Your Side Hustle Could Help You to Retire Early

The goal is to work less and live more

Photo by Pedro Monteiro on Unsplash

Keep Your Spending Low

Don’t be tempted to start spending high as soon as you start earning extra cash from your side hustle. This is a major mistake, instead of spending that extra money, forget about it, act like that money never arrived in your bank account. Extra money shouldn’t necessarily mean extra spending. In fact, you can actually find ways to reduce your spending even further.

Reframe Retirement

The idea that we must work for 30 to 40 years, save 10 to 20 per cent of our earnings and retire by the time we are 65 is archaic. Reframe retirement and think about it as a time where you can comfortably live off your passive income as opposed to living off the money that you exchange your time to receive.

Invest

Investing is key, I am not an expert when it comes to investing however, I have made a bit of money with Bitcoin over the years by investing some of my side hustle earnings. If you are not investing you are sleeping on your extra income.

The Goal

When you first jump on the side hustle game, set your goal to earn an extra $100 per month. When you reach that, scale up to start earning more. Even an extra $100 per month could be life-changing if you invest in the right places. The goal is to generate enough passive income to take your foot off the accelerator, you can work less and live more.

I write about Health, Wealth, Race and other things. Founder Pink Intrigue + Freshlight Media. I give away my earnings to change lives in Ghana

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store