Side Income Covers Expenses

Justin Mares shares his experience using side hustles to create financial freedom while pursuing larger entrepreneurial goals. He emphasizes that side hustles should be viewed as practical income generators rather than potential unicorn startups.

• Purpose of Side Hustles:

  • Cover basic expenses while pursuing bigger entrepreneurial ventures
  • Create financial freedom faster than traditional startup paths
  • Make entrepreneurship more "emotionally bearable"

• Real Estate/Platform Opportunities:

  • Airbnb Success (2013):
    • Ranked 3rd highest Airbnb in San Francisco
    • Rented living room most nights
    • Paying $3K/month, earning $15-18K/month
  • Modern Camping Opportunity:
    • Platforms like Hipcamp showing explosive growth
    • 30-40% cash-on-cash returns possible
    • Lower maintenance than traditional Airbnb
    • Requires basic amenities (water, toiletries)
    • Less problematic than regular rentals ("you're camping")

• Asset Acquisition Strategy:

  • Example: Fomo (Shopify App):
    • Bought for under $400K when doing $14K/month
    • Used seller financing (20 monthly payments)
    • Minimal upfront investment ($5 each from partners)
    • Now generates $95K/month

• Key Philosophy:

  • Focus on profitable cash flow quickly
  • Don't wait years for payoff
  • Entrepreneurship is means to an end (lifestyle creation)
  • Accept that it's not meant to be the next Facebook