On today’s episode of Stocks, Bonds & Cocktails, our host Marsha Barns sits down with nationally recognized millennial money expert, Tonya Rapley of My Fab Finance, to discuss establishing passive income with lucrative side hustles. 

Cocktail of the Week

Rapley credits her successful financial journey to growing up and watching both of her parents establish side hustles in passions that they loved. “My mother and father were both in the military and my dad was a military DJ. So that was his side hustle… He loves music and everything, but he was able to bring in extra money doing what he loved.” From that point on, Rapley realized “this is what people do when they grow up. Like you do what you love and make money doing it, outside of the job that you don’t love.”

It didn’t take long for Rapley to begin putting that philosophy to work. While attending college in Miami, Florida, she landed a job at a law firm but soon realized that the money that she was earning wouldn’t be enough to sustain a carefree living. And so the side-hustling began. From writing term papers for her peers to working as a photo booth operator, Rapley embarked on a journey to use her side hustles to her advantage – paying off debt and accumulating extra income.

Although these were her initial motivations, she acknowledges that it’s important for anyone interested in beginning a side hustle to really assess its financial purpose – is it a means to an end, or is it just for extra cash? She also points out that it’s important to remember that you can start off with one purpose in mind “and sometimes… alternate in your journey.”

If you’re not too sure how to go about choosing your side hustle, Rapley recommends pulling from an interest that you already have, or delving into a skillset that you’d like to learn more about, while also being mindful that it shouldn’t cost more money than what you would like to invest.

Listen as she shares the keys to establishing a successful side hustle, the importance of operating with professionalism and integrity, how to determine to what capacity your side hustle fits in your life, the importance of consistently tracking your financial goals, and how to decide when it’s the right time to walk away from your side hustle. Don’t forget to subscribe to the Stocks, Bonds, & Cocktails podcast.