What if you could live off of your side hustle?
With the recent successful (Go Broncos!) conclusion to Super Bowl 50, what will the NFL and all of the football fans talk about till pre-season starts? Well, how about the Seattle Seahawks Marshawn “Beastmode” Lynch? I’m not sure if you are a big football fan, or even a big sports fan, but I think we can all agree that our society idolizes athletes. Partly because of the seemingly super-human feats that they perform on the field and partly for the emotion and human kindness off the field. We are in awe of how our athletic stars can give and take punishment and be so humble and kind to their fellow man.
So what does this have to do with a side hustle? Well, all the big name stars not only command top dollar in salary from their chosen sport, but many of them receive rather substantial endorsement income as well. In many cases, the endorsements that they receive are “more than adequate” to live off of. (Tongue firmly in cheek). So what if you lived off of your endorsements and pocketed every penny of your salary? Well the reason for this insight, Beastmode did just that.
Marshawn Lynch made a name for himself in football by grinding it out on and off the field. Commanding significant salary (just over $49M in total at the end of the 2015 season) as well as nearly $5M annually from endorsements. Apparently Beastmode is not just an amazing athlete, but also financially savvy. Living off of $5M is more than possible even for a higher-end lifestyle, or even for an all star athlete. So what do you do with your salary if all you “need” is endorsements?
You save it.
You put it away for the day when you can’t earn it any more and you have to use it. Marshawn Lynch has done something amazing and seemingly impossible to the average person. He has made a living off of his side hustle while his salary is growing his future. His nest egg is growing constantly due to good financial decisions, determination and lots of hard work. But let’s put this in “real people” terms.
Let’s say you are making the US average income of $53,657 in 2014, per the most recent U.S. Census Bureau report, and that your expenses are $53,495 from the Bureau of Labor and Statistics. That means that you, the average American, have to make your entire salary just in order to make ends meet. No lost time whatsoever. Based on these numbers you, as the average American, only are able to “save” 0.302% (1-(Expenses/Income)) of your income for something else. Not even one half of one percent! Lets face, that probably won’t happen that much. Or ever.
So what if you were able to pull a Beastmode on your salary? Let’s say that now you have a side hustle going that requires maybe 10-20% of your time, earns you ~$50,000/year and still allows you to work your normal 9-5 job and spend time with your family and friends. Thus allowing you to save instead of <1% of your income, nearly 100% of your income.
Would you do it?
Yes. Of course everyone would do it.
So why aren’t more people doing it?
The real purpose of this line of thinking isn’t to show you that you can only be super rich if you are an amazing athlete. In fact, many athletes who retire end up having to get a “real job” like the rest of us.
This is about your mindset. How you think about yourself, about money and about your time are infinitely more important than your current income or position in life. Did Marshawn Lynch get his first NFL contract and think “What will I do now?” or “I’m rich!” Not likely. He came to the NFL with a well thought out plan and he executed that plan to perfection. On and off the field.
So is your mind in the right place to start, grow and explode your side hustle? If not get on the early notification list for our soon to be released eBook How to build 6-figures without investing a dime! This amazing resource will be packed with lessons learned, easy and hard, about how to understand where you are, figure out what you need to get where you want to be, and proven methods to get there. We are very excited to be bringing this to you, our valued team members and fellow nest builders.
Another thing to remember is that we all want to go Marshawn Lynch Beastmode on this. But it takes time and energy and work. A lot of all three. You won’t be saving your whole income in a year, maybe not even in 3 years. But if you work everyday to get to that goal you are better off than you were the day before. One step closer to your financial freedom and living the life you dream about on your terms.
Remember to tell your friends and family what you have learned! Even better, have them sign up and have a great discussion over dinner!