Choosing Your Path Part II: Hustle and Flow

Greetings!

A few weeks back I went to see Raheem Devaughn
for the third time in thirteen months. The first time was intentional – I fell upon a little publicized show that was held during a snow storm at the Berkley Performance Center. His show was so HOT! I was already a big fan of this self proclaimed "R&B hippie neo-soul rock star" and the show just sealed the deal. But the thing that really makes me respect Raheem DeVaughn is the fact that he still runs his hustle as if he is unsigned hype! He literally jumped off the stage at the end of the last song and perched himself at a table where he sold mixtape CDs that he had been creating since 2000. In addition he had autographed pictures as well as DVD which included another mixtape CD and a video diary of one of his tours. The fact that I saw him twice more in such a short time did not surprise me: this brother was about his hustle, by any means necessary.

So what does that have to do with your path? Unless you have been in a cave, everyone has heard about the nose dive that the economy has been taking over the last few years. This downturn has affected the poorest of our society, but has also impacted small business and big conglomerates. Raising fuel and commodity prices make everything we do cost more. With increased demand of goods coming from emerging markets such as India, China and South America, the U.S. has experienced scarcity in ways that none of us could have ever imagined. Job loss and the “war on terror” have also played a critical role in the pain many of us are feeling. The only sure thing that exist today is that we will continue to be faced with uncertaintity for the forseeable future.

So what should you do about it? I believe that we need to get beyond getting by. Every person, particularly people of color should be trying to BUILD WEALTH. That is a different concept from being rich. It is about accumulating assets that continue to grow long after you are gone. It is NOT about having the biggest car, biggest purse, or being the Biggest Willie in the neighborhood or the club.

So how does that happen? One of the tenets of wealth building is earning more and spending less. One of the weaknesses of human nature is that the more we earn, the more we tend to spend. We also tend to save for a specific goal – a vacation, wedding, a car, and not for passing down a legacy to our kids. In order to do that we need to make the money and put it in the right place.

Now I know some of you are probably thinking – she just talked about job loss and a weakening economy; I am trying to hold the job I have and she wants me to go and get another? What about the escalating cost of living? All really valid points which means it more important to work SMARTER than harder.

Which brings me back to Raheem Devaughn.

DeVaughn along with many other artists have multiple income streams including other artists and videophones. Lenny Kravitz not only is a musician but an interior designer. Sport figures have their game, endorsements, and will often branch off on related products. This, my friends is the equivalent of in Living Color’s Hey Mon skit that depicts the world’s hardest working Jamaican family. The difference is that each person has discovered a way to overlap the opportunities or find avenues to their passion.

This model can work for anyone. You should not be limited to the usual solutions for earning extra money such as working retail where you probably end up giving back half of your check to the store. Here are a few things to consider:

• Know your skills – Do your friends, family, people of the street ask you to your world famous dish time and time again? Do you know how to write or have computer hardware or software experience? Evaluate what you can do and either sell your wares or expertise directly to consumers or to business as a part time consultant.
  


• Leverage your network – This is another one of those two way streets – a friend of family member does painting, electrical or other types of construction, some one else does graphic design, or another may be a hairstylist. As people express a particular need, be willing to help them fill it either by referring them to this circle of experts or offering your services at competitive prices. Ask your network to do the same for you.
  


• Know the industry – There is a saying don’t hate the player, hate the game. Every industry has rules of engagement. There are very few corners that can be cut that won’t result in some pain later on. What ever side hustle that you choose, you should research the industry for regulations, licensure, associations, wholesalers, etc., This process is helpful in a couple of ways – you save time, money and energy by knowing the pitfalls and more importantly it will give you an idea if you want to pursue the opportunity as an additional revenue stream.
  


• Weigh the cost versus the benefits – This one goes hand in hand with your research. Many people will turn to crafting as a side hustle. They will often purchase their materials from a store at retail prices. It then takes them fifteen hours to complete one piece. When they go to price it, they charge $10. Now I don’t have to get into a mathematical equation to illustrate that the time, materials, and energy required, not to mention the table fee at the craft show that this ware will be peddled FAR exceeds that $10 price. This labor of love as now turned to this millenium’s slavery. Most people grow weary of this effort and abandoning it after the hype is gone. Be sure know the cost and the ultimate value of your product and price accordingly.
  


• Everyone should be in on the game – I am often confused when I see one person in a family unit on the grind and the others (that includes the kids) are standing on the sidelines just waiting to reap the benefits. Your mate should be pursuing his/her hustles or making calls, doing research, loading the car to advance yours. Don’t sleep on the short people either – the kids can fold a letter, tack a stamp on envelope, be greeters, etc., It shows them that WEALTH is truly a family affair!
  


• Feed the kitty – Now you have found what you wanted to do, researched the opportunity and have managed to earn some money for all your hard work! What do you do next? Put that money in a sound investment vehicle that will grow over time and will start you on the road to WEALTH (isn’t that what we started talking about?) Oh yeah – and purchase one splurge to reward yourself for a job well done.

If you have any other suggestions to add I would love to hear from you.

With that I wish you all the best today and always.

G