Do you have a side hustle?
01-16-2023, 05:47 PM
#21
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Joined APC: Dec 2019
Posts: 1,870
I flew with a fairly young guy that had a partial share of a fedex ground business, Rental properties, Airbnbs, flipped houses, was writing a book, and was into crypto, social media, and NFTs. Divorced and remarried. Even bought a plane. I was like… slowww down….. This was before crypto cratered, NFTs got annihilated, fedex started suffering, fuel prices going up, interest rates doubling, and Airbnb stumbling. Hope he’s alright
01-17-2023, 06:14 AM
#28
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Joined APC: Jul 2018
Posts: 1,091
Originally Posted by Aero1900
Buddy of mine used to always toss side business ideas around. Well, actually, he threw me ideas and I shot them down usually.
But the conclusion I usually came to was that nothing would pay as much as just picking up an extra airline trip. For me, I could do all the ground work, learn a new skill, or figure out how to start and run a business, take risk, or just grab a trip in open time and make the money that way. I had a hard time finding something that seemed to have a cost/benefit analysis beat just flying 1 more trip.
Obviously owning a thriving business can have tax benefits and possibly be sold for a big profit later on, but there's real risk in starting a business. The statistics on starting a business are not confidence inspiring.
But the conclusion I usually came to was that nothing would pay as much as just picking up an extra airline trip. For me, I could do all the ground work, learn a new skill, or figure out how to start and run a business, take risk, or just grab a trip in open time and make the money that way. I had a hard time finding something that seemed to have a cost/benefit analysis beat just flying 1 more trip.
Obviously owning a thriving business can have tax benefits and possibly be sold for a big profit later on, but there's real risk in starting a business. The statistics on starting a business are not confidence inspiring.
01-17-2023, 06:15 AM
#29
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Joined APC: Jul 2018
Posts: 1,091
Originally Posted by SonicFlyer
A side hustle isn't just for extra income, it should also be for diversification reasons in case one loses their primary source of income. Insurance only goes so far.
Plus, picking up flying means even more time away from home, and who wants that?
01-17-2023, 06:31 AM
#30
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Joined APC: Dec 2022
Posts: 263
Originally Posted by jaxsurf
Exactly.
Plus, picking up flying means even more time away from home, and who wants that?
Plus, picking up flying means even more time away from home, and who wants that?
Things like rentals with a property manager are less work, but you’re still the one in charge and have to manage the manager. While pilots can lose their medical, there’s something valuable in just living in base and picking up a one or two day. To me, living beneath your means and being debt free is the best insurance and head start one could have.
My point is that very few things are just “set it and forget it”. You’re still working
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