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James Altucher, Financial Freedom, and a Side Hustle

Cover of Reinvent Yourself, the latest book by James Altucher (cover designed by Pamela Sisson; @infographx on Twitter))

James Altucher

Reinvent Yourself by James Altucher is the most impactful book I’ve read in 2017.

A few ideas from the book that really resonated with me include:

  • The key to contentment is everyday improving: relationships, competence in something you love, and freedom of choices
  • Taking action is more important than anything else. Nothing < Thinking < Doing < Repeating as a daily practice
  • Are you making fear or growth decisions? For example, do you stay in your job because you’re afraid you won’t get another one or because you’re excited about the growth potential?

The thing that jumped out to me from the book the most though was what Altucher said about the importance of having multiple sources of income:

“The average multi-millionaire has seven different sources of income. When you have one source of income — for instance, a job — you are falling into the trap. You will be one of the masses instead of one of the people who will survive. So you constantly have to be on the lookout for the other sources of income I write about repeatedly.”

Financial Freedom

Right around the time I first read the above quote by Altucher, I was beginning to realize just how highly I value financial freedom in my life.

By financial freedom, I don’t mean having a huge amount of money so I can buy expensive stuff, but rather being able to earn money to meet all my basic human needs as efficiently as possible so beyond that I can spend my time how I want to.
For most of my life I haven’t been overly concerned about money, taking the approach that since I don’t have much of a desire for expensive things, I don’t need to spend too much time thinking about money. It has only been in the past three months or so that the connection between time and money has become glaringly obvious for me. As I find more and more things I want to do in life outside of my day job, trading 35 hours of my time each week sitting in an office so that I have money to meet my basic needs has started bothering me more and more.

My Upcoming Project on Sources of Income, Financial Freedom, and a Side Hustle

So after reading Altucher’s views on the importance of having multiple sources of income, combined with my growing desire for the financial freedom that will enable me to spend more of my time traveling, writing, connecting with new people, learning new diverse skills, trying out a wide range of new physical activities, and focusing on personal growth, I decided to start a new project, with the current working title “James Altucher, Financial Freedom, and a Side Hustle” (here are articles on my other most recent projects that were designed to build skills in data science (a, b), writing (Challenge 8 from c), and Spanish (d)).

Starting out with this project, I admit that I have very little clarity on what exactly I want the project to look like, and even what I want my final project goals to be.

The main thing I know so far is that I want to:

a) learn more about both financial freedom, entrepreneurship, and their relationship to each other

b) develop more clarity on how I plan to approach achieving financial freedom

c) execute something in the real world, such as starting a side hustle to create a second source of income

Here are the major components of the project as of now, although this is likely to change throughout the course of the project:

To learn more about financial freedom and entrepreneurship by reading the following:

  • James Altucher: How To Make $2,000 in a Weekend; The Choose Yourself Guide To Wealth; The Wealthy Employee
  • Chris Guillebeau : $100 Startup
  • Tim Ferriss : Tools of Titans (any sections of the book relating to money)
  • Mr. Money Mustache : Five of his most popular blog articles

To develop clarity surrounding financial freedom and entrepreneurship by defining:

  • what is my ‘why’ for starting a business”?
  • what are my goals?
  • what relevant skills/knowledge do I already have?
  • what new skills/knowledge do I want to acquire?
  • what product or service will I sell?
  • how can I help people?
  • how much money should I aim to earn? within what time frame?
  • what steps are involved in getting a business up and running?
  • what are the differences between an online and a brick and mortar business?
  • besides starting a business, what other options do I have for increasing financial freedom?
  • is starting a business the most efficient path to financial freedom?
  • what is the first action step I can take towards starting a business?
  • is affiliate marketing something I want to pursue?
  • is it realistic to make $100/week off of part-time blogging?
  • are online freelancing websites something I can utilize, either by doing some freelancing myself or hiring freelancers for a new business?
  • who is a mentor I can hire to guide me through the process of achieving financial freedom and/or starting a business?
  • what is the most efficient way to earn basic income to meet human survival needs?
  • is participating in online research studies a way to sustainably earn $50-100 per month?
  • what would it mean to me to have more freedom or work on my own terms?
  • is setting up an online store something that is feasible/something that I want to do?

To gain experience and practice executing by doing these real world action steps:

  • attend Memorial University’s Social Innovation Challenge, involving pitching a business idea with a social impact to a panel of experts
  • set up a meeting at Memorial University’s Centre for Entrepreneurship
  • write two blog articles to track my progress
  • attend New York Real’s online study group video call for the Reinvent Yourself book
  • identify and enroll in an online or in person structured program designed to walk students through in extreme detail the process of creating a second source of income and/or starting a business
  • **start a side hustle and earn $100 per week outside my day job by July 15th

Project Dates: I will be completing this project from May 15 to July 15, 2017

How You Can Get Involved!

  • Are you a fan of James Altucher? Olive Hui of New York Real is hosting a free online video chat on Sunday May 21st at 11:00am EST to discuss Reinvent Yourself. If you’re interested in attending, RSVP at NewYorkRealTV@gmail.com.
  • Are you interested in teaming up with me on this project to learn about financial freedom and entrepreneurship, develop new skills, and create a side hustle? I would love to hear from you so we can work together on this. Feel free to comment below or send me an email at J.Fraser@mun.ca!

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