How to Turn YOUR Side Hustle Into a Business!

Brian Preston
What to do when that side hustle starts taking off on a life of its own. Brian, I am so excited because we love that we get to answer questions that are real life questions, that are things you guys are actually facing day to day. So right now, we have the team out in the wings collecting your questions, and we want to load you up so that you can do money better. With that producer, Reby, I'm gonna throw it over to you. Yep, I've got a great question to kick us off from Kyle.

Reby
He says, I started a side hustle a few years ago. It has been extremely successful, especially just in the past year. So much so that I need to organize it and turn it from a side hustle and hobby into a true business. I'm also planning on hiring my first employee soon to help out. What tips do you have when deciding how to structure the business pitfalls, to look out for, how to think about benefits in retirements and taxes?

I know it's a lot more in depth than what you might be able to give on this show today, but any direction you can offer is appreciated. Well, Kyle, kudos to you, first of all, for starting having a side gig that it sounds like has gone pretty well, that has gotten some traction, is now moving in a positive direction. We actually hear this story, especially in this day and age, a ton. Someone starts this gig, and then it starts to have some thing, and they figure something out, and it turns into a really cool thing. Before we talk about, like, structure and setup and incorporating and that sort of thing, here's one of the things that I always encourage people who end up starting a side business that begins to be more than just kind of like a hobby.

Bo Hanson
The better you can separate what's going on business wise. What's going on personal wise, the better you're gonna set yourself up for long term success. So often I'll see someone say, hey, I've got this business. I'm like, okay, well, tell me about your expenses. Like, let me see your credit card statement.

They're like, oh, well, no, I can't. I can't show you that credit card statement because that has, you know, a trip to whole foods. And then I went to Starbucks here, and then I took the kids to do, and I'm like, wait, wait. You're not keeping everything separate. One of the single best things you can do, especially as your business grows, is you want to make sure that you keep business items, business and personal items, personal so that you have an easy accounting.

You can make sure that you're tracking things really well. Often we see people blend those together, and when it comes tax time, you have to do a whole lot more work than is absolutely necessary. That's the first tip, I would say, for, like, how to legitimize it and make sure it's a real, actual business. Hearing this question, I immediately wrote down four things that I think will happen in a timeline of a situation like Kyle is facing first, and some of the. Kyle's already passed some of this, but I'm just trying to catch everybody up who might be having facing this similar issue.

Brian Preston
The first thing I wrote down was planning. This is, and I'll come back to this. The next one is proof of concept, which Kyle has now kind of been through this phase and is coming out the other side of it. And that's where the, the third item I wrote down was structure. We'll come to and talk about that.

And then the last is maximization. All of these things I put an umbrella over the top of them with. You have to put on your 3d glasses. And when I talk about the 3d glasses, this is, you're going to run mock plans. You essentially pull out a spreadsheet, whether it's your Google sheets, your Microsoft Excel, and you're going to actually say, okay, what's the dream of what I'm trying to create?

What's the down to earth of what's going to happen? And then is there a plan for the doo doo situation if everything goes the exact opposite of what I'm hoping for? So in the planning phases, that's a matter of you making sure you have enough cash, you have the passion, the talent to do it, and then you kind of launch. Is this side hustle or a new endeavor? All that goes into the plan, and then the, the proof of concept is, which is Kyle is kind of coming out the other side of us.

He started doing this side hustle, and I would say when you're in this proof of concept, it's okay to be simple. You don't need to get caught up. So many people I watch content where they, like, get your llc, and they start talking about how put vehicles and all these, these, you know, get suits with your name on them or something like that. So it's deductible and all these nitpick things, but they don't even, they never talk about proof of concept. Is someone willing to buy the thing you're selling?

Yeah. Do you have something that people are gladly going to be able to give you money and then even come back and give you more money to keep doing the service or buy the good. So you got to have the proof of concept. Now, the good news, Kyle has now accomplished this. So it looks like this is not just a hobby, this is actually a business.

And when you get to this now, and I always say, if you're looking for thresholds on this, don't go line up a bunch of complicated stuff. If you're making $10,000 a year, that's still what I would classify and don't even, you know, 20,000. Once you get to ten, you get a 20 like, oh, man, this thing is starting to grow. But then you will have that year that it pops. And you're like, I make $60,000 from this side hustle or something like that.

This is now a business. So I would. Once you get to that, you probably want to move beyond, you know. Cause in the beginning of structure, you'll, you'll, you'll go from being sole proprietor, which that means doing what Bo said, probably go set up a separate banking account. That way you keep the business separated from your personal life.

Um, and then you might have a special credit card that's still your personal credit card that you're only putting, you know, side hustle stuff on. But once you get to structure, you're probably going to want to now invest in the entity setup. And a lot of times when a hobby starts catching traction, you might consider the first thing to protect you. From a lot of standpoint, it's like a single member LLC, because a single member LLC for tax purposes on the federal side, is still treated as, like you're a sole proprietor, but you get a few more additional legal protections. But then as you get even more accomplished, and you also have to pay attention to the state you live in, because there's different taxing structures, there's the US tax code, but then every state has the way they look at things.

But as you get bigger, a lot of times people then consider either staying in LLC, or they'll consider subchapter ss and other things so that you can separate out your owning the business versus working in the business. Because there's a way to do that where you set yourself up a wage for working in the business, and then you set yourself up for what you get paid or distributed as the owner of the business. Those are all great things to do. And then I'll leave the last thing for Bo, which is the maximizing, because this is a dilemma I faced when I hired Bo. You were my first salaried employee.

I had other employees, but they were all hourly based, primarily administrators. You were my first salaried employee, and that was a big stress to me at the time. So how would somebody get, once they get into that, that part of it? Yeah, hiring an employee, you might think it's easy, okay, we're just going to agree on how much I'm going to pay them, and it's that simple. But when you bring on an employee, especially a w two employee, it is a little more nuanced than that, because now you have to start factoring in payroll taxes.

Bo Hanson
You have to start thinking about the other types of insurance that you might need to carry in your specific field and your specific industry. So I would figure out, the first question is, do I really need an employee or do I need an independent contractor? And that's something that you can decide based on where your small business is, because the answer to that question will then impact the other maximization strategies you're able to employ. Like, can I start saving money in a retirement plan? Can I do a solo 401k or a sep IRa?

Or if I have an employee, should I do a simple IRA or maybe a normal traditional 401K? Then you have to begin thinking through this. One of the things I would really encourage you to think on is, as you are navigating this, as you're beginning to have these conversations, this is a really good time to seek professional guidance, whether that be from a formation attorney in your state, a really good accountant, perhaps a financial advisor, financial professional, someone who can walk you through in your state. Hey, here's what you ought to be thinking about for your specific situation. And they can help you navigate those tasks, because as it gets bigger and as it grows, it naturally gets more and more complicated.

Brian Preston
Yeah, that's my favorite thing. I mean, I think that was my bread and butter when I first went out on my own, is because I did have the, all the decades in working in public accounting, actually doing taxes for 16 years, that I could help small business owners on a lot of these formation questions. That didn't mean I could actually go do the legal documents. You're still going to need to bring in, um, the, those extra people. But I liked being the quarterback that could walk the, the client through the different scenarios.

So you've only done this once. It does make sense to go find somebody who's done this many, many times so they can help you know where the opportunities are, but also where your blind spots are. I can still remember we had a very successful prospect. Um, was doing great in small business. And then I got on the phone with them and we started talking about, man, with, with you buying all these capital investments, with you structure, you're just not, I don't think you're maximizing the way your business is flowing.

And I just love it when you get to have those meetings because you get off the call and you're like, there's a high five. I made that person streamline their business, made their life better, and they're probably going to be a client for decades to come because they're going to remember that you made something that seems so difficult and you kind of organized it. No different than a home fixer upper, except that this is now your business, your life, and your future success. Love it. Kyle, one other thing you can do if you want to make sure that you're doing all the stuff you're supposed to, is make sure you're staying tuned into solid financial advice.

Bo Hanson
And one of the best ways to do that is to subscribe right now so that, you know, anytime we put new content out there, how in the. Heck are they gonna turn that into a good highlight when it's nine minutes long? I don't know. You mean like a little short clip? Yeah.

Brian Preston
There's no way that'll be one that when I'm, when I'm watching it, I'll be like, what?

Bo Hanson
You kept going. So thank you guys for tuning in for our nine minute. I mean, I thought it was a pretty thorough answer for just a knock the cuff question I thought was great. When I knew it was going that direction. What?

When I saw bronze. I've got four things for you. Buckle up. This is why, back to what I said last week. I'm a marathon runner.

Brian Preston
I'm not a sprinter because I want people to actually feel like they get something out of the content. It's easy to just say, go entrepreneur. Life for life, or something like that. Come out with some. That's not a good line, but you gotta come up with some tagline and, you know, we just tell you how to do it.

Bo Hanson
That's awesome. Well, fantastic, Kyle, thanks for your question. If you would like a tumblr, it is a money guy tumblr. So you could email. I don't even have one in front of me.

Brian Preston
Can I ask another question? This coffee, did we change our means? This thing is biting. I mean, it is bitter. I mean, it's like, it's like the IPA of coffee right now.

It is. So I noticed that you were pretty low volume on yours. I was wondering, did you actually make the Americano or did you just make espresso? Are you just drinking? No, I made an Americano.

But then I took a sip of it, and I was like, something's off. Maybe it just needs more. So I put it then a shot of an espresso on it, and this thing is just like one big bitter pill that I'm sitting here drinking. We'll have to investigate the coffee supply. I'm going to go chew on some beans after this and see if we can get.

Reby
Anyway, let me tell Kyle how to get his tumbler. Just email matt m a ty.com. We'll work on getting that sent out to you. All right, are you ready for the next question? By the way, I found out me and Beau both didn't get much sleep last night, so it's going to be one of those wild and crazy days.

I think they're always buckled up for this live stream. They're here for it. It's gonna be awesome. All right, Zach has a question for you guys. He says the wealth multiplier chart is causing me hesitation.

I know. If you wanna know what the wealth multiplier chart is, just head out to moneyguy.com resources. Get your free copy. He says, I'm 34, married, with kids, and on step eight of the financial order of operations. Nice.

But I can't justify 30k on a truck. I have the cash to do it, but the growth potential stresses me out. Am I overthinking it? Welcome to the plight and struggle of being a financial mutant. I mean, Zach, look, we can tell you how to save money, and we can tell you how to optimize, and we can walk you through the financial order of operations.

Bo Hanson
But it's hard. It's really hard to turn a saver into a spender. You think it's hard right now at 34? Let me go ahead and tell you how the rest of your story is going to look, because I don't know a whole lot about your situation, but I imagine you're a diligent saver and you've been saving for a while, and you're going to continue doing that. And one day your pot of money is going to get so big that you're going to say, you know what?

I have enough money that I can walk away from the workforce and I can live off of my resources. And then all of a sudden, after an entire lifetime of being a saver, you're just supposed to flip a switch and become a spender? It is a really, really difficult thing for financial mutants to do. And you being in the messy middle right now, are recognizing firsthand. Yeah, sometimes it's kind of hard to save money or to spend money.

That's why we put the rules in place. That's why we come up with a 25% savings rate. And when you say that you're on step eight, that tells me that you're already saving 25% of your gross income for the future. If you're doing that, what we hope is that that will free you up. That will give you a release.

To where now, if you want to go out and spend money, if you need to replace your truck, if you need to go on that vacation to take that trip, you can do it guilt free, because you know you've taken care of the things that you were supposed to take care of. So if you have the pay for the truck and you're still able to save 25%, and you've been doing that, and you have cash to pay for it, I get the opportunity cost. But alternative, you don't buy the truck. You gotta walk everywhere. That doesn't sound awesome either.

Brian Preston
So Zach says he's 34, right? Yep. I think Zach is hitting something that I think all of us financial mutants struggle with. Your journey to be a full blown financial mutant might start initially with being a tight wad. Been there, done that.

Self identified as a coupon king. Back as the kid, I didn't have the fat wallet full of cash. I had the fat wallet with coupons and all the other fun stuff. But here's the thing I need Zach to recognize. You will reach a transition point.

And this is one of my favorite things to do as a financial advisor. We're not financial advisors that we spend all of our time saying no to clients. We actually spend a lot of our time liberating clients to actually feel comfortable maximizing each decade of their life. We've even done a tool for people who don't feel like their life is just complex enough to need a financial advisor. The know your number course.

So if you go to learn dot money guy.com. So, Zach, you could look and see, are you ahead of the curve, behind the curve, or right where you need to be? And why that's important is because if you are way ahead of the curve and you're starting to hear whispers in your ear from loved ones, where they saying, you know, dad, why. Why do we sleep in the closet when we go to the. On the beach trips instead of, you know, actually getting a bigger bedroom condo so that we can have beds, or you may.

Bo Hanson
Or the kids sleep on the floor. Yeah. I mean, there's. I've heard all kind of crazy stuff, or we've done crazy stuff. You know, where it's, um, you know, where the packing plays in the closet instead of getting another room or something like that.

Brian Preston
But you'll. You'll hear things from your. Your family that will give you some clues that maybe you're holding on a little too tightly. And that's why use the data, use the math of the situation so that you can make sure that you can slow down and then enjoy each decade of your life. Because you're only going to be in your thirties.

Your kids are only going to be at this age if you have kids, or you and your spouse are only going to be able to travel this decade like this. Make sure you don't get to a point where you say, if I only have this much more money, I'll be able to accomplish this. You're not guaranteed any of that. I know I sounded like a yellow when I say that. That's why I think that we are unique in the fact that we give you the math, but we also want to give you the mindset.

So you do truly enjoy each decade of your life so that you maximize your thirties, your forties, your fifties, but you actually get through those decades with zero regrets. And that's a special power. And that's something that I pride myself, that we try to focus on that for our listeners, because it is a struggle. Bo is exactly right. A lot of our retirees just are so tight.

And I sit there and think about that stat that, yes, millionaires are typically first generation, meaning close to 80% are first generation. But by second generation, 70% of the money is gone. By third generation, me and the grandkids, 90% of the time, the money is gone. So you might be having trouble spending your money. Your kids and grandkids likely will have no problem blowing through it whatsoever.

So make sure you're just being very purposeful, that you are making those blossoming memories and enjoying each phase. Can I add one thing to this? Only because, Zach, I hear you. Here's one of the ways that I kind of gamify spending a little bit. I was planning on.

Bo Hanson
I was planning on doing the Cybertruck thing, right? You and I talked about it with some. That coffee's getting at me. It's really bad. I was planning on doing the Cybertruck, but I needed a new vehicle, so I wanted to go get something to kind of like wait for the Cybertruck to come out.

So I went and started test driving some trucks, and I was looking at the Ford raptors. You know why? You know I was looking at the raptors? Cause they were super cool. They just look awesome.

They're just cool looking. I literally have heard rockstars or people who are married to rockstars. Cause I think it was Corey, the guy who's married to pink, he said he got more attention in a raptor than he got in some of his exotics. Yeah, super cool. So I went and drove a bunch of them, and they're, like, really, really expensive.

And then I finally said, but what are you doing? You're gonna buy a pickup truck. Why are you thinking about doing that? And so rather than going and spending that much money on that truck, I got a much more reasonable truck that. I mean, still.

It's still super cool, but it wasn't spending that. And the fact that, Zach, you're only thinking about spending $30,000 on a truck and you have the cash to pay for it, I think that's. I think you're thinking about it the right way. I don't think it's crazy. Yeah, but.

Brian Preston
And look, I mean. Cause I know Bo's truck, it's beautiful. It's all lifted up. I think his testosterone level probably went up 30 points just by the way this thing is all structured. I mean, it's a good looking truck, so it's.

So there's nothing wrong. Zach, I want you, at the end of the day, you gotta be happy in your own skin. So find something. I don't want you to listen to this. And then you go buy an $80,000 truck, but just because you can, and then you're like, these.

These idiots led me astray. Make sure you're always checking to know who you are, but you're just not putting artificial restrictions on yourself when you actually should celebrate some of the success that you've created. Love it. Awesome. Zach, thank you for being here.

Reby
And thank you for your question. If you would like a money guy Tumblr. Oh, good. We did better. Instead of nine minutes, we're doing seven minute answers.

Brian Preston
Now. We'll see. Next one should be five. We could go. This is perfect.

This is ideal. Zack, if you'd like a money guy Tumblr, just email Matt. Matt moneyguy.com. We'd love to send you one since we answered your question on the show today. Okay, next question is from emoney, and he's been listening closely to the money guy show.

Reby
I think, based on this question, he says, what can I do in my twenties to make the messy middle less messy? Should I get all my retirement savings out of the way by saving 50 plus percent? Or should I build up my brokerage so I can access the money for a home or cars, et cetera, whatever comes up. I was like, wow, we may have scared him a little bit with our messy middle dog. All right, so here's.

Bo Hanson
I'm gonna give you the truth. I'm gonna give you the chance. Give the definition of the messy middle. First. The messy middle is this season of life that you enter into, and most people enter into it sometime in their mid to late twenties, and it lasts probably until your early to mid forties.

That's kind of what we are defining as. And what are you short on? And what you have is you have thousands of commitments. You got things pulling you in tons of different directions, and you have very little disposable income, and you have even less disposable time. There you go.

And so you feel like you are absolutely every second of every day. Amen. Reebs. Is that right? It's true.

That's what the messy middle is. And so here's the cold water. No matter how much you prepare, the messy middle is still going to be messy. So what I encourage people to do is do the best that you can. I have people ask all the time, hey, my spouse and I were thinking about having a kid.

What can we do to get ready for parenthood? And I say, like, psychologically, nothing. Because no matter how much you prepare, no matter how much you think about it, it's gonna be messy, and it's gonna be hard, and it's gonna be amazing and awesome and wonderful. But the messy middle is gonna be messy. Cause there are a lot of folks who live and exist in the messy middle, and they've solved the money problem.

Like, the money is not what is the issue. And yet their middle is still messy. Or there are folks who, they've got plenty of time, they've solved that, but their middle is still messy. And so you have to kind of go into it, recognizing that this stage and season of life is not necessarily supposed to be easy. Now, it can be rich and wonderful and fulfilling and rewarding, but it's probably going to be one of the hardest seasons that you come through.

So what you should focus on in your twenties is doing all the things you know you're supposed to be doing, working through the financial order of operations. Brian, can you hold the thing up. Make sure that you're not skipping steps. Don't start running up credit card debt to try to subsidize your lifestyle. Don't skip undoing an emergency reserve.

Don't let your lifestyle creep without funding your roths and your hsas. If you're doing those sorts of things as you enter into the messy middle, you're going to give yourself a foundation to build out, a build off of when life starts to get crazy. So messy middle. Short on time, short on money. Obviously you have more money, takes out half of that problem.

Brian Preston
So I think you could do that if you're saving. Just make sure you don't miss out on the twenties because you're overthinking how bad it's going to be in the messy middle. Because, look, we say it all the time. We live in Nashville, so we sound more and more like country stars. You know, just from being here is that the days are long, but I promise you the years are short.

You will. Don't be scared of it, because this is the sweetness of life. Is that a lot of times the things that are, that you struggle through turn out to be those blossoming memories that you look back on with such fondness that you're like, was I so worried about that? The time part of it? I think that's just a natural thing.

You know, I look back on when I first started my career. You know, some of my first clients were actually friends and peers, and I remember some of them, we're all having kids at the same time, and some of them stack kids really close. What do they call those spring babies or spring twins, you know. But I had one of my clients, the husband, they're still clients. And I can remember she would call me and just put tears about these two little ones that she had and just breaking her down.

And now these kids are in college, and so this too will pass. But if you're not even in that, don't worry about that stuff, just find it. You know, what I would encourage you to do is if you're like. Because a lot of the messy middle is family oriented type stuff and commitments, make sure you get that part right. Because I am one that I love children.

I think it's a very valuable thing. But if you don't have the right partner, it can get tough even after the kids are gone. So just make sure you're spending time thinking that you get the right person. Don't do it off of just the infatuation of how attracted you are. That's important, don't get me wrong.

But also make sure there's some substance beyond that. And if you can measure twice, cut once on the right partner, and you're saving ahead of time, and you're a naturally organized person, I think you'll handle the messy middle perfectly fine. And even if you don't, you'll be okay. Cause those, like I said, those years are short. Well, it's certainly not going to be perfect, but can speak from experience.

Reby
There's a very high probability it's gonna be a lot of fun. Very meaningful, too. So I like that you wanna be prepared, but I also don't want you to, like, go crazy now and mess up your twenties. How long was that one? Five minutes.

Brian Preston
Right on it. Next one, three minutes. And then we're going to do one for long. We're just going to just walk off. He's just going to drop the bike and take off.

Reby
Well, Emoney, if you would like a tumblr, if you don't have one already, just email Matt mattoneyguy.com. We'd love to send you one since we answered your question on the show today. You want to hear a coping mechanism? I had. No, I want to hear what you're going to say first, though.

Brian Preston
I'm going to just. I was going to put her on notice that we're going to do the three minute game on this next one to see if you and I actually can do it. Courteous. Courteous to each other. To see if we can stick the.

Bo Hanson
He was just being so polite, saying, bo, don't talk long. That's what he just said right there. Oh, no, I'm going to do the same thing. I was just making sure that we were, you know. No, you, after you.

Brian Preston
No, he was like, bo, don't ruin it. You go first. What's your coping mechanism? When I. When I was so nervous before I got my learner's permit.

Bo Hanson
Right, like, I was so nervous. This is related to the messy middle. Yeah. Driving when I was 15 years old, I was so nervous, right? Like, I was like, oh, my gosh.

Da da da da da, or whatever. And then someone gave me some really good advice. I said, hey, I want you to think about all the dummies, you know, that are older, like, all just the morons of people that you've interacted with, and the people just don't have their stuff together, and they made it through. And so, like, if those people can do it, surely you could. I look at the messy middle the same way I look at all these folks.

Reby
All kinds of people have done it. Look at all the people that have made through the messy middle. If they can make it through, surely I can make it through. That part was for free. Love to see it.

Brian Preston
I had an old man on the porch moment. This was two days ago. Which day? Today's Tuesday. Yeah.

By the way, we record every Tuesday. Sunday, me and Emory are in the car and this, this compact suv is just cutting through traffic and then forcing their way over. And it's just. This is a, you know, a four lane road, but it's, you know, it's Hillsboro. Yeah.

Yeah. And they. And when they whip by me, it's these two young girls. And I'm old enough that they look like they're twelve years old, so I don't know if they. But I think I'm more likely they're 16.

Bo Hanson
I would hope so, at least. But these, these knuckleheads, and I'll call them knuckleheads, were just driving so aggressively through traffic and they. That. And I could tell that she was probably going to need to take this, you know, get in this lane because everybody needs to get in this lane. And she was cheating, trying to cut around.

Brian Preston
So she gets to the point where she just forces her way in on me, just yanks right over. So, of course, I give her the whole horn blowing. Well, this is where you can tell they're not thinking about things. We hit the red light and my turn lane, I have to turn. I'm turning right and she's just cut me off.

And then is just now stuck and there's a turn lane. So I pull up and I stop. And then I rolled down my window and just. Old man shook my head at him, no. You in disappointment.

And, you know, just to make him slightly uncomfortable. And then I turned right. Because if their parents saw them driving like that in traffic, they just don't understand that that is a danger to society. And I don't want them to get in that accident. Cause how many 16 year olds get in an accident in the first six months?

Cause they just don't. Their brain hasn't processed that they're driving a dangerous instrument around. I'm glad you did the world of service right there by giving them the head. I just. In my mind, I'm sure they just were shooting me birds and cussing me under their breath.

But in my mind, I'm like, I hope that they improved after this. They're going to drive home thinking about me giving them my shake of disappointment. I don't even really disagree with you like that. They were doing something irresponsible. But just the way that you told.

Him was all the way downtown Franklin, all the way up Hillsborough Road, they were cutting people off. They were driving a great. And look, I resembled that when I was 16, because that's why. What made me think of this? Bo said he was nervous when he got his.

I was the exact opposite. I was like, get me in that car. I think all the ladies are going date me. They didn't, by the way, because I was driving a raggedy old car. I don't know why they thought just four wheels with an engine attached to it would somehow make me attractive to the opposite sex.

It didn't. Yeah. Well, now that we've spent three minutes on that story, let's see if we can turn three minutes on the next question. Okay, this question is from squeaky sauce. Squeaky sauce.

Reby
It says, I'm 25 and making 250k. Should I job hoping to maximize income? What? Or try to maximize experience? Thanks.

Brian Preston
He's been watching too much social media. All right, this one's gonna get me fired. No, it's not. I'm gonna reign it in. I'm gonna be cool about this.

Bo Hanson
Cause I saw this social media post yesterday on TikTok that was very much. It was this. It was this lady, and she was doing a parody, and she was doing this one person who got 3% raises every year. We're so proud of it. And this other person who was getting changed jobs every three years, I got a 15% raise, 15% raise, 15% raise.

And the solution that this person was suggesting is, you have to change jobs in order to move vertically. You have to change jobs to increase your income. You have to. And I just feel like that's not great advice. I feel like while that may be true for some people and some people, that may be their experience and some industries may be structured that way, that's not necessarily the case.

So when I hear squeaky sauce is 25 years old, making $250,000 a year, there's some other questions I have. Do you love your job? Do you find fulfillment in the job that you're doing? Do you enjoy the people that you work with? Is the job in a location that you want to be in?

Are you, are there other benefits associated with that job, like a short commute or something like that that would make you want to stay there? And then on the flip side, what's the reason why you might start thinking about it? Is it solely and exclusively dollar bills. And are you certain that there will be more dollar bills somewhere else? I think about, I don't have much time here, but princess and the frog.

Brian Preston
You know the old fairy tale that you kiss a frog and it turns into a prince? Imagine if you tree. If you. Cause there's a lot of unhappy people out there. You heard that you kissed a frog and it turned into a prince.

You make $250,000 a year, you're 25 years old, but you watch somebody say, well, you gotta keep kissing frogs to find a prince. You would probably walk away from a great opportunity just because you were influenced on a bad situation. I think about like, bo, I've recruited you out of college and this is, and now you own part of the company with me. You've grown into this monster of industry. Would it have done better for you to go change a bunch of jobs?

I just don't think so, so I would be careful. Look, now, I say this because I found out that there's other people, like dental hygienists and others that hadn't gotten pay raises in eight to ten years. And I'm like, well, there's actually employers that don't get pay raises. So I think you have to quickly do a triage moment on your employer and say, do I feel like I'm heard, I'm relevant and they actually have a career path where they're going to give me economic advancement opportunities to be the best version of myself. If the answer is yes, you might be leaving the princely job to go kiss a bunch of other frogs.

If you ask yourself and say, man, they don't even have a, you know, salary review process, they haven't given pay raises. When I talk to co workers, it sounds like they haven't given pay raises in two years. By all means, yeah, you might need to go jump around because that employer is going to try to just lock you down. So take a temperature of where you are. It's like most things in life, when people give you broad advice that applies to everybody.

It's probably not true, it's probably not great advice. That's why we like to put the personal and personal finance, and that's the way most things are in life, is that, you know, and if you're winning, don't get distracted. Find out who you are, what you value, and what wakes you up in the morning feeling like you have purpose. And I think you'll be incredibly happy and you won't be distracted by this noise that's out there. What I get excited about is thinking about a 25 year old who's making a court.

Bo Hanson
Do you realize the opportunity that lies ahead of you? Job hop? Not job hop. Whatever. The answer to that question is, recognize the unique opportunity that you were in in this moment.

Make sure you're capitalizing on that because the future looks bright. For squeaky sauce. Love it. Squeaky sauce. Thanks for your question.

Reby
If you would like a money guy tumblr, just email matt m a t ty.com and we'll work on getting that sent out to you. Let the record reflect, when I finished that, my answer, it was three minutes and 30 seconds, and I even told a fairy tale in the middle of my minute and a half, so I technically think we came close. What's so funny is the chat's like, oh, what's like this big constraint on time? What's going on? Is this an algorithm?

There's nothing. We just recognize that sometimes we get super long winded and we're trying to see if we could not get super long winded. Do you think you could do. Do you think we could do the next one? No, I don't want to do it in a minute because we did that last week.

Bo Hanson
Remember, we did the thing. We do the thing. Maybe. The money guy show is hosted by Brian Preston. Abound Wealth Management is a registered investment advisory firm regulated by the securities and Exchange Commission in accordance and compliance with the securities laws and regulations.

Reby
Abound wealth management does not render or offer to render personalized investment or tax advice through the money guy show. The information provided is for informational purposes only and does not constitute financial, tax, investment, or legal advice.

How to Turn YOUR Side Hustle Into a Business!

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2. Structuring Your Business

3. Financial Management and Planning

4. Listener Q&A

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