How to Use Side Hustles as a Funding Engine for Your Dreams

Funding Your Future: Turning Side Hustles into Funding Engines

Host: Aru

Guest: David Isaiah Angway (Registered Financial Planner)

Aru: Welcome back to Entrepinoy Espesyal! Today, we are joined by Mr. David Angway, a Registered Financial Planner, to discuss a topic that is very popular among millennials: using side hustles as a "funding engine" for your goals. Welcome back, Sir David!

David: Thank you, Aru! It’s great to be here. With the rising cost of living, a single income stream is often no longer enough to cover both your needs and your "passion projects" or travel goals.

Frequently Asked Questions (FAQ)

Aru: Why do you recommend having a side hustle as a "funding engine"?

David: Most people have "wants"—like traveling or starting a passion project—that their 9-to-5 salary cannot cover after paying for essentials. A side hustle fills that gap. I always tell my clients:

• Finance your dreams by increasing your income streams.

• The more skills you have, the more bills you can afford.

• If you only have one income stream, your financial foundation is unstable. You need at least 3 to 4 income streams to be truly secure.

Aru: You mentioned we should stop calling it a "part-time" side hustle. Why?

David: Words matter. When we label something "part-time," our brain tends to give it "part-time" effort. It becomes optional.

• Full-Time Mindset: Label your hustle as a "Small Business" instead. This creates the motivation and discipline needed to succeed.

• Your bills are not optional; they are required. Your hustle should be treated with the same level of requirement.

Aru: What side hustles do you recommend for those starting out?

David: You don't always need a physical product to start. Here are a few high-trend options:

• Affiliate Marketing: You don't need your own product. Use your content creation skills to invite people to buy existing products and earn a commission.

• Virtual Assistant (VA) Work: Filipinos are world-class in English, communication, and social media. You only need one client to start.

• Content Creation: In today's "Attention Economy," those who can capture and hold attention can thrive financially.

Aru: How can I balance a side hustle while working a full-time 9-to-5 job?

David: Don't try to do everything at once. Use a Time Block strategy:

• Dedicate just two hours a day (for example, from 7 PM to 9 PM) to your side business.

• Use this time for planning, anticipation, and execution. Stop "drawing" (planning without action) and start adding "color" (action) to your plans.

Aru: How do I know if a side hustle is worth my time and investment?

David: Look at your Margins. Numbers don't lie.

• Healthy Margins: Aim for a margin of 50% to 60%.

• The "Ceiling" Analogy: Think of your margin like the ceiling in a house. If the ceiling is too low, you can't breathe. High margins give your business room to grow and survive.

Key Takeaways for Future Entrepreneurs

• Courage over Capital: You don't need a massive amount of money to start; you need the courage to take the first step.

• Don't Resign Yet: Keep your full-time job while building your side hustle until your "margins" are stable.

• Anticipate the "Storms": Just like ants store food before the rain, use your side hustle to build a buffer for life's inevitable financial storms.