Ryan Hogue managed to turn his side hustles into a full-time income, earning more than $135,600 in 2018 and surpassing his full-time job income for two consecutive years. Despite his success, he stayed employed due to the comfort of his 9-to-5 job. Growing up with parents who were savers, he felt pressured to stick to a traditional job. However, in 2020, Hogue finally left his web development role and teaching job to focus on his passive income businesses, bringing in $11,400 per week.
Hogue advises those looking to transition from a full-time job to a side hustle to consider three key questions. Firstly, does your side hustle have multiple streams of income? Secondly, does your side hustle earn more per day than your full-time job? And lastly, is your full-time job hindering the growth of your side hustle? Hogue emphasizes the importance of holding onto your day job until it impedes the growth of your side hustle.
Kathy Kristof from Sidehusl suggests having a financial cushion to withstand any setbacks when transitioning to a side hustle full-time. Having savings or another form of financial security is crucial to surviving any challenges that may arise. For Jamie Inlow, leaving her full-time jobs and focusing on her property management side hustle, Be Still Getaways, was a decision she made when she noticed the toll it was taking on her mental health and family life.
If you are looking to earn extra income outside of your day job, CNBC offers an online course, How to Earn Passive Income Online, covering common passive income streams, getting started tips, and real-life success stories. Use the code CNBC40 for a 40% discount until August 15, 2024. Stay up to date with more tips and tricks for success in work, money, and life by signing up for CNBC Make It’s newsletter.
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