A digital flipping 2.0 student asked me what I’d do if I started over with $500.
Here’s his full question, along with my response.
I’m trying to get a couple side hustles going. I’m still exploring options at the moment but there are a whole lot of them. It’s hard to know which ones are worth it. Anyway, I’ve got an extra $500 I can use to get something going. So my question is, if you were just starting out and you had $500, what would you invest it in? What do you think has the best potential to generate passive income for an extended period or even active income with a high ROI.
Way too broad of a question.
I think the better question would be, “What business would you stick with for the long run?”
After all, if you’re going to be putting in any effort at all then it’s more efficient and effective to choose something that you can see yourself sticking with and enjoying for years to come.
Plus, the potential of a business DEPENDS ON YOUR POTENTIAL TO SUCCEED IN IT. I can stick a rookie with a poor mentality, mismatched strengths, and mismatched personality in a highly successful business of mine and he will likely still fail.
This is why I recommend focusing on one business that suits your strengths and personality. Because ultimately, you’ll have an edge over others that are just pursuing it for the money but will eventually drop off because they don’t have the strengths or personality to stick with it long term!
Personally, that’s what I’d do if I was just starting out. I remember trying a whole bunch of things that could be highly profitable, but I eventually wasted a lot of my time because of the mismatch. Approaching things based on strengths and personality would’ve been way easier for me, in my opinion.
I suggest doing the Strengths Finder test. This will help you hone in on which businesses you’d likely enjoy and succeed in.