Web developer Ryan Hogue was tired of spending hours in northern Virginia traffic. To make better use of his time, he began exploring passive income opportunities. This decision led to the creation of a lucrative side hustle, which now earns him over $1,600 per day.
What Happened: Hogue, who was earning $117,300 annually, felt that his daily commute was a waste of time and money. In 2016, he started a dropshipping business, which later evolved into a print-on-demand company, CNBC reported.
He also added online courses, one-on-one coaching services, and a YouTube channel to his income streams.
Three years later, his side hustles were outperforming his two salaries, prompting him to quit his day job in 2020. In 2023, Hogue’s earnings surpassed $1,600 per day, or approximately $11,400 per week.
Hogue attributes his success to a simple strategy: turning his business into a game. He set incremental goals, aiming to increase his earnings each day. This mindset helped him stay motivated during the early stages of his business, even when the profits were minimal.
He aimed to surpass his earnings from the previous day every day, he explains. Initially, he made just a few sales monthly, yielding about $4 daily. Determined to double this, he focused on enhancing his sales strategy.
″[My friends] would just laugh at me — ‘Dude, cool. $8?' — but in my head, I knew that I could double that, and double it again," he said during a recent CNBC’s Make It panel.
Despite the passive nature of his businesses, Hogue continues to seek new challenges, often working 60 hours per week. He now focuses on incrementally increasing his annual earnings and developing new side hustles to support this goal.
Why It Matters: Hogue’s journey is a testament to the potential of passive income and the impact of a determined mindset. His story contrasts with that of others who have faced financial challenges. For example, a 53-year-old trucker named Donny called into “The Ramsey Show” seeking advice on finding a way out of his distressing circumstances, including a lack of retirement savings and significant debt.
Meanwhile, 40-year-old millennial Shonnita Leslie shared her journey of paying off a substantial credit card debt and then deciding to cut up her cards, a decision she has stuck to for six years.
These stories highlight the diverse financial challenges individuals face and the different paths they take to overcome them. Hogue’s success serves as an inspiring example of how determination and strategic thinking can lead to financial independence.
Image Via Shutterstock
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