Everyone that has been around this site for the last year or so has a good idea about how I feel when it comes to side-hustles. I think any young person with a brain and a computer that wants more money should at least try one.
A lot of people disagree with me on that, but as per usual around here…I don't really care haha.
The “entrepreneur life” is REALLY appealing to Millennials. I get it. I freaking LOVE working for myself. But I want everyone to understand that when I tell them to get a side-hustle, it's to supplement their income and pay down debt or get ahead.
It's not so they can bail from their job like I did to run M$M.
I started Millennial Money Man at my in-laws kitchen table after work back when my wife and I were living with them. I had finished paying off my student loans, and was really fired up about $$$ for whatever reason.
From there, it's blossomed into this thing that I run from my computer wherever I want making $8-10k per month. Sounds so cool right? Well, it is. But it's not for everyone, and it's not nearly as easy as most people think from the outside looking in.
Working for yourself has killer advantages, but if you like working 9-5 and literally NEED video games or Netflix to “let off steam” and turn it all off…full-time entrepreneurship may not be for you. Just hear me out.
Here's the real stuff you need to know about working for yourself:
The day you quit your job is the scariest day in the world.
I didn't ease myself into being self-employed. I took that leap of faith that is the barrier of entry to entrepreneurship for most people. I literally added up all the money I had on my phone calculator to see if I could make it work, made the decision with Coral (my wife), and then walked in the next day and quit my job.
Yes, I'm crazy. But it's also what makes me good at this.
I had a full-blown panic attack at 3:00 am the next morning. I've never had anxiety in my life, but for about 20 minutes I swore I was going to straight-up die from a heart attack. That's what happens when you rip the security of a steady paycheck out of your life.
Health Insurance Sucks
I totally thought I was just going to jump on to my wife's school insurance, but that was laughable at best. Our monthly insurance premium would have jumped up to $800/month for two high-deductible plans. So, I picked up a plan from the marketplace (not subsidized) with a $6,000 deductible that seemingly doesn't pay for jack.
I'm 28 and basically a “non-user” in insurance companies' eyes, but that doesn't mean I'll get a great policy. This is not a political post in any way – so please don't turn it into one in the comment section. I'm just telling you right now that insurance isn't great for self-employed people.
Every month starts at zero.
Last month I made $10,172.27 from my computer. You can check it out on my income report here. However, that was September. September doesn't mean crap in October.
That feeling of security most people have with their paychecks every few weeks is a tangible thing. You absolutely get used to not having a guaranteed income out on your own, but it takes time. Really consider that if you are thinking about quitting your job in the near future (I know a lot of my readers are).
There are no “hours”.
The three things about self-employment that I mentioned above are probably a little concerning to the average person, but if you need to turn your mind off after work you need to pay attention to this:
There is no turning off with entrepreneurship. It's not sexy. You can't vacation all the time. It doesn't just fade away when you want it to.
I wake up at 5:30 am and immediately check my phone and emails (after my normal 2:30 am wake up to do the same). I look at my social media pages constantly throughout the day. I respond to every comment and message at any hour.
It's totally common for my attention to drift to my business mid-conversation with my wife (which is definitely no bueno with her). Even when we took a vacation to Jamaica earlier this year, I had my computer and a crappy internet connection to stress me out the entire time.
Entrepreneurship never goes away, and there is no off button. Think about that really hard if you're thinking that working for yourself would be incredible. If you STILL think it's a good idea and have a dream to do it – go for it, but respect the game or you'll be miserable.