Hello listeners! In today’s episode we interview Cody from Fly to FI: he’s US-based and makes a full-time income from side-hustling, and he’s starting a course on this topic. We talk with him about many aspects of side-hustling, career- and skill-building. Enjoy!
We also talk about:
- Acquiring skills
- Finding clients
- Protecting headspace
- Business automation
- Cash-flow FI
Side hustling as a great tool for FI
Cody found about side hustling at age 19 after her mom read the 4-Hour Work Week. Now he’s 23 and he’s doing a full-time income from it. He achieves it by mixing various income streams, he does a lot of freelancing and has started a couple of businesses. He acquired the skills he needed on the go, and built a steady income by building a strong client network.
Diversification as the driver for maximizing income
Cody takes a different route compared to other FI practitioners here: he stresses that in the current market skills are a currency, and in a world that is moving more and more towards freelancing rather than corporate jobs you want to have as much as possible of them, in order to have access to multiple sources of income. Moreover, in a context of technological change it’s possible that new advances in technology can make some skills obsolete, for example by means of AI, so focusing too much on one skill can be dangerous.
Finding the right balance between early retirement and side hustles
Focusing on building a mix of passive or semi-passive income streams, rather than trying to accumulate a wealth and go by the 4 per cent rule, Cody finds that once you have all these side hustles going that let you decide how much time to spend doing something that you like, the need for early retirement is definitely lessened. Rather, one can find an optimal balance between activity and retirement with full decision power.
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