40-year-old works ‘only 5 hours a week' and makes $160,000/month in passive income: 3 ‘complete lies' about side hustles
Self-made millionaire Graham Cochrane's businesses bring in a combined $160,000 a month in passive income. He shares his best advice for building a 'highly profitable' side hustle.
After I lost my job in 2009 during the Great Recession I decided to start a music blog. I had no business experience.
Today I've built
Two seven-figure businesses online -- a music company and an education company
Business coaching brand
They bring in approximately
Spending $160,000 per month
in passive income
.
I've learned many things about how to build a profitable business. If you want to launch a full-time business or side hustle, I tell everyone to stop believing these three lies:
Lies #1: To earn a high income, you have to put in a lot of work.
People would tell me how important it was to "hustle" and "grind" when I first started my business. They boasted about their 80-hour workweeks, and carried laptops everywhere.
As a father and husband, I did not crave this lifestyle. I wanted to spend time with my family. I decided to work no more than 40-hours a week. This includes weekends and nights. Since then, my weekly hours have been reduced to just five.
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How this 32-year old went from earning $17/hour, to building a side hustle worth $500,000
It's all because of a principle called "
Parkinson's Law
", which states that the work expands in order to complete it within the time allocated.
If you give yourself 40 hours per week to accomplish something, it will only take 40 hours. You can expect to spend 80 hours on a project if you set a deadline of 80. Setting a deadline will help you get creative and focussed.
Lies #2: To be successful, you need a large staff.
You don't have to hire a team to grow your business. I work with one myself.
I operated my first side gig on my own for 4 years before hiring my first employee. I was earning around $250,000 per year. In my first year as a business consultant, I made six figures without hiring a single contractor.
Automating is my secret. I like tools that handle email marketing and webinars as well as product delivery, content creation, and content creation.
Kajabi
I have used it before and would recommend it.
Lies #3: You will be happier as your income increases.
At a certain point your happiness will stop rising along with your income. Happiness is not a result of money. It's a result of giving money.
Research shows
When we give money to someone else, our brain releases dopamine and other endorphins. It is called the
"Givers Glow."
You need to understand that as your business grows you can't just keep on making money. This won't satisfy you in the end.
Start dreaming about ways you can give to your community. I think this is the most beautiful, and motivating, reason to create a profitable business.
Graham Cochrane
The author of "
How to get paid for what you know
" and is the business coach for over 2,800 clients worldwide. Follow him on
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