# Creating Extra Income. Tips on Side Hustles.

An episode of [A Little Bit Richer](https://invisiblenetwork.ai/podcast/1706157445), 3 Apr 2025, 17 min.

Audio: https://pscrb.fm/rss/p/traffic.omny.fm/d/clips/2e9a850c-e6b9-48c2-afec-a8f8010f70f4/61b6e292-1c73-49e1-81ce-b075010b275f/5a24db99-f7eb-4b50-92d3-b2b100fcfb0a/audio.mp3?utm_source=Podcast&in_playlist=aee4b1cb-b4f6-4283-99aa-b075010cd6b0

Whether you're looking for some extra income, creative fulfilment, or a path to financial independence, side hustles are a great way to do this. In this episode, financial advisor Emmanuel Asuquo and our host Iona Bain dive into the world of side hustles— from what you could offer, when you might need to pay tax and ideas to generate business. They explore the highs and lows, the myths and realities, and strategies to balance it with your full-time job. Because taking time to develop a side hustle you’re passionate about, can go a long way to making you a little bit richer. Follow Emmanuel on Instagram @theemaneffectuk You can watch episodes on our YouTube channel And see behind the scenes content on our TikTok and Instagram You can play the podcast and find other useful content on Legal & General’s website: https://www.legalandgeneral.com/podcasts/a-little-bit-richer Iona and her guests share their own personal thoughts and opinions in this podcast. These might be different from Legal & General’s take on things. They give financial guidance for a UK audience that’s relevant at the time of recording. It’s general best practice, not the kind of personalised advice you’d get from a financial adviser. See omnystudio.com/listener for privacy information.

## Transcript

[0:02] Iona Bain: Hello, and welcome to A Little Bit Richer, with me,
[0:04] Iona Bain: Iona Bain, brought to you by LNG. Now, with life
[0:08] Iona Bain: so busy and living costs high, it can be hard
[0:11] Iona Bain: to think of creative ways to boost your income with
[0:14] Iona Bain: a side hustle. Here to help us think outside the
[0:16] Iona Bain: box and unlock our potential to make some long- term
[0:19] Iona Bain: extra income is Emmanuel Asuquo. At 22, Emmanuel became the
[0:24] Iona Bain: youngest Barclays financial advisor in the country. Over the past
[0:28] Iona Bain: 15 years, he's worked at RBS and NatWest, and then
[0:31] Iona Bain: branched out into TV presenting on Channel Four and the
[0:34] Iona Bain: BBC. He's written two bestselling books on money management, and has
[0:38] Iona Bain: even spoken in parliament about the importance of financial literacy
[0:42] Iona Bain: in schools. Welcome, Emman.
[0:44] Emmanuel Asuquo: Thank you for having me, Iona.
[0:45] Iona Bain: So we're chatting about side hustles today.
[0:48] Emmanuel Asuquo: Yes.
[0:48] Iona Bain: They've been around for a while now.
[0:50] Emmanuel Asuquo: Yes.
[0:51] Iona Bain: What's the situation at the moment with side hustles?
[0:54] Emmanuel Asuquo: With the cost of living crisis and everybody worrying about
[0:57] Emmanuel Asuquo: money and I think just living costs going up in
[0:59] Emmanuel Asuquo: general, I think side hustles have gone from a thing
[1:02] Emmanuel Asuquo: of people being a nice- to- have to a lot
[1:04] Emmanuel Asuquo: of people having- to- have just to maintain their lifestyle.
[1:07] Emmanuel Asuquo: Since the pandemic, we have been cutting and cutting and
[1:10] Emmanuel Asuquo: reducing our costs and becoming more savvy and spending out
[1:13] Emmanuel Asuquo: less and eating out less and going on less holidays,
[1:16] Emmanuel Asuquo: I don't think there's anything left to cut. And so
[1:18] Emmanuel Asuquo: now, it's how do we increase our income, and side hustles
[1:20] Emmanuel Asuquo: have formed that way of us increasing our income to be
[1:23] Emmanuel Asuquo: actually able to enjoy life.
[1:25] Iona Bain: I think side hustles can sometimes get a bit of a
[1:27] Iona Bain: bad rep. There's some people who don't like the term
[1:30] Iona Bain: side hustle, they think it sounds a little bit too
[1:33] Iona Bain: harsh and clinical, and there are others that think that
[1:36] Iona Bain: side hustle is shorthand for taking all the joy out
[1:40] Iona Bain: of everything that you do and monetizing every last activity
[1:43] Iona Bain: in your life. But do you feel that side hustles
[1:46] Iona Bain: still have their place and can still be worthwhile?
[1:47] Emmanuel Asuquo: I think side hustles are so worthwhile, and I think what
[1:51] Emmanuel Asuquo: I've found is for a lot of people what was
[1:53] Emmanuel Asuquo: a side hustle has become their main hustle, and actually
[1:56] Emmanuel Asuquo: enabled them to have financial freedom, have time freedom, have
[1:59] Emmanuel Asuquo: life freedom. And even if you might make less on
[2:02] Emmanuel Asuquo: your side hustle than you did employed, the fact that you're
[2:04] Emmanuel Asuquo: now able to spend more time with your kids or are
[2:06] Emmanuel Asuquo: now able to work from wherever you want in the
[2:08] Emmanuel Asuquo: world, that freedom and flexibility means that people are actually
[2:12] Emmanuel Asuquo: enjoying life and seeing life as a much better option,
[2:15] Emmanuel Asuquo: so I think side hustles are fantastic.
[2:17] Iona Bain: What's a good starting point if someone is thinking about
[2:19] Iona Bain: how they can make some extra cash?
[2:21] Emmanuel Asuquo: Oh, I love this. I always tell people I don't
[2:24] Emmanuel Asuquo: wake up in the morning thinking about how much money
[2:26] Emmanuel Asuquo: I can make, I wake up in the morning thinking
[2:28] Emmanuel Asuquo: who can I help, and as long as I can
[2:30] Emmanuel Asuquo: find people to help, I'll be able to make money,
[2:32] Emmanuel Asuquo: people will pay me for the help that I can
[2:34] Emmanuel Asuquo: give them. So for me, it's all about finding a
[2:36] Emmanuel Asuquo: problem and then finding a solution. And a lot of
[2:39] Emmanuel Asuquo: the times, you will talk about things, " Oh, I wish
[2:41] Emmanuel Asuquo: that was better, that could do better, I could do
[2:44] Emmanuel Asuquo: better than that." And again, you've now found people that you can help,
[2:48] Emmanuel Asuquo: you found a community that you can help, and by helping them, you're
[2:50] Emmanuel Asuquo: able to help yourself. And I think that's the first
[2:52] Emmanuel Asuquo: place to start is, what's the problem I want to
[2:54] Emmanuel Asuquo: solve, can I solve it, do I have the skills,
[2:57] Emmanuel Asuquo: and who is the community that I'm going to help?
[2:59] Iona Bain: And when we're thinking about side hustles, are we talking mainly about the
[3:03] Iona Bain: online world here or can you have side hustles in
[3:06] Iona Bain: person? What does a side hustle look like?
[3:09] Emmanuel Asuquo: Good question. Obviously, you've got your main work or whatever
[3:13] Emmanuel Asuquo: you do for your main income, a side hustle is
[3:16] Emmanuel Asuquo: I always call it what you do between 5:00 to 9:00. So
[3:18] Emmanuel Asuquo: you've got your 9:00 to 5: 00, and then your side hustle is
[3:20] Emmanuel Asuquo: what you do from 5: 00 to 9:00, and it's like, actually,
[3:23] Emmanuel Asuquo: outside of work, what is the things that I can
[3:25] Emmanuel Asuquo: do to make that additional income? And that may be,
[3:28] Emmanuel Asuquo: again, in person, service- based side hustles are excellent. So
[3:32] Emmanuel Asuquo: for example, if you're an English teacher and then you can
[3:34] Emmanuel Asuquo: do tutoring, that's a side hustle and it's a skill that
[3:37] Emmanuel Asuquo: you have already. If you are a PA and you
[3:39] Emmanuel Asuquo: can then do executive PA in the evenings for small businesses,
[3:42] Emmanuel Asuquo: that's a side hustle, you haven't had to learn a new
[3:44] Emmanuel Asuquo: skill. All you're doing is applying this skill you already
[3:47] Emmanuel Asuquo: have in another environment, and so that is the easy
[3:50] Emmanuel Asuquo: side hustle. Sometimes a side hustle can just be, actually,
[3:53] Emmanuel Asuquo: there's a problem, here's a solution, and now I can
[3:56] Emmanuel Asuquo: go on with it.
[3:57] Iona Bain: It's a bit like inventing in the 21st century, isn't it?
[4:00] Emmanuel Asuquo: Exactly that. One of the big things about social media is that
[4:02] Emmanuel Asuquo: we feel like you need so many numbers, but actually,
[4:05] Emmanuel Asuquo: think about it. Someone will have 1, 000 followers and feel
[4:08] Emmanuel Asuquo: like that's nothing. Imagine 1, 000 people in one room
[4:12] Emmanuel Asuquo: or in one space, that's a lot of people that
[4:15] Emmanuel Asuquo: you're able to get access to, and not all of
[4:17] Emmanuel Asuquo: them have to buy from you. And so, the problem with
[4:19] Emmanuel Asuquo: side hustles is we think we need so many customers, but actually, you
[4:23] Emmanuel Asuquo: only need a small community that you're able to service
[4:26] Emmanuel Asuquo: and you're able to make money from it, because again,
[4:28] Emmanuel Asuquo: it's on the side. This is not a full- time
[4:30] Emmanuel Asuquo: job, you're not trying to work eight hours in the day and then eight hours in the
[4:34] Emmanuel Asuquo: evening as well.
[4:34] Iona Bain: No, no.
[4:36] Emmanuel Asuquo: You're trying to work a few hours in the evening
[4:38] Emmanuel Asuquo: to make a little extra money.
[4:39] Iona Bain: Because you need to make it sustainable.
[4:40] Emmanuel Asuquo: Exactly.
[4:41] Iona Bain: A lot of people do not want to get home
[4:42] Iona Bain: from work and think, oh my goodness, I've got another
[4:44] Iona Bain: eight hours ahead of me. So what are your tips in terms
[4:47] Iona Bain: of actually making sure that the side hustle doesn't take
[4:50] Iona Bain: over too much and become exhausting?
[4:53] Emmanuel Asuquo: I think it's so important to really have a plan.
[4:55] Emmanuel Asuquo: For me, it's about having boundaries, because again, I speak
[4:58] Emmanuel Asuquo: to people, especially when you've got kids, I've got four
[5:00] Emmanuel Asuquo: kids and I always tell people, my kids are really
[5:03] Emmanuel Asuquo: important to me, but I can't say my kids are
[5:05] Emmanuel Asuquo: important to me if I spend all my time working.
[5:07] Emmanuel Asuquo: If I don't spend time with my kids, how important
[5:09] Emmanuel Asuquo: can they be? And I know sometimes, we want to
[5:11] Emmanuel Asuquo: make money for our kids, but there's an importance about
[5:14] Emmanuel Asuquo: being there. So for me, as much as I love
[5:16] Emmanuel Asuquo: work and I'm busy, there has to be cutoffs, there
[5:18] Emmanuel Asuquo: has to be time for other things as well. And
[5:21] Emmanuel Asuquo: also, look at how much you actually want to make.
[5:23] Emmanuel Asuquo: So one of the things is that as we start
[5:25] Emmanuel Asuquo: to get good at our side hustle, we start to
[5:27] Emmanuel Asuquo: make more, and then all of a sudden, because we
[5:29] Emmanuel Asuquo: make it more, we start to put more energy into it
[5:31] Emmanuel Asuquo: and we start to make more, and then all of
[5:33] Emmanuel Asuquo: a sudden, it becomes something that has taken over us,
[5:36] Emmanuel Asuquo: we're just chasing the money. And actually, this was only
[5:38] Emmanuel Asuquo: meant to be something on the side to support what
[5:41] Emmanuel Asuquo: you're doing during the day. And so, it's really about
[5:43] Emmanuel Asuquo: having those boundaries. I speak to Uber drivers, for example,
[5:45] Emmanuel Asuquo: and they'll always tell me, " I'm going to make X amount
[5:48] Emmanuel Asuquo: today, and once I make that, I'm on the way
[5:50] Emmanuel Asuquo: home. It don't matter how many other journeys there are,
[5:52] Emmanuel Asuquo: how many other trip,? If I make that in the
[5:53] Emmanuel Asuquo: first three hours or I make that in six hours,
[5:55] Emmanuel Asuquo: once I've made what I need to make, I'm going
[5:57] Emmanuel Asuquo: home." And I think that's a great mindset to have
[5:59] Emmanuel Asuquo: of, what do I need to be making from this,
[6:01] Emmanuel Asuquo: and once I've made that, let me put it down.
[6:03] Iona Bain: We all need to listen to the Uber drivers, they've
[6:05] Iona Bain: got the right idea. And also, what are your thoughts
[6:08] Iona Bain: on doing a side hustle and it's something that you
[6:11] Iona Bain: love, maybe it's a hobby or an activity that you've
[6:13] Iona Bain: enjoyed in the past? On the one hand, it means
[6:15] Iona Bain: you're motivated to do it, but on the other hand, I
[6:17] Iona Bain: have heard from people sometimes that it can take a
[6:19] Iona Bain: bit of the joy out of it. So what are
[6:20] Iona Bain: your thoughts on that?
[6:21] Emmanuel Asuquo: Yeah, I agree, it can take the joy out of it. But at the same time, I
[6:25] Emmanuel Asuquo: think what's important is that if I'm doing what I
[6:27] Emmanuel Asuquo: love, there are times when I don't want to do
[6:29] Emmanuel Asuquo: it. So for example, me as a financial advisor, I love
[6:32] Emmanuel Asuquo: what I do, I love helping people with their finances
[6:35] Emmanuel Asuquo: and money. There are some days though that I'm going
[6:38] Emmanuel Asuquo: through life and life makes me feel like I really don't
[6:40] Emmanuel Asuquo: want to do this, but I still get up and
[6:42] Emmanuel Asuquo: do it, because I would do it for free, and
[6:44] Emmanuel Asuquo: because I would do it for free, why wouldn't I
[6:46] Emmanuel Asuquo: do it to get paid? And so, for me, it's
[6:48] Emmanuel Asuquo: about doing something that you love is so important. So
[6:50] Emmanuel Asuquo: if you love football and then you create a football coaching
[6:53] Emmanuel Asuquo: side hustle, yes, kids can be annoying, parents even worse,
[6:57] Emmanuel Asuquo: but you love football, you love it, you love the
[7:00] Emmanuel Asuquo: sport, and so you're giving back to the sport and
[7:02] Emmanuel Asuquo: you're encouraging and empowering young people. So I think, yes,
[7:05] Emmanuel Asuquo: there are going to be days when you're not going
[7:06] Emmanuel Asuquo: to enjoy it, yes, it's going to take some of
[7:08] Emmanuel Asuquo: the fun out of it, but also, the legacy that
[7:10] Emmanuel Asuquo: you build, because again, I can love football and I
[7:12] Emmanuel Asuquo: can love it for myself, but when I have now
[7:14] Emmanuel Asuquo: coached these kids and now they grow up and some
[7:17] Emmanuel Asuquo: of them go professional, or even if they don't, in
[7:19] Emmanuel Asuquo: the future, they're still calling you coach 10 years later,
[7:22] Emmanuel Asuquo: that will never stop. So I always say, if you
[7:24] Emmanuel Asuquo: love it, do it, and you'll enjoy the benefits.
[7:27] Iona Bain: You'll figure it out.
[7:27] Emmanuel Asuquo: Yeah.
[7:28] Iona Bain: Some business ideas do need some money to get off
[7:32] Iona Bain: the ground.
[7:32] Emmanuel Asuquo: Yes.
[7:32] Iona Bain: So what are your tips for starting a business on the side
[7:37] Iona Bain: that is relatively low cost?
[7:39] Emmanuel Asuquo: Yes, I think so important. I always tell people, if
[7:42] Emmanuel Asuquo: you can do service- based side hustles, that normally reduces
[7:46] Emmanuel Asuquo: your costs. If you do product- based businesses, that's where
[7:50] Emmanuel Asuquo: it really becomes high cost, and so you have to
[7:52] Emmanuel Asuquo: think about then maybe looking at getting some investment or
[7:55] Emmanuel Asuquo: getting some support or crowdfunding, telling friends, family and so
[7:58] Emmanuel Asuquo: forth to come and support you, because it can really
[8:00] Emmanuel Asuquo: become a drain. So I really say, if you're going
[8:03] Emmanuel Asuquo: to start, start off on a service- based business, something
[8:06] Emmanuel Asuquo: like gardening or car washing or stuff that maybe might
[8:10] Emmanuel Asuquo: be physical but not necessarily need a lot of money,
[8:13] Emmanuel Asuquo: because once you've bought the equipment, you're ready to go.
[8:15] Iona Bain: And if you have a service, is it enough to promote
[8:18] Iona Bain: it through social media, or do you think that you
[8:20] Iona Bain: need to do a little bit more to get the word out there?
[8:23] Emmanuel Asuquo: I think a little bit more is so needed. The algorithm is rude. I always
[8:26] Emmanuel Asuquo: tell people, the algorithm... I've been on social media a
[8:29] Emmanuel Asuquo: long time, when I first started, the reach that I
[8:31] Emmanuel Asuquo: could get when I only had 10,000 followers is so
[8:34] Emmanuel Asuquo: much more than now, and actually, the algorithm is only
[8:37] Emmanuel Asuquo: sending your stuff to very few people. I always tell
[8:40] Emmanuel Asuquo: people, you're one post away from going viral, but you
[8:42] Emmanuel Asuquo: could be 100 posts away, you actually don't know what's
[8:45] Emmanuel Asuquo: going to go. When you make that piece of content that you
[8:47] Emmanuel Asuquo: think is really going to go far, that's the one that
[8:50] Emmanuel Asuquo: doesn't do anything, and when you do that throwaway one
[8:52] Emmanuel Asuquo: that you don't even want to put it on there,
[8:53] Emmanuel Asuquo: that's the one that's going to fly. So actually, it's
[8:56] Emmanuel Asuquo: just about continually doing it and just being consistent. What
[8:59] Emmanuel Asuquo: I would say is find the community. So once I
[9:02] Emmanuel Asuquo: know the community, then I can find other people who
[9:04] Emmanuel Asuquo: have access to that community already. So for example, I'm
[9:08] Emmanuel Asuquo: a financial advisor, so if I want to find clients,
[9:10] Emmanuel Asuquo: I will typically go to an accountant who will know
[9:13] Emmanuel Asuquo: people's finances and then I can help and support, or
[9:16] Emmanuel Asuquo: I'll go to a solicitor who then may have clients
[9:18] Emmanuel Asuquo: who might need financial advice and support. Actually, you can
[9:21] Emmanuel Asuquo: find people who already have the people that you're looking
[9:24] Emmanuel Asuquo: for, so that's really important. Once you know your audience,
[9:27] Emmanuel Asuquo: rather than you kill yourself to try and get there,
[9:29] Emmanuel Asuquo: find who's already in with that audience and see how
[9:32] Emmanuel Asuquo: you can collaborate and how you can make it easier
[9:34] Emmanuel Asuquo: for both of you.
[9:35] Iona Bain: That almost seems like a cheat code.
[9:36] Emmanuel Asuquo: That is the cheat code.
[9:39] Iona Bain: It's allowed?
[9:40] Emmanuel Asuquo: It's allowed.
[9:40] Iona Bain: It about reaching those people where they're at with the
[9:42] Iona Bain: services maybe that they're already using.
[9:44] Emmanuel Asuquo: Exactly.
[9:44] Iona Bain: And what are the most popular side hustles that you're seeing at the moment?
[9:48] Emmanuel Asuquo: So I think the most popular ones are coaching, whether
[9:51] Emmanuel Asuquo: that be life coaching, career coaching. So let's say I've
[9:55] Emmanuel Asuquo: got a senior job and there's someone that's junior that
[9:57] Emmanuel Asuquo: wants to get to the level, then you'll coach them
[10:00] Emmanuel Asuquo: their way through it. Teaching, so whether I'm good at
[10:03] Emmanuel Asuquo: playing the guitar or the drums, then I teach lessons.
[10:06] Emmanuel Asuquo: If you have a skill that you can teach someone,
[10:09] Emmanuel Asuquo: those are really popular, because again, they can be done
[10:10] Emmanuel Asuquo: online, which means reduces your cost, means you can reach
[10:14] Emmanuel Asuquo: people across the world so you're not limited to your
[10:16] Emmanuel Asuquo: local area. So those are really, really popular.
[10:18] Iona Bain: Got you. So what about the tax implications of side hustles?
[10:22] Emmanuel Asuquo: Yes. This is the funny part, because I think sometimes,
[10:25] Emmanuel Asuquo: we think because we do the side hustle and because it's
[10:27] Emmanuel Asuquo: not work, we think we should have it all for
[10:29] Emmanuel Asuquo: free and it should all be ours and we're living
[10:32] Emmanuel Asuquo: in the Middle East where we don't pay tax. No, we
[10:34] Emmanuel Asuquo: here have to pay tax. So you've got your £1, 000
[10:37] Emmanuel Asuquo: allowance, so up to £1, 000, you don't have to declare,
[10:41] Emmanuel Asuquo: but once you make over £ 1, 000... And that is
[10:43] Emmanuel Asuquo: profit, I think people need to understand, when we say
[10:46] Emmanuel Asuquo: that £1,000, that is profit. So if you are selling old
[10:49] Emmanuel Asuquo: goods or things in your house and you're selling it
[10:52] Emmanuel Asuquo: for less than the value that you bought it for, even
[10:54] Emmanuel Asuquo: if you make £1, 000, that is not what's included, that
[10:57] Emmanuel Asuquo: doesn't count. But if you are going to charity shops
[11:00] Emmanuel Asuquo: or going and buying something for a lower price and
[11:02] Emmanuel Asuquo: selling it for more and you're making profit, that would
[11:06] Emmanuel Asuquo: count towards the £1, 000. And so, once you get over the £1,
[11:09] Emmanuel Asuquo: 000, that needs to be declared to HMRC.
[11:11] Iona Bain: And how do you do that?
[11:13] Emmanuel Asuquo: It depends how you've registered your company. Typically, for side hustles,
[11:16] Emmanuel Asuquo: you would be a sole trader. So a sole trader
[11:18] Emmanuel Asuquo: basically means you and your business are the same, so
[11:21] Emmanuel Asuquo: any money you make and any money in your business
[11:23] Emmanuel Asuquo: make is the same. So what you would do is
[11:25] Emmanuel Asuquo: do a self- assessment return and you would then talk
[11:27] Emmanuel Asuquo: about the income that you've made from your side hustle.
[11:30] Emmanuel Asuquo: Some people will have a limited company, so if you're
[11:32] Emmanuel Asuquo: making more money from your side hustle, then you might have
[11:35] Emmanuel Asuquo: a limited company where you and your company are separate.
[11:38] Emmanuel Asuquo: So you'd then have to do a tax return for
[11:40] Emmanuel Asuquo: your company, and also then the company will pay tax,
[11:43] Emmanuel Asuquo: but then if you took money out of your company
[11:45] Emmanuel Asuquo: and paid yourself, you would then have to pay tax
[11:48] Emmanuel Asuquo: on that as well. So you have to bear that
[11:49] Emmanuel Asuquo: in mind.
[11:50] Iona Bain: Super, really helpful. And finally, what about passive income streams,
[11:54] Iona Bain: what are they and how realistic are they for anyone
[11:58] Iona Bain: who's listening or watching this?
[11:59] Emmanuel Asuquo: Passive income streams are the dream, they're like Midas's gold,
[12:03] Emmanuel Asuquo: they're what we're looking for. Basically, a passive income stream
[12:07] Emmanuel Asuquo: is where you put money into something and then it gives
[12:10] Emmanuel Asuquo: you an income each month, each year, without you having
[12:13] Emmanuel Asuquo: to go back and work for it, so your money's
[12:14] Emmanuel Asuquo: working for you. Now, it sounds really difficult and really
[12:18] Emmanuel Asuquo: hard, but there are some ways that you can do
[12:20] Emmanuel Asuquo: this. So for example, I meet people who have a
[12:22] Emmanuel Asuquo: spare room, so you could rent out that room, no
[12:26] Emmanuel Asuquo: additional work, don't have to move anywhere, don't have to
[12:28] Emmanuel Asuquo: do anything, you could rent out that room, and every
[12:31] Emmanuel Asuquo: month, that room, or every week, depending on how you
[12:32] Emmanuel Asuquo: rent it out, could be making you money, so that could
[12:35] Emmanuel Asuquo: be considered passively. Or you could have a car, some
[12:38] Emmanuel Asuquo: people get a car and then they rent out that car, and again, they
[12:41] Emmanuel Asuquo: get an income from that car every single month. So
[12:44] Emmanuel Asuquo: it all depends on what you're doing. But typically, I
[12:48] Emmanuel Asuquo: would say that most things, although they say they're passive,
[12:52] Emmanuel Asuquo: require work, anything that you're making money from needs to
[12:55] Emmanuel Asuquo: be maintained and tends to need to require work. So
[12:57] Emmanuel Asuquo: one of the big ones people talk about is owning
[12:59] Emmanuel Asuquo: a property and renting it out, but even if you
[13:02] Emmanuel Asuquo: rent out that property, even if you get an estate
[13:04] Emmanuel Asuquo: agent to manage that, there's still work to be done, because
[13:07] Emmanuel Asuquo: there may need to be updating to the property, there
[13:09] Emmanuel Asuquo: may need work that needs to be done, there may
[13:11] Emmanuel Asuquo: be times when the property is empty, you may need
[13:13] Emmanuel Asuquo: to help with the marketing. There's work to be done
[13:16] Emmanuel Asuquo: to really maintain that income and make sure that that
[13:18] Emmanuel Asuquo: grows and works on. So I'd say passive sounds amazing,
[13:22] Emmanuel Asuquo: but the reality is that there normally needs to be
[13:24] Emmanuel Asuquo: work to be done.
[13:25] Iona Bain: And also, often, you need an asset to begin with
[13:27] Iona Bain: that you can benefit from, such as property or a car,
[13:30] Iona Bain: and that's not a reality for a lot of younger
[13:32] Iona Bain: people in particular.
[13:33] Emmanuel Asuquo: Exactly, and it's something that you have to build up to.
[13:35] Emmanuel Asuquo: So I don't think you need to die on that
[13:37] Emmanuel Asuquo: cross of, I need to get passive income. I think
[13:39] Emmanuel Asuquo: first of all, just start where you're at. And I
[13:41] Emmanuel Asuquo: think the hardest, hardest, hardest part of all of everything
[13:44] Emmanuel Asuquo: that we've said today is getting started, because there's the
[13:46] Emmanuel Asuquo: imposter syndrome, there's nobody will buy from me, who wants
[13:49] Emmanuel Asuquo: to buy what I've got to sell, and this already
[13:51] Emmanuel Asuquo: exists. I always tell people, look at the bread aisle,
[13:54] Emmanuel Asuquo: the next time you go into a supermarket, go to
[13:56] Emmanuel Asuquo: the bread aisle. There is so many options of bread,
[13:59] Emmanuel Asuquo: and none of them said, " Well, bread already exists, so
[14:01] Emmanuel Asuquo: I'm not going to make a new one," and they're
[14:03] Emmanuel Asuquo: all being bought. So don't worry about the fact that
[14:06] Emmanuel Asuquo: somebody else is doing a similar business or somebody else
[14:08] Emmanuel Asuquo: has a similar idea, you are unique, you are your
[14:10] Emmanuel Asuquo: superpower, you go out and do it.
[14:13] Iona Bain: The other thing is that I have seen, in recent
[14:14] Iona Bain: times, a lot of people online marketing ways to get
[14:18] Iona Bain: passive income, and I must say, a lot of those
[14:21] Iona Bain: offers seem a little bit too good to be true.
[14:23] Iona Bain: What are your thoughts on the passive income industry that's
[14:26] Iona Bain: on social media these days?
[14:28] Emmanuel Asuquo: I think the problem is that we all want to
[14:30] Emmanuel Asuquo: dream. And I always tell people, anything that's worth it
[14:33] Emmanuel Asuquo: takes time and is hard work, you've got to do
[14:36] Emmanuel Asuquo: the work. And so, let's really think about it. If
[14:39] Emmanuel Asuquo: I had this investment and I know that if we
[14:42] Emmanuel Asuquo: invest it, you're going to make a 100% return, why
[14:45] Emmanuel Asuquo: am I on the internet telling strangers? Wouldn't I just
[14:47] Emmanuel Asuquo: keep this to me and my family members and we
[14:49] Emmanuel Asuquo: just enjoy life?
[14:50] Iona Bain: Oh, but Emman, they say that they don't want to gatekeep.
[14:51] Emmanuel Asuquo: And you have to really look into it, because a
[14:55] Emmanuel Asuquo: lot of the time, when you really dig deep, they're
[14:58] Emmanuel Asuquo: not making money from the thing they're telling you about,
[15:00] Emmanuel Asuquo: they're actually making money from the course. And that's okay,
[15:03] Emmanuel Asuquo: but let's be honest and open. And so, what's really
[15:05] Emmanuel Asuquo: important is, yes, it's great to get education, it's great
[15:07] Emmanuel Asuquo: to invest in yourself, but understand that it takes work
[15:10] Emmanuel Asuquo: and hard work. If you're not prepared to put the
[15:12] Emmanuel Asuquo: work in, don't follow the dream. Focus on what you
[15:15] Emmanuel Asuquo: can do, what you are doing. And remember, I always
[15:17] Emmanuel Asuquo: talk about personal finance, the clue is in the name,
[15:20] Emmanuel Asuquo: it's personal, so don't look at what other people are
[15:23] Emmanuel Asuquo: doing and how other people make money, understand your journey
[15:26] Emmanuel Asuquo: that you're on, your personal finance journey, and focus on that.
[15:29] Iona Bain: Great advice. Well, to finish, let's have three tips from
[15:33] Iona Bain: you about what you can do to build your income
[15:36] Iona Bain: with a side hustle.
[15:37] Emmanuel Asuquo: Okay. So number one, I think what's really important is,
[15:42] Emmanuel Asuquo: who can I help? Always focus on helping people. Business
[15:46] Emmanuel Asuquo: in general is all about helping people. So who can
[15:48] Emmanuel Asuquo: you help? Two, marketing. One of the biggest problems I
[15:52] Emmanuel Asuquo: find for most people when they build a side hustle is that
[15:55] Emmanuel Asuquo: they're only posting on Instagram or in their WhatsApps, that
[15:58] Emmanuel Asuquo: is not marketing. You really have to market, understand who's the
[16:01] Emmanuel Asuquo: audience that you're trying to reach and be noisy about
[16:04] Emmanuel Asuquo: it. Doing one post a week, nobody cares, because if
[16:07] Emmanuel Asuquo: you understand how many posts are going out in the
[16:09] Emmanuel Asuquo: minute that you're sending, let alone the day, to get
[16:12] Emmanuel Asuquo: people's attention, you need to be noisy, so marketing is
[16:15] Emmanuel Asuquo: really, really important. And then, three is about customer feedback.
[16:19] Emmanuel Asuquo: I think one of the big things that people feel
[16:21] Emmanuel Asuquo: when they do a side hustle is they don't actually
[16:23] Emmanuel Asuquo: ask people, " Why did you choose my service? How did
[16:25] Emmanuel Asuquo: you find my service? How can I improve?" The biggest
[16:28] Emmanuel Asuquo: companies improve through knowledge of their customers, because the people
[16:33] Emmanuel Asuquo: that are buying from you... We're killing ourselves marketing to
[16:35] Emmanuel Asuquo: people that don't know you, yet you're not putting the
[16:37] Emmanuel Asuquo: attention to the people that are actually buying from you. So actually
[16:40] Emmanuel Asuquo: focusing on those who are buying from you, those who
[16:43] Emmanuel Asuquo: are actually consuming your product, and ask them, " How can
[16:45] Emmanuel Asuquo: I improve?" And I promise you, you will get more sales.
[16:48] Iona Bain: Fantastic. Well, Emman, that's all been incredibly helpful. It's inspired
[16:52] Iona Bain: me to go away and see, what can I monetize,
[16:54] Iona Bain: what can I make into a side hustle, quick. Thank
[16:57] Iona Bain: you very much.
[16:58] Emmanuel Asuquo: No, thank you.
[17:00] Iona Bain: Thank you so much, Emmanuel, that was really inspiring. Next time,
[17:04] Iona Bain: we're going to have financial psychotherapist, Vicky Reynal. She'll be
[17:08] Iona Bain: here to help us work out the psychology behind our
[17:10] Iona Bain: spending. I would love it if you could follow the
[17:13] Iona Bain: podcast, leave us a review, and help others get a
[17:16] Iona Bain: little bit richer too. You can keep up with the
[17:19] Iona Bain: show on YouTube, Instagram and TikTok @ legalandgeneral. Thanks for listening. Until next
[17:25] Iona Bain: time, see you soon.

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