1260: Why It Pays to Hustle While You’re Young by Chelsea of Smart Money Mamas on Passive Income & Entrepreneurial Ventures

[00:00:00] This is Optimal Work Daily, Episode 1260, Why It Pays to Hustle While You're Young, By Chelsea, of SmartMoneyMamas.com

[00:00:30] Developing a strong career, or starting a business you are passionate about while working isn't easy.

[00:00:36] It takes commitment, time management, and a passion for longer-term success.

[00:00:41] But the sooner you start, the sooner you reap the rewards.

[00:00:45] Working 40 plus hours a week on this site, and freelance writing, making almost all our meals at home for cheap,

[00:00:52] and being a mother to two little boys doesn't leave a lot of downtime.

[00:00:56] But I am no stranger to hustling and actually love being busy.

[00:00:59] Graduating college with honors, completing two majors and a minor while playing hockey, and working during the school year in three years is one of my proudest accomplishments.

[00:01:09] I got asked often why I was in such a rush, and why I thought it was worth it to cut off one of the best years of my life.

[00:01:16] I never ever understood the question. College was never meant to be the best years of my life, so why wouldn't I trade a year of expensive school for a year of a well-paying job?

[00:01:26] Why would I give up a year of my precious time? I wouldn't.

[00:01:29] If your goal is to live like nobody else, you have to be willing to hustle like nobody else, and to start as soon as possible.

[00:01:37] One. Time is your most precious resource.

[00:01:41] We all know the power of exponential growth and compound interest in investing, so why are we trying to put the most dollars away and develop the most sources of income as early as possible?

[00:01:52] Why aren't we chasing our passions and giving ourselves the most time for success?

[00:01:56] The ramp period is the most painful part of any passive income or business venture.

[00:02:01] These are the months or years when you are putting in the most hours, making the least money, and learning your craft.

[00:02:07] This is when many people give up, but if you can power through the tough times, you can benefit from the spoils for years to come.

[00:02:15] Would you rather face the tough work now, or delay the work and the profits into an unknown future?

[00:02:22] Two. You have fewer responsibilities.

[00:02:25] The hardest part about finding time to work on Mama Fish saves now is balancing the time I get with Fuss Fish.

[00:02:32] On the average weekday, I get less than an hour with him, so taking even a few minutes on my precious weekends can kick the Mom guilt into high gear.

[00:02:40] But when I was working 80 or 90 hour weeks on Wall Street building my career, I never felt guilty.

[00:02:46] I didn't have a spouse at home, I wasn't giving up time with my kids.

[00:02:49] My only responsibility was myself and it felt natural to take the time to invest in my own future.

[00:02:55] Digging in and doing the work is always easier when your responsibilities are fewer.

[00:02:59] You naturally have more time as fewer people, pets, and things are rallying for your attention.

[00:03:05] If you have to stay up until 2 a.m. putting out of fire, you're welcome to skip breakfast the next day in exchange for those extra 20 minutes of sleep.

[00:03:13] There isn't a tiny person jumping on your bed demanding eggs.

[00:03:16] Responsibilities grow with time. I know eventually one child will turn it to two.

[00:03:21] Fuss will have sports games and activities I want to attend, and he'll stop going to bed at 6.30 p.m. and taking 2 plus hour naps.

[00:03:29] Do I wish I started developing passive income before I had kids? Of course, but it doesn't mean I should delay even more now.

[00:03:36] Three. You're bolder and more creative.

[00:03:40] So, you're young. You've got more time in front of you and fewer responsibilities surrounding you.

[00:03:45] How do you think you behave? There's a reason you see teenagers swinging off precarious rope swings and attempting trampoline backflips,

[00:03:52] but you don't see many older adults doing the same.

[00:03:55] The younger you are, the more risks you're willing to take. Maybe we get set in our ways as we get older.

[00:04:00] Maybe we just have a better sense of the reality of the risks.

[00:04:03] But in general, the earlier you start investing in yourself, the more faith you have in your own abilities and success.

[00:04:09] And that faith goes a long way. If you're always worried about the consequences of failure, you play scared.

[00:04:15] You don't take the risks you need to in order to differentiate yourself from the competition and become successful.

[00:04:21] Raise your hand for that new career opportunity. Start the business you've been dreaming of. It won't be easier tomorrow.

[00:04:28] And for, you can fail and learn.

[00:04:31] Oprah Winfrey was fired from her first TV job. Dr. Suss' first book was rejected by 27 publishers.

[00:04:38] Jerry Seinfeld froze his first time on stage as a stand-up comedian and was booed off stage.

[00:04:44] Not every career, passive income or business venture you pursue will work.

[00:04:48] You won't enjoy everything you try and will want to change course. And that's okay.

[00:04:53] Starting early means you have more time to find your path and develop your skills.

[00:04:58] Maybe you think you'd love being a landlord, but you really enjoy doing DIY maintenance and hate dealing with people.

[00:05:04] So flipping houses is better for you. Just getting going gets you closer to success. We all need time to learn.

[00:05:11] Start early and hustle for what you love.

[00:05:14] Making the time to invest in yourself is hard. We are programmed to view our lives as full and busy.

[00:05:19] But you have the ability to build financial freedom for your family if you just change your mindset.

[00:05:24] Find a source of passive income, a great side hustle you can do from home or come up with an entrepreneurial idea that you're passionate about.

[00:05:32] And get started today. Think of what you could build for your future self.

[00:05:37] You just listen to the post titled Why It Pays To Hustle While You're Young by Chelsea of SmartMoneyMamas.com.

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[00:08:00] And thanks to Chelsea who is a hedge fund investor turned online entrepreneur who helps moms make their money work for them and embrace their ambitions so they can live their fullest lives.

[00:08:10] While her previous job was financially fulfilling, Chelsea never felt like she could truly be herself and she struggled with knowing that the job didn't have the social impact she wanted to have.

[00:08:20] And as the breadwinner of the family, she didn't know how to quit.

[00:08:24] So Chelsea started a blog as a passion project. She asked a moms group on Facebook to send questions and in just two days she had over 60 questions to work on.

[00:08:33] She ended up writing an article every day for the first month and didn't stop.

[00:08:37] Two years later, she turned in her resignation at work and today Chelsea's changing how moms talk about and interact with money.

[00:08:44] So come by smartmoneymamas.com to check out her blog tools podcast and more.

[00:08:50] But that's going to wrap up our episode today. I thank you so much for being a follower or subscriber to the show that of course goes a long way toward keeping this show going and be sure to come back again tomorrow for more OWD and that's where your optimal life awaits.