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Creating Extra Income. Tips on Side Hustles. · A Little Bit Richer

• 0:02
  Iona Bain: Hello, and welcome to A Little Bit Richer, with me,
• 0:04
  Iona Bain: Iona Bain, brought to you by LNG. Now, with life
• 0:08
  Iona Bain: so busy and living costs high, it can be hard
• 0:11
  Iona Bain: to think of creative ways to boost your income with
• 0:14
  Iona Bain: a side hustle. Here to help us think outside the
• 0:16
  Iona Bain: box and unlock our potential to make some long- term
• 0:19
  Iona Bain: extra income is Emmanuel Asuquo. At 22, Emmanuel became the
• 0:24
  Iona Bain: youngest Barclays financial advisor in the country. Over the past
• 0:28
  Iona Bain: 15 years, he's worked at RBS and NatWest, and then
• 0:31
  Iona Bain: branched out into TV presenting on Channel Four and the
• 0:34
  Iona Bain: BBC. He's written two bestselling books on money management, and has
• 0:38
  Iona Bain: even spoken in parliament about the importance of financial literacy
• 0:42
  Iona Bain: in schools. Welcome, Emman.
• 0:44
  Emmanuel Asuquo: Thank you for having me, Iona.
• 0:45
  Iona Bain: So we're chatting about side hustles today.
• 0:48
  Emmanuel Asuquo: Yes.
• 0:48
  Iona Bain: They've been around for a while now.
• 0:50
  Emmanuel Asuquo: Yes.
• 0:51
  Iona Bain: What's the situation at the moment with side hustles?
• 0:54
  Emmanuel Asuquo: With the cost of living crisis and everybody worrying about
• 0:57
  Emmanuel Asuquo: money and I think just living costs going up in
• 0:59
  Emmanuel Asuquo: general, I think side hustles have gone from a thing
• 1:02
  Emmanuel Asuquo: of people being a nice- to- have to a lot
• 1:04
  Emmanuel Asuquo: of people having- to- have just to maintain their lifestyle.
• 1:07
  Emmanuel Asuquo: Since the pandemic, we have been cutting and cutting and
• 1:10
  Emmanuel Asuquo: reducing our costs and becoming more savvy and spending out
• 1:13
  Emmanuel Asuquo: less and eating out less and going on less holidays,
• 1:16
  Emmanuel Asuquo: I don't think there's anything left to cut. And so
• 1:18
  Emmanuel Asuquo: now, it's how do we increase our income, and side hustles
• 1:20
  Emmanuel Asuquo: have formed that way of us increasing our income to be
• 1:23
  Emmanuel Asuquo: actually able to enjoy life.
• 1:25
  Iona Bain: I think side hustles can sometimes get a bit of a
• 1:27
  Iona Bain: bad rep. There's some people who don't like the term
• 1:30
  Iona Bain: side hustle, they think it sounds a little bit too
• 1:33
  Iona Bain: harsh and clinical, and there are others that think that
• 1:36
  Iona Bain: side hustle is shorthand for taking all the joy out
• 1:40
  Iona Bain: of everything that you do and monetizing every last activity
• 1:43
  Iona Bain: in your life. But do you feel that side hustles
• 1:46
  Iona Bain: still have their place and can still be worthwhile?
• 1:47
  Emmanuel Asuquo: I think side hustles are so worthwhile, and I think what
• 1:51
  Emmanuel Asuquo: I've found is for a lot of people what was
• 1:53
  Emmanuel Asuquo: a side hustle has become their main hustle, and actually
• 1:56
  Emmanuel Asuquo: enabled them to have financial freedom, have time freedom, have
• 1:59
  Emmanuel Asuquo: life freedom. And even if you might make less on
• 2:02
  Emmanuel Asuquo: your side hustle than you did employed, the fact that you're
• 2:04
  Emmanuel Asuquo: now able to spend more time with your kids or are
• 2:06
  Emmanuel Asuquo: now able to work from wherever you want in the
• 2:08
  Emmanuel Asuquo: world, that freedom and flexibility means that people are actually
• 2:12
  Emmanuel Asuquo: enjoying life and seeing life as a much better option,
• 2:15
  Emmanuel Asuquo: so I think side hustles are fantastic.
• 2:17
  Iona Bain: What's a good starting point if someone is thinking about
• 2:19
  Iona Bain: how they can make some extra cash?
• 2:21
  Emmanuel Asuquo: Oh, I love this. I always tell people I don't
• 2:24
  Emmanuel Asuquo: wake up in the morning thinking about how much money
• 2:26
  Emmanuel Asuquo: I can make, I wake up in the morning thinking
• 2:28
  Emmanuel Asuquo: who can I help, and as long as I can
• 2:30
  Emmanuel Asuquo: find people to help, I'll be able to make money,
• 2:32
  Emmanuel Asuquo: people will pay me for the help that I can
• 2:34
  Emmanuel Asuquo: give them. So for me, it's all about finding a
• 2:36
  Emmanuel Asuquo: problem and then finding a solution. And a lot of
• 2:39
  Emmanuel Asuquo: the times, you will talk about things, " Oh, I wish
• 2:41
  Emmanuel Asuquo: that was better, that could do better, I could do
• 2:44
  Emmanuel Asuquo: better than that." And again, you've now found people that you can help,
• 2:48
  Emmanuel Asuquo: you found a community that you can help, and by helping them, you're
• 2:50
  Emmanuel Asuquo: able to help yourself. And I think that's the first
• 2:52
  Emmanuel Asuquo: place to start is, what's the problem I want to
• 2:54
  Emmanuel Asuquo: solve, can I solve it, do I have the skills,
• 2:57
  Emmanuel Asuquo: and who is the community that I'm going to help?
• 2:59
  Iona Bain: And when we're thinking about side hustles, are we talking mainly about the
• 3:03
  Iona Bain: online world here or can you have side hustles in
• 3:06
  Iona Bain: person? What does a side hustle look like?
• 3:09
  Emmanuel Asuquo: Good question. Obviously, you've got your main work or whatever
• 3:13
  Emmanuel Asuquo: you do for your main income, a side hustle is
• 3:16
  Emmanuel Asuquo: I always call it what you do between 5:00 to 9:00. So
• 3:18
  Emmanuel Asuquo: you've got your 9:00 to 5: 00, and then your side hustle is
• 3:20
  Emmanuel Asuquo: what you do from 5: 00 to 9:00, and it's like, actually,
• 3:23
  Emmanuel Asuquo: outside of work, what is the things that I can
• 3:25
  Emmanuel Asuquo: do to make that additional income? And that may be,
• 3:28
  Emmanuel Asuquo: again, in person, service- based side hustles are excellent. So
• 3:32
  Emmanuel Asuquo: for example, if you're an English teacher and then you can
• 3:34
  Emmanuel Asuquo: do tutoring, that's a side hustle and it's a skill that
• 3:37
  Emmanuel Asuquo: you have already. If you are a PA and you
• 3:39
  Emmanuel Asuquo: can then do executive PA in the evenings for small businesses,
• 3:42
  Emmanuel Asuquo: that's a side hustle, you haven't had to learn a new
• 3:44
  Emmanuel Asuquo: skill. All you're doing is applying this skill you already
• 3:47
  Emmanuel Asuquo: have in another environment, and so that is the easy
• 3:50
  Emmanuel Asuquo: side hustle. Sometimes a side hustle can just be, actually,
• 3:53
  Emmanuel Asuquo: there's a problem, here's a solution, and now I can
• 3:56
  Emmanuel Asuquo: go on with it.
• 3:57
  Iona Bain: It's a bit like inventing in the 21st century, isn't it?
• 4:00
  Emmanuel Asuquo: Exactly that. One of the big things about social media is that
• 4:02
  Emmanuel Asuquo: we feel like you need so many numbers, but actually,
• 4:05
  Emmanuel Asuquo: think about it. Someone will have 1, 000 followers and feel
• 4:08
  Emmanuel Asuquo: like that's nothing. Imagine 1, 000 people in one room
• 4:12
  Emmanuel Asuquo: or in one space, that's a lot of people that
• 4:15
  Emmanuel Asuquo: you're able to get access to, and not all of
• 4:17
  Emmanuel Asuquo: them have to buy from you. And so, the problem with
• 4:19
  Emmanuel Asuquo: side hustles is we think we need so many customers, but actually, you
• 4:23
  Emmanuel Asuquo: only need a small community that you're able to service
• 4:26
  Emmanuel Asuquo: and you're able to make money from it, because again,
• 4:28
  Emmanuel Asuquo: it's on the side. This is not a full- time
• 4:30
  Emmanuel Asuquo: job, you're not trying to work eight hours in the day and then eight hours in the
• 4:34
  Emmanuel Asuquo: evening as well.
• 4:34
  Iona Bain: No, no.
• 4:36
  Emmanuel Asuquo: You're trying to work a few hours in the evening
• 4:38
  Emmanuel Asuquo: to make a little extra money.
• 4:39
  Iona Bain: Because you need to make it sustainable.
• 4:40
  Emmanuel Asuquo: Exactly.
• 4:41
  Iona Bain: A lot of people do not want to get home
• 4:42
  Iona Bain: from work and think, oh my goodness, I've got another
• 4:44
  Iona Bain: eight hours ahead of me. So what are your tips in terms
• 4:47
  Iona Bain: of actually making sure that the side hustle doesn't take
• 4:50
  Iona Bain: over too much and become exhausting?
• 4:53
  Emmanuel Asuquo: I think it's so important to really have a plan.
• 4:55
  Emmanuel Asuquo: For me, it's about having boundaries, because again, I speak
• 4:58
  Emmanuel Asuquo: to people, especially when you've got kids, I've got four
• 5:00
  Emmanuel Asuquo: kids and I always tell people, my kids are really
• 5:03
  Emmanuel Asuquo: important to me, but I can't say my kids are
• 5:05
  Emmanuel Asuquo: important to me if I spend all my time working.
• 5:07
  Emmanuel Asuquo: If I don't spend time with my kids, how important
• 5:09
  Emmanuel Asuquo: can they be? And I know sometimes, we want to
• 5:11
  Emmanuel Asuquo: make money for our kids, but there's an importance about
• 5:14
  Emmanuel Asuquo: being there. So for me, as much as I love
• 5:16
  Emmanuel Asuquo: work and I'm busy, there has to be cutoffs, there
• 5:18
  Emmanuel Asuquo: has to be time for other things as well. And
• 5:21
  Emmanuel Asuquo: also, look at how much you actually want to make.
• 5:23
  Emmanuel Asuquo: So one of the things is that as we start
• 5:25
  Emmanuel Asuquo: to get good at our side hustle, we start to
• 5:27
  Emmanuel Asuquo: make more, and then all of a sudden, because we
• 5:29
  Emmanuel Asuquo: make it more, we start to put more energy into it
• 5:31
  Emmanuel Asuquo: and we start to make more, and then all of
• 5:33
  Emmanuel Asuquo: a sudden, it becomes something that has taken over us,
• 5:36
  Emmanuel Asuquo: we're just chasing the money. And actually, this was only
• 5:38
  Emmanuel Asuquo: meant to be something on the side to support what
• 5:41
  Emmanuel Asuquo: you're doing during the day. And so, it's really about
• 5:43
  Emmanuel Asuquo: having those boundaries. I speak to Uber drivers, for example,
• 5:45
  Emmanuel Asuquo: and they'll always tell me, " I'm going to make X amount
• 5:48
  Emmanuel Asuquo: today, and once I make that, I'm on the way
• 5:50
  Emmanuel Asuquo: home. It don't matter how many other journeys there are,
• 5:52
  Emmanuel Asuquo: how many other trip,? If I make that in the
• 5:53
  Emmanuel Asuquo: first three hours or I make that in six hours,
• 5:55
  Emmanuel Asuquo: once I've made what I need to make, I'm going
• 5:57
  Emmanuel Asuquo: home." And I think that's a great mindset to have
• 5:59
  Emmanuel Asuquo: of, what do I need to be making from this,
• 6:01
  Emmanuel Asuquo: and once I've made that, let me put it down.
• 6:03
  Iona Bain: We all need to listen to the Uber drivers, they've
• 6:05
  Iona Bain: got the right idea. And also, what are your thoughts
• 6:08
  Iona Bain: on doing a side hustle and it's something that you
• 6:11
  Iona Bain: love, maybe it's a hobby or an activity that you've
• 6:13
  Iona Bain: enjoyed in the past? On the one hand, it means
• 6:15
  Iona Bain: you're motivated to do it, but on the other hand, I
• 6:17
  Iona Bain: have heard from people sometimes that it can take a
• 6:19
  Iona Bain: bit of the joy out of it. So what are
• 6:20
  Iona Bain: your thoughts on that?
• 6:21
  Emmanuel Asuquo: Yeah, I agree, it can take the joy out of it. But at the same time, I
• 6:25
  Emmanuel Asuquo: think what's important is that if I'm doing what I
• 6:27
  Emmanuel Asuquo: love, there are times when I don't want to do
• 6:29
  Emmanuel Asuquo: it. So for example, me as a financial advisor, I love
• 6:32
  Emmanuel Asuquo: what I do, I love helping people with their finances
• 6:35
  Emmanuel Asuquo: and money. There are some days though that I'm going
• 6:38
  Emmanuel Asuquo: through life and life makes me feel like I really don't
• 6:40
  Emmanuel Asuquo: want to do this, but I still get up and
• 6:42
  Emmanuel Asuquo: do it, because I would do it for free, and
• 6:44
  Emmanuel Asuquo: because I would do it for free, why wouldn't I
• 6:46
  Emmanuel Asuquo: do it to get paid? And so, for me, it's
• 6:48
  Emmanuel Asuquo: about doing something that you love is so important. So
• 6:50
  Emmanuel Asuquo: if you love football and then you create a football coaching
• 6:53
  Emmanuel Asuquo: side hustle, yes, kids can be annoying, parents even worse,
• 6:57
  Emmanuel Asuquo: but you love football, you love it, you love the
• 7:00
  Emmanuel Asuquo: sport, and so you're giving back to the sport and
• 7:02
  Emmanuel Asuquo: you're encouraging and empowering young people. So I think, yes,
• 7:05
  Emmanuel Asuquo: there are going to be days when you're not going
• 7:06
  Emmanuel Asuquo: to enjoy it, yes, it's going to take some of
• 7:08
  Emmanuel Asuquo: the fun out of it, but also, the legacy that
• 7:10
  Emmanuel Asuquo: you build, because again, I can love football and I
• 7:12
  Emmanuel Asuquo: can love it for myself, but when I have now
• 7:14
  Emmanuel Asuquo: coached these kids and now they grow up and some
• 7:17
  Emmanuel Asuquo: of them go professional, or even if they don't, in
• 7:19
  Emmanuel Asuquo: the future, they're still calling you coach 10 years later,
• 7:22
  Emmanuel Asuquo: that will never stop. So I always say, if you
• 7:24
  Emmanuel Asuquo: love it, do it, and you'll enjoy the benefits.
• 7:27
  Iona Bain: You'll figure it out.
• 7:27
  Emmanuel Asuquo: Yeah.
• 7:28
  Iona Bain: Some business ideas do need some money to get off
• 7:32
  Iona Bain: the ground.
• 7:32
  Emmanuel Asuquo: Yes.
• 7:32
  Iona Bain: So what are your tips for starting a business on the side
• 7:37
  Iona Bain: that is relatively low cost?
• 7:39
  Emmanuel Asuquo: Yes, I think so important. I always tell people, if
• 7:42
  Emmanuel Asuquo: you can do service- based side hustles, that normally reduces
• 7:46
  Emmanuel Asuquo: your costs. If you do product- based businesses, that's where
• 7:50
  Emmanuel Asuquo: it really becomes high cost, and so you have to
• 7:52
  Emmanuel Asuquo: think about then maybe looking at getting some investment or
• 7:55
  Emmanuel Asuquo: getting some support or crowdfunding, telling friends, family and so
• 7:58
  Emmanuel Asuquo: forth to come and support you, because it can really
• 8:00
  Emmanuel Asuquo: become a drain. So I really say, if you're going
• 8:03
  Emmanuel Asuquo: to start, start off on a service- based business, something
• 8:06
  Emmanuel Asuquo: like gardening or car washing or stuff that maybe might
• 8:10
  Emmanuel Asuquo: be physical but not necessarily need a lot of money,
• 8:13
  Emmanuel Asuquo: because once you've bought the equipment, you're ready to go.
• 8:15
  Iona Bain: And if you have a service, is it enough to promote
• 8:18
  Iona Bain: it through social media, or do you think that you
• 8:20
  Iona Bain: need to do a little bit more to get the word out there?
• 8:23
  Emmanuel Asuquo: I think a little bit more is so needed. The algorithm is rude. I always
• 8:26
  Emmanuel Asuquo: tell people, the algorithm... I've been on social media a
• 8:29
  Emmanuel Asuquo: long time, when I first started, the reach that I
• 8:31
  Emmanuel Asuquo: could get when I only had 10,000 followers is so
• 8:34
  Emmanuel Asuquo: much more than now, and actually, the algorithm is only
• 8:37
  Emmanuel Asuquo: sending your stuff to very few people. I always tell
• 8:40
  Emmanuel Asuquo: people, you're one post away from going viral, but you
• 8:42
  Emmanuel Asuquo: could be 100 posts away, you actually don't know what's
• 8:45
  Emmanuel Asuquo: going to go. When you make that piece of content that you
• 8:47
  Emmanuel Asuquo: think is really going to go far, that's the one that
• 8:50
  Emmanuel Asuquo: doesn't do anything, and when you do that throwaway one
• 8:52
  Emmanuel Asuquo: that you don't even want to put it on there,
• 8:53
  Emmanuel Asuquo: that's the one that's going to fly. So actually, it's
• 8:56
  Emmanuel Asuquo: just about continually doing it and just being consistent. What
• 8:59
  Emmanuel Asuquo: I would say is find the community. So once I
• 9:02
  Emmanuel Asuquo: know the community, then I can find other people who
• 9:04
  Emmanuel Asuquo: have access to that community already. So for example, I'm
• 9:08
  Emmanuel Asuquo: a financial advisor, so if I want to find clients,
• 9:10
  Emmanuel Asuquo: I will typically go to an accountant who will know
• 9:13
  Emmanuel Asuquo: people's finances and then I can help and support, or
• 9:16
  Emmanuel Asuquo: I'll go to a solicitor who then may have clients
• 9:18
  Emmanuel Asuquo: who might need financial advice and support. Actually, you can
• 9:21
  Emmanuel Asuquo: find people who already have the people that you're looking
• 9:24
  Emmanuel Asuquo: for, so that's really important. Once you know your audience,
• 9:27
  Emmanuel Asuquo: rather than you kill yourself to try and get there,
• 9:29
  Emmanuel Asuquo: find who's already in with that audience and see how
• 9:32
  Emmanuel Asuquo: you can collaborate and how you can make it easier
• 9:34
  Emmanuel Asuquo: for both of you.
• 9:35
  Iona Bain: That almost seems like a cheat code.
• 9:36
  Emmanuel Asuquo: That is the cheat code.
• 9:39
  Iona Bain: It's allowed?
• 9:40
  Emmanuel Asuquo: It's allowed.
• 9:40
  Iona Bain: It about reaching those people where they're at with the
• 9:42
  Iona Bain: services maybe that they're already using.
• 9:44
  Emmanuel Asuquo: Exactly.
• 9:44
  Iona Bain: And what are the most popular side hustles that you're seeing at the moment?
• 9:48
  Emmanuel Asuquo: So I think the most popular ones are coaching, whether
• 9:51
  Emmanuel Asuquo: that be life coaching, career coaching. So let's say I've
• 9:55
  Emmanuel Asuquo: got a senior job and there's someone that's junior that
• 9:57
  Emmanuel Asuquo: wants to get to the level, then you'll coach them
• 10:00
  Emmanuel Asuquo: their way through it. Teaching, so whether I'm good at
• 10:03
  Emmanuel Asuquo: playing the guitar or the drums, then I teach lessons.
• 10:06
  Emmanuel Asuquo: If you have a skill that you can teach someone,
• 10:09
  Emmanuel Asuquo: those are really popular, because again, they can be done
• 10:10
  Emmanuel Asuquo: online, which means reduces your cost, means you can reach
• 10:14
  Emmanuel Asuquo: people across the world so you're not limited to your
• 10:16
  Emmanuel Asuquo: local area. So those are really, really popular.
• 10:18
  Iona Bain: Got you. So what about the tax implications of side hustles?
• 10:22
  Emmanuel Asuquo: Yes. This is the funny part, because I think sometimes,
• 10:25
  Emmanuel Asuquo: we think because we do the side hustle and because it's
• 10:27
  Emmanuel Asuquo: not work, we think we should have it all for
• 10:29
  Emmanuel Asuquo: free and it should all be ours and we're living
• 10:32
  Emmanuel Asuquo: in the Middle East where we don't pay tax. No, we
• 10:34
  Emmanuel Asuquo: here have to pay tax. So you've got your £1, 000
• 10:37
  Emmanuel Asuquo: allowance, so up to £1, 000, you don't have to declare,
• 10:41
  Emmanuel Asuquo: but once you make over £ 1, 000... And that is
• 10:43
  Emmanuel Asuquo: profit, I think people need to understand, when we say
• 10:46
  Emmanuel Asuquo: that £1,000, that is profit. So if you are selling old
• 10:49
  Emmanuel Asuquo: goods or things in your house and you're selling it
• 10:52
  Emmanuel Asuquo: for less than the value that you bought it for, even
• 10:54
  Emmanuel Asuquo: if you make £1, 000, that is not what's included, that
• 10:57
  Emmanuel Asuquo: doesn't count. But if you are going to charity shops
• 11:00
  Emmanuel Asuquo: or going and buying something for a lower price and
• 11:02
  Emmanuel Asuquo: selling it for more and you're making profit, that would
• 11:06
  Emmanuel Asuquo: count towards the £1, 000. And so, once you get over the £1,
• 11:09
  Emmanuel Asuquo: 000, that needs to be declared to HMRC.
• 11:11
  Iona Bain: And how do you do that?
• 11:13
  Emmanuel Asuquo: It depends how you've registered your company. Typically, for side hustles,
• 11:16
  Emmanuel Asuquo: you would be a sole trader. So a sole trader
• 11:18
  Emmanuel Asuquo: basically means you and your business are the same, so
• 11:21
  Emmanuel Asuquo: any money you make and any money in your business
• 11:23
  Emmanuel Asuquo: make is the same. So what you would do is
• 11:25
  Emmanuel Asuquo: do a self- assessment return and you would then talk
• 11:27
  Emmanuel Asuquo: about the income that you've made from your side hustle.
• 11:30
  Emmanuel Asuquo: Some people will have a limited company, so if you're
• 11:32
  Emmanuel Asuquo: making more money from your side hustle, then you might have
• 11:35
  Emmanuel Asuquo: a limited company where you and your company are separate.
• 11:38
  Emmanuel Asuquo: So you'd then have to do a tax return for
• 11:40
  Emmanuel Asuquo: your company, and also then the company will pay tax,
• 11:43
  Emmanuel Asuquo: but then if you took money out of your company
• 11:45
  Emmanuel Asuquo: and paid yourself, you would then have to pay tax
• 11:48
  Emmanuel Asuquo: on that as well. So you have to bear that
• 11:49
  Emmanuel Asuquo: in mind.
• 11:50
  Iona Bain: Super, really helpful. And finally, what about passive income streams,
• 11:54
  Iona Bain: what are they and how realistic are they for anyone
• 11:58
  Iona Bain: who's listening or watching this?
• 11:59
  Emmanuel Asuquo: Passive income streams are the dream, they're like Midas's gold,
• 12:03
  Emmanuel Asuquo: they're what we're looking for. Basically, a passive income stream
• 12:07
  Emmanuel Asuquo: is where you put money into something and then it gives
• 12:10
  Emmanuel Asuquo: you an income each month, each year, without you having
• 12:13
  Emmanuel Asuquo: to go back and work for it, so your money's
• 12:14
  Emmanuel Asuquo: working for you. Now, it sounds really difficult and really
• 12:18
  Emmanuel Asuquo: hard, but there are some ways that you can do
• 12:20
  Emmanuel Asuquo: this. So for example, I meet people who have a
• 12:22
  Emmanuel Asuquo: spare room, so you could rent out that room, no
• 12:26
  Emmanuel Asuquo: additional work, don't have to move anywhere, don't have to
• 12:28
  Emmanuel Asuquo: do anything, you could rent out that room, and every
• 12:31
  Emmanuel Asuquo: month, that room, or every week, depending on how you
• 12:32
  Emmanuel Asuquo: rent it out, could be making you money, so that could
• 12:35
  Emmanuel Asuquo: be considered passively. Or you could have a car, some
• 12:38
  Emmanuel Asuquo: people get a car and then they rent out that car, and again, they
• 12:41
  Emmanuel Asuquo: get an income from that car every single month. So
• 12:44
  Emmanuel Asuquo: it all depends on what you're doing. But typically, I
• 12:48
  Emmanuel Asuquo: would say that most things, although they say they're passive,
• 12:52
  Emmanuel Asuquo: require work, anything that you're making money from needs to
• 12:55
  Emmanuel Asuquo: be maintained and tends to need to require work. So
• 12:57
  Emmanuel Asuquo: one of the big ones people talk about is owning
• 12:59
  Emmanuel Asuquo: a property and renting it out, but even if you
• 13:02
  Emmanuel Asuquo: rent out that property, even if you get an estate
• 13:04
  Emmanuel Asuquo: agent to manage that, there's still work to be done, because
• 13:07
  Emmanuel Asuquo: there may need to be updating to the property, there
• 13:09
  Emmanuel Asuquo: may need work that needs to be done, there may
• 13:11
  Emmanuel Asuquo: be times when the property is empty, you may need
• 13:13
  Emmanuel Asuquo: to help with the marketing. There's work to be done
• 13:16
  Emmanuel Asuquo: to really maintain that income and make sure that that
• 13:18
  Emmanuel Asuquo: grows and works on. So I'd say passive sounds amazing,
• 13:22
  Emmanuel Asuquo: but the reality is that there normally needs to be
• 13:24
  Emmanuel Asuquo: work to be done.
• 13:25
  Iona Bain: And also, often, you need an asset to begin with
• 13:27
  Iona Bain: that you can benefit from, such as property or a car,
• 13:30
  Iona Bain: and that's not a reality for a lot of younger
• 13:32
  Iona Bain: people in particular.
• 13:33
  Emmanuel Asuquo: Exactly, and it's something that you have to build up to.
• 13:35
  Emmanuel Asuquo: So I don't think you need to die on that
• 13:37
  Emmanuel Asuquo: cross of, I need to get passive income. I think
• 13:39
  Emmanuel Asuquo: first of all, just start where you're at. And I
• 13:41
  Emmanuel Asuquo: think the hardest, hardest, hardest part of all of everything
• 13:44
  Emmanuel Asuquo: that we've said today is getting started, because there's the
• 13:46
  Emmanuel Asuquo: imposter syndrome, there's nobody will buy from me, who wants
• 13:49
  Emmanuel Asuquo: to buy what I've got to sell, and this already
• 13:51
  Emmanuel Asuquo: exists. I always tell people, look at the bread aisle,
• 13:54
  Emmanuel Asuquo: the next time you go into a supermarket, go to
• 13:56
  Emmanuel Asuquo: the bread aisle. There is so many options of bread,
• 13:59
  Emmanuel Asuquo: and none of them said, " Well, bread already exists, so
• 14:01
  Emmanuel Asuquo: I'm not going to make a new one," and they're
• 14:03
  Emmanuel Asuquo: all being bought. So don't worry about the fact that
• 14:06
  Emmanuel Asuquo: somebody else is doing a similar business or somebody else
• 14:08
  Emmanuel Asuquo: has a similar idea, you are unique, you are your
• 14:10
  Emmanuel Asuquo: superpower, you go out and do it.
• 14:13
  Iona Bain: The other thing is that I have seen, in recent
• 14:14
  Iona Bain: times, a lot of people online marketing ways to get
• 14:18
  Iona Bain: passive income, and I must say, a lot of those
• 14:21
  Iona Bain: offers seem a little bit too good to be true.
• 14:23
  Iona Bain: What are your thoughts on the passive income industry that's
• 14:26
  Iona Bain: on social media these days?
• 14:28
  Emmanuel Asuquo: I think the problem is that we all want to
• 14:30
  Emmanuel Asuquo: dream. And I always tell people, anything that's worth it
• 14:33
  Emmanuel Asuquo: takes time and is hard work, you've got to do
• 14:36
  Emmanuel Asuquo: the work. And so, let's really think about it. If
• 14:39
  Emmanuel Asuquo: I had this investment and I know that if we
• 14:42
  Emmanuel Asuquo: invest it, you're going to make a 100% return, why
• 14:45
  Emmanuel Asuquo: am I on the internet telling strangers? Wouldn't I just
• 14:47
  Emmanuel Asuquo: keep this to me and my family members and we
• 14:49
  Emmanuel Asuquo: just enjoy life?
• 14:50
  Iona Bain: Oh, but Emman, they say that they don't want to gatekeep.
• 14:51
  Emmanuel Asuquo: And you have to really look into it, because a
• 14:55
  Emmanuel Asuquo: lot of the time, when you really dig deep, they're
• 14:58
  Emmanuel Asuquo: not making money from the thing they're telling you about,
• 15:00
  Emmanuel Asuquo: they're actually making money from the course. And that's okay,
• 15:03
  Emmanuel Asuquo: but let's be honest and open. And so, what's really
• 15:05
  Emmanuel Asuquo: important is, yes, it's great to get education, it's great
• 15:07
  Emmanuel Asuquo: to invest in yourself, but understand that it takes work
• 15:10
  Emmanuel Asuquo: and hard work. If you're not prepared to put the
• 15:12
  Emmanuel Asuquo: work in, don't follow the dream. Focus on what you
• 15:15
  Emmanuel Asuquo: can do, what you are doing. And remember, I always
• 15:17
  Emmanuel Asuquo: talk about personal finance, the clue is in the name,
• 15:20
  Emmanuel Asuquo: it's personal, so don't look at what other people are
• 15:23
  Emmanuel Asuquo: doing and how other people make money, understand your journey
• 15:26
  Emmanuel Asuquo: that you're on, your personal finance journey, and focus on that.
• 15:29
  Iona Bain: Great advice. Well, to finish, let's have three tips from
• 15:33
  Iona Bain: you about what you can do to build your income
• 15:36
  Iona Bain: with a side hustle.
• 15:37
  Emmanuel Asuquo: Okay. So number one, I think what's really important is,
• 15:42
  Emmanuel Asuquo: who can I help? Always focus on helping people. Business
• 15:46
  Emmanuel Asuquo: in general is all about helping people. So who can
• 15:48
  Emmanuel Asuquo: you help? Two, marketing. One of the biggest problems I
• 15:52
  Emmanuel Asuquo: find for most people when they build a side hustle is that
• 15:55
  Emmanuel Asuquo: they're only posting on Instagram or in their WhatsApps, that
• 15:58
  Emmanuel Asuquo: is not marketing. You really have to market, understand who's the
• 16:01
  Emmanuel Asuquo: audience that you're trying to reach and be noisy about
• 16:04
  Emmanuel Asuquo: it. Doing one post a week, nobody cares, because if
• 16:07
  Emmanuel Asuquo: you understand how many posts are going out in the
• 16:09
  Emmanuel Asuquo: minute that you're sending, let alone the day, to get
• 16:12
  Emmanuel Asuquo: people's attention, you need to be noisy, so marketing is
• 16:15
  Emmanuel Asuquo: really, really important. And then, three is about customer feedback.
• 16:19
  Emmanuel Asuquo: I think one of the big things that people feel
• 16:21
  Emmanuel Asuquo: when they do a side hustle is they don't actually
• 16:23
  Emmanuel Asuquo: ask people, " Why did you choose my service? How did
• 16:25
  Emmanuel Asuquo: you find my service? How can I improve?" The biggest
• 16:28
  Emmanuel Asuquo: companies improve through knowledge of their customers, because the people
• 16:33
  Emmanuel Asuquo: that are buying from you... We're killing ourselves marketing to
• 16:35
  Emmanuel Asuquo: people that don't know you, yet you're not putting the
• 16:37
  Emmanuel Asuquo: attention to the people that are actually buying from you. So actually
• 16:40
  Emmanuel Asuquo: focusing on those who are buying from you, those who
• 16:43
  Emmanuel Asuquo: are actually consuming your product, and ask them, " How can
• 16:45
  Emmanuel Asuquo: I improve?" And I promise you, you will get more sales.
• 16:48
  Iona Bain: Fantastic. Well, Emman, that's all been incredibly helpful. It's inspired
• 16:52
  Iona Bain: me to go away and see, what can I monetize,
• 16:54
  Iona Bain: what can I make into a side hustle, quick. Thank
• 16:57
  Iona Bain: you very much.
• 16:58
  Emmanuel Asuquo: No, thank you.
• 17:00
  Iona Bain: Thank you so much, Emmanuel, that was really inspiring. Next time,
• 17:04
  Iona Bain: we're going to have financial psychotherapist, Vicky Reynal. She'll be
• 17:08
  Iona Bain: here to help us work out the psychology behind our
• 17:10
  Iona Bain: spending. I would love it if you could follow the
• 17:13
  Iona Bain: podcast, leave us a review, and help others get a
• 17:16
  Iona Bain: little bit richer too. You can keep up with the
• 17:19
  Iona Bain: show on YouTube, Instagram and TikTok @ legalandgeneral. Thanks for listening. Until next
• 17:25
  Iona Bain: time, see you soon.