Meet Ryan, a software engineer from Salt Lake City, who believes his $200,000 annual salary comes with a built-in hot tub, bubble bath, and a dedicated cheerleading squad. Spoiler alert: It doesn’t. After a juicy 15 years in this “cushy job,” he’s itching to toss his resignation like a confetti cannon.
Why the great escape? Because Ryan wants to leap into the exhilarating world of his side hustle—buying and selling abandoned storage units. Channeling a modern-day Indiana Jones, he seeks buried treasure minus the boulder chasing him down the hill. However, this passion project nets a hefty… drumroll please… $2,000 a month, leading his wife to cheekily dub it a “hobby jobby.”
When he called into The Ramsey Show for a “sanity check” (as if sanity isn’t overrated), he was met with the stern yet endearing duo of Dave Ramsey and Ken Coleman. Apparently, they didn’t get the memo that dreams can sometimes be assembled with wooden blocks and hot glue.
Ryan revealed he almost took the plunge two years ago—probably during a midlife crisis fueled by caffeine and existential dread. But the hosts weren’t ready to let him dive headfirst into deep waters without a life jacket. They advised him to keep his day job (and possibly his sanity) while exploring freelance opportunities. After all, why not make some extra dough while keeping that sweet insurance plan intact?
Side hustles are the new buzzword, with 36% of Americans partaking as of 2024 – perhaps to afford the ever-rising cost of lattes and avocado toast. However, a mere 1% of self-proclaimed hustlers actually rake in more than $4,000 a month. So, unless you’re planning on turning rocks into gold, it’s wise to keep your day gig on speed dial.
Ken Coleman advised Ryan to stash away six to twelve months of income from his side gig before he even thinks about flipping the career switch. It’s a sensible move because who doesn’t want a financial safety net while risking it all on “treasures” left behind by someone else?
Before you embark on your own side hustle adventure, remember to evaluate your current situation. Are you just dreaming of a sea of riches, or do you have an actual path handled down by fellow entrepreneurs? Make sure to have a business plan that would make your high school English teacher proud, with revenue models that could withstand a disgruntled squirrel throwing acorns at them.
Ultimately, Ramsey and Coleman offered Ryan some tough love – the kind that makes you question your life choices. They urged him to tweak his mindset instead of jumping ship, cautioning him that he might just be confusing his desire for freedom with an actual passion for… storage units? They encouraged Ryan to gather his thoughts, keep proving the viability of his business, and, for the love of all things caffeinated, do it all with patience.
In the end, before you embark on your own side hustle, consider consulting a financial guru to dodge any nasty tax surprises, and pay down your debts like a responsible adult. After all, nobody wants to chase their dreams while shackled to a mountain of bills. Let’s keep that entrepreneurial spirit alive, shall we?
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