The Side Hustle Snowball: How to “Erase” Your Expenses with Extra Income Streams (Greatest Hits)

The Side Hustle Show

Nick Loper

Business, Education, Entrepreneurship, How To

4.7 • 1.6K Ratings

🗓️ 30 December 2024

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

I want to introduce a concept I call The Side Hustle Snowball. If you’ve heard about Dave Ramsey’s “Debt Snowball” framework, this may sound familiar. Here’s how The Side Hustle Snowball works: You itemize out your expenses and then aim to come up with side hustle income to cover them, starting with the smallest and working your way up. Once you reach the bottom of your list, you don’t need your job anymore! The reason I like this framework is setting out to replace your income with a side business can be a daunting task. The Snowball approach breaks it down into mini-victories and lets you celebrate your progress along the way. And just like a real snowball, it picks up steam, size, and momentum as it gets rolling. Let’s look at some real-life examples of how you can make extra money. What follows are some of my actual monthly expenses*, and how we mentally zero them out with job-free income. Full Show Notes: The Side Hustle Snowball: How to “Erase” Your Expenses with Extra Income Streams New to the Show? Get your personalized money-making playlist here! Sponsors: Airbnb — Discover how much your home could be worth and find a professional co-host today! Indeed — Start hiring NOW with a $75 sponsored job credit to upgrade your job post! Mint Mobile — Cut your wireless bill to $15 a month! Gusto — Get 3 months free of the leading payroll, benefits, and HR provider for modern small businesses!

Transcript

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0:00.0	Here's an oldie but a goodie from the archives from the side hustle show Greatest Hits collection.
0:06.1	What's up? What's up? Nick Loper here. Welcome to The Side Hustle Show because when your non-job
0:11.8	income exceeds your monthly expenses, you're free. And it's exactly that freedom that I want to talk
0:17.5	about today, except we're going to tackle it a little bit differently. Often, the case on the show is exploring one specific business model and then
0:25.9	reverse engineering the path it took to earn five, 10, 20 grand a month. Today, I actually want to
0:31.9	start a little bit smaller and use side hustles broadly defined here, since not everything I'll talk about is super entrepreneurial in the traditional sense. But using side hustles, broadly defined here, since not everything I'll talk about is super
0:38.6	entrepreneurial in the traditional sense, but using side hustles to erase your expenses.
0:44.1	How do we zero out your personal expenses with extra income streams? Of course, that's the
0:49.1	end game for a lot of side hustlers. Like, how do I build something up to the point where I can
0:54.1	leave this soul-sucking job? And I think that's a worthy game. for a lot of side hustlers. Like, how do I build something up to the point where I can leave
0:54.5	this soul-sucking job? And I think that's a worthy goal, especially if your job really is
1:00.5	of the soul-sucking variety. But that can also kind of be an intimidating place to start from.
1:06.4	So what I want to propose instead as an alternative path is what I call the side hustle snowball.
1:12.6	How this works, and this might sound familiar to Dave Ramsey fans,
1:16.5	is listing out your monthly expenses from smallest to largest.
1:21.1	For example, you might have things like Netflix or your cell phone bill toward the top of the list,
1:26.9	and you might have things like your rent,
1:28.6	your mortgage, or child care, or property taxes down at the bottom. In this episode, I want to
1:34.9	walk through some real-life examples of how you can start erasing expenses. First, to allow
1:41.3	yourself to celebrate those mini wins along the way.
1:47.4	Like, instead of, well, shoot, I only made 50 bucks this month.
1:49.7	It can be reframed as awesome.
	...

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