Happy Tuesday!

While doing my once-per-month scroll-through of Threads this week, I was reminded why you should never look to strangers for advice on social media. (If you're unfamiliar with Threads, it's Facebook's parent Meta's version of Twitter).

As I scrolled through my feed, I came across the following "Thread":

"I NEED MULTIPLE STREAMS OF INCOME. What's your best side hustle?"

Over 150 replies followed their question. I scrolled through about 20 or 30, stopped, and shook my head.

Here's a sampling of the BEST side hustle ideas the internet could offer this person:

"Digital Marketing!"

"Hair braiding"

"Get into the life insurance industry"

"Make Amazon Shoppable video reviews!"

"Dividends! Capital gains!"

"Financial services"

"Digital marketing"

"High ticket affiliate marketing!" (Typical response)

"Selling patches that activate stem cells" (What?!?!?)

"Real Estate Investing"

Score another one for "Digital Marketing"

"Multi-Level Marketing" (Seriously, that was the best side hustle idea someone could come up with??)

"Creating AI-Models" LOL

Now, you could argue that the person posting the Thread brought this terrible advice on themselves. After all, they did ask for side hustle ideas.

But looking for business ideas from strangers on the Internet will never be productive, and here's why.

What worked for some stranger on the internet likely won't work for you or even interest you. You have unique experiences, strengths, and interests. You need to find a side hustle that works for YOU!

I know this because I've made the mistake of starting a business more than once based solely on seeing someone else succeed. And I failed.

It wasn't until I designed a business around my specific strengths and interests that I found success.

Unless you're a new reader, you know the story:

I'm a full-time financial writer and editor, but previously, I was a bank manager for over 20 years. I started a freelance business that combined my financial expertise with my love for writing and content creation. I kept at it until my side hustle income exceeded my 9-5, and I walked away from the corporate world at age 46. Married, three kids, single-income family.

This is how I escaped the 9-5, but I would never tell you to do exactly what I did. (That is unless you're a financial professional who loves to write about money) : )

What worked for me probably won't work for you, which is okay because you have the ability create your own path out of the 9-5 by doing work that you are great at and enjoy doing so much that it doesn't feel like work.

So, back to the Threads post...

What advice would I give to someone looking for side hustle ideas?

#1. Stop listening to strangers on the internet, especially people who claim they went from $0 to $20K/month in passive income in three months.

#2. Research side hustle ideas that can work for YOU!

For most (not all) people, the fastest way to build a profitable business is to leverage their existing skills and offer their services to individuals or companies needing them. You can call this freelancing or a service-based business.

As you consider this, here are 9 questions to ask yourself:

• What skills or talents do others frequently compliment you on?
• What’s something you love about the work you do in your full-time job?
• What subjects or topics do you find yourself teaching or explaining to others?
• What activities do you get immersed in for hours without realizing the time passing?
• What experiences or activities leave you feeling energized and fulfilled?
• If money were no object, how would you spend your free time?
• Can you envision multiple income streams or growth opportunities within your side hustle?
• What aspects of your potential side hustle could be automated or outsourced to others?
• What systems can you create to allow your side hustle to grow without significant effort?

That's all I've got for this week!

Laura and I are flying to Ottawa on Friday with our youngest daughter, Sarah, to visit my parents for a few days. It's the first of several trips we have scheduled in the coming months, and I can't wait!

- Colin

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By the way, If you've subscribed to my newsletter in the last few months, you may not have seen my "7-Step Roadmap to Escape the 9-5". In this 25-minute video, I outline a roadmap you can use as you build your side hustle into a full-time business. When you have some time this week, please check it out!

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