Please welcome Nick Loper from Side Hustle Nation as our guest for today’s Financial Literacy Chronicles. This is Day 4 of 30 in the Financial Literacy Month interview series here on Enwealthen.
Please tell me a little bit about yourself and your blog.
I’m a 34 year old entrepreneur based in Livermore, California. I’ve had quite a few business ventures over the years, including a house painting business, a comparison shopping website for footwear, and a directory of virtual assistant companies, but my main focus these days is SideHustleNation.com, a growing resource and community for aspiring and part-time entrepreneurs.
When I need money, I go buy it.
I share my own business experiments in trying to earn income outside of traditional jobs, and share the stories and tactics of other successful entrepreneurs through the “Best Business Podcast”-nominated Side Hustle Show.
Can you share your most impactful money memory from your childhood?
One day, my mom had me empty my Garfield piggybank and count out the contents. It was probably $6 or $7 worth of coins – my life savings as a 6-year old!
Then she took me down to the bank to open a savings account, and added in $100 worth of seed money in addition to my spare change.
In the mid-to-late 80s, savings accounts still paid decent interest, and they gave you a little “bank book” with all the transactions listed. I could see each deposit and how much interest I was earning, and I thought that was the coolest thing – free money!
I’ve been a saver ever since.
We all receive financial advice from people in our lives. What’s the most interesting or useful financial advice you’ve received from your community?
Perhaps the most interesting piece of advice came from Ace Chapman, a podcast guest of mine. He said, “When I need money, I go buy it.” Our conversation was about investing for cash flow – not necessarily for appreciation – and specifically about buying businesses that were already generating revenue.
I have several personal finance books I regularly give to friends and family. What are your 3 favorite fundamental personal finance books you often gift to others?
Rich Dad Poor Dad was the probably the first and most impactful personal finance book I read, and I’m grateful it was recommended to me by my roommate while we were sophomores in college. The Cashflow Quadrant is something that took a while to sink in, but is a really helpful way to think about your journey to financial independence.
The Top 10 Distinctions Between Millionaires and the Middle Class is a short and sweet read that can help you identify some of your “poor” or “middle class” mindsets.
My biggest takeaway was related to evaluating risk. If the most likely outcome is positive, and you can live with worst-case outcome, maybe it’s worthwhile to take that calculated risk.
And more recently, one book I find myself referring to and referring others to is The Slight Edge by Jeff Olson. It’s not necessarily a personal finance book, though it definitely has parallels to the power of compound interest, but more of a habits book. It’s about the consistent practice of positive habits and how they may have negligible impact on your day to day life in the near term, but over the long run compound to make significant changes.
What financial literacy education did you receive in school? If you had a magic wand, what would you change to improve that?
In one high school math class, our teacher (Craig Torget) talked about investing in the stock market, but that was pretty much it. He taught us about compound interest, dollar cost averaging, and the power of making consistent monthly investments over time.
Where he stopped short was the end game: retirement or financial independence based on the 4% rule. Had I known about that math at 17, I would have made some different choices over the next 10 years.
There are so many blogs on the internet, what are 3 of your favorite blogs that instill financial literacy, either by word or action?
You can’t take it with you.
I like to keep inspirational quotes around the house to remind me of what’s important. Do you have a favorite money quote you use to inspire your financial life?
I don’t know! Something like “It’s only money” or “You can’t take it with you” come to mind to help put things in perspective. I had a couple big unexpected expenses this week related to a car repair and a medical procedure so those are fresh in my head!
What’s the best side hustle?
Well, there is no single “best” side hustle. The best side business is the one you’re excited enough about to actually execute on.
If time is of the essence and you need to ring the cash register quickly, I think the 3 fastest ways to get started would be tapping into the sharing economy (Uber, AirBnB, TaskRabbit, Dogvacay, etc.), freelancing, and the age old business model of “buy low, sell high.”
Thanks for contributing to Financial Literacy Month here on Enwealthen, Nick!
Nick Loper helps people earn money outside of their day job at SideHustleNation.com. He’s the bestselling author of Buy Buttons: The Fast-Track Strategy to Make Extra Money and Start a Business in Your Spare Time, and host of the “Best Business Podcast”-nominated Side Hustle Show.
Readers, please share your thoughts on Nick’s experiences, any additional questions you have, and suggestions for who else you’d like to see interviewed in the comments below. And please do share this with your friends on Facebook, Twitter, and Pinterest. Thanks!