40-year-old's Claim of 'Only 5 Hours a Week' for $160,000/Month Passive Income:

40-year-old's Claim of 'Only 5 Hours a Week' for $160,000/Month Passive Income: Exposing 3 'Falsehoods' on Side Hustles In 2009, following my job loss during the Great Recession, I embarked on a journey into music blogging despite my initial lack of business knowledge.

Today, I've successfully established two online businesses, a music education company and a business coaching brand, each generating annual revenue in the seven figures. Together, they generate approximately $160,000 in monthly passive income.

40-year-old's Claim of 'Only 5 Hours a Week' for $160,000/Month Passive Income:

Debunking Common Myths about Side Hustles and Building a Profitable Business

Lie #1: You have to work a lot of hours to make a significant income.

Keywords: 1. Side Hustle Myths 2. Work-Life Balance 3. Parkinson's Law 4. Time Management 5. Passive Income

In 2009, during the Great Recession, I initiated a music blog as a side hustle after losing my job. Despite having no prior business knowledge, today I've successfully established two seven-figure online businesses – a music education company and a business coaching brand, generating a combined monthly income of $160,000, all while working just five hours a week. The first lie I want to dispel is that to earn a substantial income, one must work long hours.

Many people advocate the "hustle and grind" culture, boasting about 80-hour workweeks and the need to work non-stop. However, I, as a husband and father, didn't desire that lifestyle. I limited my work to 40 hours a week, with no nights or weekends. Over time, I've further reduced it to only five hours per week. This approach is based on Parkinson's Law, which suggests that work expands to fill the time available for its completion. Setting a time constraint encourages creativity and focus.

Lie #2: You need a large team.

Keywords: 1. Small Business Team 2. Business Scaling 3. Automation Tools 4. Kajabi 5. Online Business Growth

While I'm open to having a team (I currently collaborate with a small team of part-time contractors), you don't necessarily require one to scale your business. I managed my initial side hustle independently for four years before hiring my first employee, and I was earning around $250,000 annually. When I ventured into business coaching, I achieved six figures in my first year without a single contractor. My secret weapon is automation, relying on tools for email marketing, webinars, product delivery, and content creation. One such tool that I recommend is Kajabi.

Lie #3: Your happiness will increase as your income increases.

Keywords: 1. Happiness and Income 2. Money and Happiness 3. Giving Back 4. Community Involvement 5. Profitable Business Goals

Another common misconception is that happiness grows in tandem with income. However, I've discovered that there's a point where your happiness plateaus concerning your income. In reality, happiness isn't solely a product of accumulating wealth but giving it. Research indicates that when we donate money to others, our brains release feel-good chemicals like dopamine and oxytocin, often called the "Givers Glow."

As your business flourishes, it's essential to understand that simply amassing wealth won't provide long-term satisfaction. Instead, envision how you can give back to your community. This is the most beautiful and motivating reason to build a highly profitable business.

Graham Cochrane, the author of "How to Get Paid for What You Know" and a business coach with over 2,800 customers worldwide, provides invaluable insights into dispelling myths surrounding side hustles and building a thriving business. Follow him on Instagram and Twitter for more guidance and inspiration.

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