Nick from Side Hustle Nation is giving away some great financial advice in this interview! Learn about his favorite financial book, favorite apps, and the #1 financial habit he lives by. Plus lots more!
I've got another awesome interview this week with Nick from Side Hustle Nation. I love Side Hustle Nation. I read the blog and listen to his podcast.
If you want or need to make extra money, this is an awesome place to start. He has so many good ideas on his blog about making money it will blow you away.
Check out his answers below, I'm sure you'll find some great new information!
What are your favorite books related to money?
Rich Dad Poor Dad was the first "money" book I read and really solidified some thinking I was doing at the time. The call to invest for cash flow and buy or build assets was important for me to hear.
What are your favorite apps related to money?
I'm a fan of apps that give me free money, like Drop and Ibotta. But the best money app of all is the podcast app because there are libraries of amazing free audio content.
What is the worst money advice you hear?
"Buy the biggest house you can afford."
What money advice would you give a 25-year-old starting out in life?
When your passive cash flow covers your expenses, you're free. That freedom is easier to achieve if you keep your expenses low.
Do you have any financial habits you live by?
Spend less than I make.
What is #1 thing people should do today for a better financial life?
Itemize your monthly expenses from the smallest to the largest. If your goal is to quit your job or retire early, think about how you can start chipping away at those expenses through side hustles or investments. If you believe in the 4% rule, even a $10,000 portfolio could theoretically sustain a $33 monthly expense, like a cell phone bill, forever. I call this the Side Hustle Snowball, and it can be really empowering to start to "erase" your expenses one by one.
If you're not sure where to start, this list of side hustle ideas will help get the creative juices flowing.
Did you overcome any personal failures to get where you are today?
Tons. My business lost 80% of its traffic and revenue the day AFTER I quit my job. My wife and I bought a condo in 2007; 18 months later it was worth 40% of what we paid. I've hired web developers who never turned out a finished product.
What is the most worthwhile investment you have ever made?
Investments in myself and in my businesses have paid the best returns. My original side hustle started with around $10k in development costs and went on to earn several hundred thousand dollars in profit.
A more recent example is Side Hustle Nation. It cost around $200 to start ($100 for the domain, $60ish for a podcast mic, and a little here and there for hosting and other stuff), but has turned into an awesome community and reaches thousands of listeners every week.
How can people follow and get in touch with you?
If you love what you're reading, please help me spread the word and share this post with the share buttons on the left!
CREATOR OF LET'S AUTOMATE YOUR MONEY WITH MY LOVELY WIFE KRISTA