Are you hustling backwards?

[NotAnFBIagent]

Interesting read for those of you trying to boss yo life up

Are You Hustling Backwards? 21 Ways You Might Be. |

Below are 21 ways you could be hustling backwards:

1. buying a car you can’t afford to maintain (<---I did this)
2. buying a home you can’t afford to maintain—beyond the mortgage there a lots of other expenses such as home and life insurance, taxes, roof work, plumbing work, cleaning, etc
3. increasing your cost of living based on the assumption that income will increase accordingly
4. increasing your cost of living and paying for it with debt
5. increasing your cost of living based on the income you’re getting at a job you hate, when the income on the career path you desire may be (a lot) less
6. not even knowing what your cost of living is
7. letting money sit in a savings account earning a measly interest rate—with inflation, you might as well be throwing money away
8. quitting your job instead of using your job while seriously testing our the economic viability of your business idea
9. not knowing how to make money outside of the context of a job
10. undercharging for what you make or do in fear of losing low-paying price-sensitive probably-not-loyal clients
11. saying you want to retire early, but not knowing your numbers—the number you need to save and the income you need to generate monthly once you retire
12. taking on debt to buy a home or car or anything else that doesn’t involve building a business (at a higher growth rate than the loan’s interest rate)
13. taking on more “good” debt to go to graduate school because you’re “supposed to” or don’t know what else to do and not having a clear career plan on how to get a return on your investment as soon as possible afterward
14. buying a single family home and assuming it is an investment without it being a fixer-uper that you know will increase in value as you work on it or using AirBnB to help you create income with it
15. buying or leasing a car that looks cool but does nothing positive for your asset or revenue column
16. renting an overpriced apartment in an up-and-coming neighborhood when more affordable options exist or you could be owning for the same amount
17. taking expensive vacations to get away from a job you hate instead of investing in a idea that will free you from the job you hate
18. spending $30,000 on a one-day wedding instead of making a downpayment on a piece of property or other assets that will support your family forever
19. using credit cards to buy things without setting up automatic withdrawal from your checking account so that you build your credit instead of kill it
20. trusting that the stock market will automatically grow your money at 10% a year without you having to do anything when instead your own ideas can turn 10 cents into 11 cents (10% growth) in 12 months with a little thought and effort
21. having more than 2 TVs in your home, not because the TVs cost too much, but because of how much the time you watch them costs you and your business ideas

 

[lightbearerchef]

Tbh witchu dawg, I dont think more than half these cats on tha coli hustle at all if you not in higher learning.

 

[Turbulent]

GMB purely off "love" should have been in there.

 

[lotteryplaya]

Interesting list. Glad gambling wasn't on there.

 

[Skrilla]

I learned some of this stuff early on and I'm grateful for it. Good list

 

[PeridotPuss]

I think #8 is a big one

 

[Originalman]

Good list. However I have to slightly disagree on the home thing.

The key is if you don't understand that selling the home is how you make your money. For example I know folks who had 150k houses in dallas in 2008. Those homes now go for 250k. Selling the house taking the 250k then investing or buying another 150k house and investing the 100k would be smart to do (or whatever is left over if if there is a bank loan).

Or buying a house paying it off in 7 years then renting it out is also smart because it is straight profit.

This sista I know father worked in corporate america for like 40 years. His thought was to buy 7 to 10 houses. Rent them out and once his kids grew up got situated and wanted to start their business he would sell a couple of houses or all of them so they could have liquid money for their business.

Just multiple ways to skin a cat.

Folks just have to look at these houses as assets sort of like stock and nothing more. Too many times they look at it as a part of the family and not a money maker.

 

[Originalman]

I think #8 is a big one

Yep that is a big one. Also staying at one job forever instead of jumping. Folks lose time and money doing this. Unless that joker pays a pension (and I am not talking about that bull shyt 401k). You have to jump in order to get pay raises faster.

Even if you have a side business you need liquid money to invest in it. The more liquid money the better.

 

[NotAnFBIagent]

Good list. However I have to slightly disagree on the home thing.

The key is if you don't understand that selling the home is how you make your money. For example I know folks who had 150k houses in dallas in 2008. Those homes now go for 250k. Selling the house taking the 250k then investing or buying another 150k house and investing the 100k would be smart to do (or whatever is left over if if there is a bank loan).

Or buying a house paying it off in 7 years then renting it out is also smart because it is straight profit.

This sista I know father worked in corporate america for like 40 years. His thought was to buy 7 to 10 houses. Rent them out and once his kids grew up got situated and wanted to start their business he would sell a couple of houses or all of them so they could have liquid money for their business.

Just multiple ways to skin a cat.

Folks just have to look at these houses as assets sort of like stock and nothing more. Too many times they look at it as a part of the family and not a money maker.

They addressed that

14. Buying a single family home and assuming it is an investment without it being a fixer-uper that you know will increase in value as you work on it or using AirBnB to help you create income with it

 

[Originalman]

They addressed that

I read that part. I just feel even a family home that is not a fixer upper can be a good long term investment. Especially in certain locations but folks usually aren't willing to buy when the economy is down and selling when it is high. Most folks don't want to continuously buy and sell and buy and sell. But I know a dude who does just this with his family homes.

Most people buy their homes and stay in them until they either retire, the neighborhood changes to what they don't like, a divorce or family situation happens or they lose their job.

As far as fixer uppers this is always the best type of money cause you can get more bang for your buck. I have bought fixer uppers myself and sold them.

 

[Treblemaka]

I'm guilty of #15



Had a nice dependable sub paid off and went and got a sports car because "it felt good". Now I'm on the hook for payments for 3 years.