4 secrets I learned from an investor who achieved financial freedom before the age of 30
Little-known principles to validate and supercharge your side hustle
Last month, I attended a side hustle course by Max Koh, a Singaporean speaker and investor who achieved his first million at age 29.
The course was conducted together with his partner, Thomas Chua, an investor who runs his own investment blog at steadycompounding.com
Ironically, this course was one of his side hustles which he was dabbling in.
Here’re 4 of the most powerful lessons I learned, which has helped both Max and Thomas achieve financial fulfilment.
Lesson #1 — Work less, earn more.
The premise of this lesson is to minimise the time spent working on one project, while maximising your earning potential.
Most people have the mindset that the more you work, the more you earn. While this might be true, it will only lead to burnout.
Work efficiently, so that you can sustain the momentum over long periods of time.
Some tips:
Be unambitious and lazy. Go for the low hanging fruit first.
Your biggest resource is time. Set limits and boundaries around your time.
Keep bets small, so the risk is low. Each side hustle you attempt should be launched as quickly as possible.
I am an unambitious and incredibly lazy guy.
I have no intention of climbing the corporate ladder. Neither do I want to compete in the rat race.
I much prefer to run my own race.
Lesson #2 — Start with your lifestyle, NOT the business idea
99% of people will start by brainstorming what side hustle they can do.
They choose one, and devote all their attention to it, neglecting other aspects of their life.
I was like that too. And it’s not healthy.
Here’s what you can do:
Your lifestyle is your number one priority. Work around your time constraints and preferences.
Never start from the business idea. This is a big mistake that 99% of people make.
Time is our most valuable resource. It’s the only thing we can never get back.
Start from the spare time and resources you have, and review what options you have based on that.
Lesson #3 — Start multiple side hustles
Side hustles at their core are low probability bets. More than 90% of them will fail.
We don’t want to go all in on something that has a high chance of failure. That’ll be like marrying someone you can’t get along with.
If you’re a working professional with a 9-to-5, don’t quit just yet. Your 9-to-5 offers you a source of predictable income. You want to use this as a foundation for your finances.
Work on your side hustles on weekday nights and weekends. Any income earned from your side hustles is extra pocket money.
When income from your side hustles exceeds your employment income, then you can explore the idea of quitting the 9-to-5 if you so wish.
If you work for yourself, take on some part-time/ freelance work that is more predictable.
A stressed mind worried about paying bills and survival cannot be creative.
Starting side hustles requires you to have some level of creativity. Your mindspace would be consumed by worries about paying bills etc.
I hold a 9-to-5 job, do some freelance work on the side, and write on platforms here on substack and on medium.
Find what works for you, but remember lesson #2 — start with your lifestyle and work around that.
Lesson #4 Don’t pick a niche, let your niche pick you
Share about what you love online and observe how the audience responds.
Look for signs of traction on social media. Likes, comments, and questions are some good ways to tell that people are enjoying your content.
It’s easy to click “like” on a social media post. I’m guilty of it myself.
Questions and comments, on the other hand, require more effort, and are worth more than likes.
Focus on the questions and comments you’re getting from your audience. What are some of the problems they may be facing? What content of yours do they enjoy?
Letting your niche pick you allows us to test 2 things:
Do you enjoy talking about a topic over a period of time?
Do you have enough material to talk about it?
Make noise, and listen to the signals that come out of it.
Here’s how you can use the wide-narrow-wide framework to let your niche find you:
Start by exploring a wide range of topics, based on your interests and hobbies.
Narrow down based on what people like, and what you enjoy.
Expand on that topic in further detail.