Jason Leong

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499 appearances 2 recordings 1 series first heard Aug 2021 last heard 29 Jun

Jason Leong’s voice in public audio — every appearance, attributed to the second.

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Australian Finance Podcast · How to juggle multiple jobs (and incomes) on a budget · 26 Aug 2021 podcast

The separate bank account will help, but some software like Pocketsmith will give you additional insights and help you make better decisions.

The third one, now making a plan, is where it gets fun.

If the different income streams are variable, predicting income can be harder, which increases the risk that we're not making enough to sustain our lifestyle.

So most people with side hustles already commit to a compromise of some sort while they're trying to get their secondary incomes off the ground.

But it can be very stressful if things don't pan out.

And the stress just sucks the joy right out of the endeavor.

So before we take the leap, it's always best to plan and make a forecast for what you expect to earn and spend from each side hustle.

So I personally like to set a baseline for what I expect to earn and then budget to live by that baseline.

And anything above that can either be reinvested or saved.

So I've got, I suppose, a personal anecdote here with regard to setting a baseline and what happened over COVID.

We have an Airbnb and prior to buying the property, which is actually just next door, and we wanted to have this place really for our friends and family to stay.

But in the off season, if there's nobody there, it'd be great to Airbnb it out.

There was also a chance to learn more about one of our customer personas, which is the everyday entrepreneur or sometimes the accidental entrepreneur, where someone uses a product to make money.

It's suddenly very easy.

There's revenue coming in.

And then, uh-oh, I've suddenly got a business.

And what do I do from here on in?

So walking a mile in those shoes, it's been a lot of fun.

When we wanted to make a call on whether or not to invest in the property, we weighed up the risks and realized that we did not want to rely on the revenues from the Airbnb to cover the mortgage because we just didn't know.

And it would just be too stressful to have to keep it going in the event that

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