{"id":31579,"date":"2023-11-02T14:33:18","date_gmt":"2023-11-02T14:33:18","guid":{"rendered":"https:\/\/microloannexus.com\/news\/40-year-old-works-only-5-hours-a-week-and-makes-160000-month-in-passive-income-3-complete-lies-about-side-hustles\/"},"modified":"2023-11-02T14:33:21","modified_gmt":"2023-11-02T14:33:21","slug":"40-year-old-works-only-5-hours-a-week-and-makes-160000-month-in-passive-income-3-complete-lies-about-side-hustles","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=31579","title":{"rendered":"40-year-old works ‘only 5 hours a week’ and makes $160,000\/month in passive income: 3 ‘complete lies’ about side hustles"},"content":{"rendered":"
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In 2009, after I got laid off from my job during the Great Recession, I started a music blog as a side hustle. I knew nothing about business.<\/p>\n

Today, I’ve built <\/strong>two seven-figure online businesses \u2014 a music education company and a business coaching brand. Combined, they bring in about $160,000 a month <\/strong>in passive income.<\/p>\n

I’ve learned a lot about what it takes to create a highly profitable business. I always tell people that if they want to start a side hustle or full-time company, there are three complete lies they need to stop believing:<\/p>\n<\/div>\n

Lie #1: You have to work a lot of hours to make a great income.<\/h2>\n
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When I started my first business, people would stress to me the importance of the “hustle and grind.” They bragged about 80-hour workweeks and how they’d take their laptops with them everywhere they went. <\/p>\n

But as a husband and father, I didn’t crave that kind of lifestyle. I wanted to be present for my family. So I made a pivotal decision to never work more than 40 hours a week, including no nights or weekends, and have since shaved that down to only five hours a week.<\/p>\n

Don’t miss: <\/strong><\/em>How this 32-year-old went from making $17\/hour to building a $500,000 side hustle<\/strong><\/em><\/p>\n

That’s all thanks to a principle I learned called “Parkinson’s Law,” which says that work expands to fill the amount of time allotted for its completion. <\/p>\n

So if you really put your mind to it and give yourself 40 hours a week to get something done, it will take 40 hours. If you give yourself 80, it will take 80. Creating a time constraint will force you to get creative and focused.<\/p>\n<\/div>\n

Lie #2: You need a large team.<\/h2>\n
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I’m not against having a team (I currently work with a small team of part-time contractors myself), but you don’t need one to scale your business.<\/p>\n

I ran my first side hustle on my own for four years before I hired my first employee. And I was making around $250,000 a year. When I branched out as a business coach, I hit six figures in my first year without a single contractor.<\/p>\n

My secret is automation. I’m a fan of tools that can handle email marketing, webinars, product delivery and content creation.\u00a0Kajabi is one that I’ve used before and recommend.<\/p>\n<\/div>\n

Lie #3: Your happiness will increase as your income increases.<\/h2>\n
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I’ve found that at a certain point, your happiness stops climbing alongside your income. In fact, when it comes to money, happiness isn’t actually the result of getting money, but of giving it.<\/p>\n

Research shows that when we give money to others, our brain releases endorphins like dopamine and oxytocin. Experts call it the “Givers Glow.”\u00a0<\/p>\n

As your business grows, you need to realize that the end game can’t simply be to keep making more money. It won’t be satisfying in the long run.<\/p>\n

Instead, begin to dream about how you can give back to your community. This, in my opinion, is the most beautiful and motivational reason to build a highly profitable business.<\/p>\n

Graham Cochrane<\/strong><\/em> is the author of “<\/em>How to Get Paid for What You Know<\/em>” and is a business coach to over 2,800 customers worldwide. Follow him on <\/em>Instagram<\/em> and <\/em>Twitter<\/em><\/a>.<\/em><\/p>\n

Don’t miss:<\/strong><\/em><\/p>\n

Want to be smarter and more successful with your money, work & life?\u00a0<\/em>Sign up for our new newsletter here<\/strong><\/em><\/p>\n<\/div>\n

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