenses? To the best of your knowledge, is this income predictable? And if you spent more time on it, could you make more money?
That's when you start thinking more seriously about, okay, maybe this is not just my hustle, this is something that I can go all in with. But I think sustainability is key. It's not just about having the good idea. It's not just about following the passion. It is how can I create sustainable income from this project?
And once you have that, that's when you can start considering more of your own factors, your own individual factors, but everyone needs sustainable income to be able to make that decision. So Clarence, good luck. Thank you again for listening. Listeners, if you've got a question, we'd love to know what's on your mind as well, sidehustleschool.com/questions. We've got a new episode every single day.
You can subscribe or follow wherever you get your podcasts. My name is Chris Guillebeau. You're listening to "Side Hustle School." [Music]
from the Onward Project.
