Ep5. Rethinking Wealth: Building Financial Future Beyond Your 9-5

Most of us think of wealth as something to save, but here’s a mindset shift: wealth is something you create.


In this episode, I’m breaking down a new approach to building wealth that goes beyond traditional saving and investing methods.


Having worked in the financial services industry for over 18 years, I’ve seen that wealthy people don’t rely on just one income stream and save their paychecks.


They’re creating, building, and leveraging multiple streams of income to secure their financial futures. This is where side hustles come in.If you’ve been relying solely on your 9-5 salary, it might be time to think differently about your earning potential.


I’m sharing insights on how a side hustle can act as a game-changer for creating wealth, giving you control over your financial future and creating income on your terms.


Tune in now to explore how you can take control of your financial future beyond your paycheck.


Links

Sign up for my Free live workshop, Taking Control of Your Financial Future on Your Terms, here

Connect with me on LinkedIn here

Check out my Instagram here

Transcript

Welcome to the Hustle with Heels podcast. I'm your host, Cindy Excell, a corporate girl, start hustler, wife, and a mom of two. In 2020, I started my first start hustle as an online fitness coach while working in my corporate job as a private wealth manager. Over the years, I have been living proof that a corporate career and a side hustle can absolutely co exist in harmony.

Today, I'm helping corporate women and early stage entrepreneurs create wealth beyond their 9 to 5 jobs and build an online business on their terms. On this podcast, I'll share my knowledge, strategies, and stories that will help you start and grow your SAT hustle. Whether you are ready to diversify your income streams or are looking to build a SAT business that aligns with your goals, I'm here to support you every step of the way.

Now, let's get started.  Hi, everyone. Welcome back to another episode of Hustle with Heels. I hope your week is off to a great start, and if not, I'm here to shift your mindset and hopefully your week too. Today, I want to share something that completely reshaped how I see wealth. It is a lesson that I learned from years working in the financial services industry, which is, wealth isn't something you save, wealth is something that you create.

Over my last 18 years in financial services industry with my corporate career, I've worked with a lot of high net worth clients and some very wealthy clients. And I've also worked with a lot of everyday working families who are just trying to provide a better future for their loved ones and their kids.

One thing became clear is that wealthy people, they didn't get there by saving a loan and they didn't get there. By relying on one source of income and then they always have multiple income streams. No doubt, saving has its place. And as a financial advisor for my daytime job, I'll be the first one to tell you how important budgeting is.

But if you really want to build a wealth, you have to create it. And anyone can do this if you are willing to put in the work. And that is this critical mindset shift. I want to share with you today. Let's first talk about what most of us know as traditional wealth building. These are things like investing in shares, managed funds, buying investments, properties, or boosting your retirement savings, et cetera.

Now you might be thinking Cindy, isn't this podcast all about side hustles? Why are you talking about investments now? So stay with me. It'll all make sense in a second. All of these wealth building methods are fantastic if you have the surplus income to put into them. They rely on the assumption that you have those extra money lying around, ready to be invested.

But for many of the working professionals whose sole income is their nine to five salary, that's simply not the reality. If you are on a very high corporate salary, and if you are very disciplined with your spending habits and your budgeting. You may be able to accumulate and save those surplus income.

And then you may be able to invest and grow your investments. But to do it that way, you are basically working on your employers and other people's terms to get paid in order to have those surplus income. So you have heard me talk a lot about taking control of your career and taking control of your financial future because our jobs can change overnight.

In addition, saving alone won't lead to financial freedom. When you try to build that capital and only focus on saving from your 9 5 job, you are essentially preserving what you already have. You are putting aside money from your paycheck. But most of the time, that pool is limited by your corporate income as well. 

Many corporate professionals are caught up in high living costs. Some of them still have student loans need to pay, mortgage repayments, and when they start a family, there will come childcare expenses, school fees, etc. They all eat into those savings faster than you can save them. Even with a good salary, by the time all the bills are paid, there is often little left to invest in any meaningful way. 

This is why relying on one source of corporate income and the traditional wealth building strategy can feel very limiting. As an example, if you are putting a small percentage of your salary into a, let's say, high growth managed fund, sure, it's going to grow over time. But unless you have extra income or income sources that allows you to increase your contributions significantly and regularly, it will take a long time before you can really see any impact.

And while real estate properties is also a great wealth building tool, buying investments properties also requires a hefty deposit upfront. It is not accessible to everyone, especially when you already have other financial commitments or financial responsibilities, like paying down your credit card debts or saving for your children's education, et cetera.

In fact, this idea that if you just save enough of your corporate income, you will be able to invest the extra money, I believe it is a myth that holds many of us back. 

Hey friend, I'm interrupting my own episode to let you know that I will be hosting a live workshop called "taking control of your financial future on your terms" on Tuesday, the 12th of November at 7 p. m. Australian Eastern Daylight Savings Time. If you want to know more about how to create wealth beyond your nine to five and start to take action, clear action towards building a side hustle online business that generates additional income right alongside your corporate job, then you won't want to miss this workshop. Space are limited. So make sure to reserve your spot.  Check the link in the show notes below to sign up. I can't wait to see you there. Now let's get back to the episode.

So how do you actually create wealth? It is about thinking bigger and finding ways to generate value beyond your corporate salary. It's about leveraging opportunities, your skills, your knowledge, your experience, your own transformation, and what you already knew to create wealth outside your nine to five job.

Wealthy people, whether they are professional investors or business owners, they don't view their mainstream income as the only source of wealth. They are constantly exploring what they can build, what they can create. What they can invest in and how they can scale and make the money work harder for them.

They are not focused on cutting back on small expenses. They are thinking about how to create bigger streams of income that aren't limited to their mainstream of income sources. One of the best way to create wealth while your earning capacity is limited by your nine to five job is by starting a side hustle.

Why? Because it is a perfect opportunity to build something on the side that doesn't rely on your full time job, but you have everything that you need within you already and have a low, a very low startup cost. This is how I look at it. Your nine to five job actually offer you a financial safety net in this context, allowing you to explore your side hustle without the pressure of needing immediate returns.

You can use your salary to accelerate the process of your side hustle journey if you want to, but you don't have to. Most importantly, it provides a consistent cashflow, meaning you can afford to experiment, to test, and to refine your side hustles and your skills to grow your side hustle until it becomes profitable.

Think of that as a strategic advantage, giving you the flexibility to take a calculated risk.  While still covering your daily expenses, which is provided by your corporate salary, a side hustle gives you the opportunity to create a wealth on your own terms. So this is a long term vision. The beauty of a side hustle is that it is completely within your control.

You get to decide how much time you invest and how quickly you want to grow, what type of clients you want to work with and what type of business model you want to adopt that aligns with your goals and your lifestyle. It actually allows you to break free from the income ceiling set by your corporate income, allowing you to build multiple income streams that contribute to a long term financial security.

Most importantly, it creates a career trajectory on your own terms that no one can take away from you. So instead of waiting for the next pay rise or promotion, you are actually actively generating additional income that you can reinvest either back into your business or pay down the debt or put it towards the investments that build lasting wealth for you in the longer term.

So if there is a one takeaway I want you to have from today's episode is this.  Shift your mindset from relying solely on your nine to five salary and saving money to build a wealth to using a side hustle to create additional income stream and create a wealth that beyond your nine to five job. Don't let the limits of your paycheck or your current financial situation hold you back from having a better financial future.

Budgeting, savings, investments, they are all important and they are all great, but they are just a piece of the puzzle. The real game changer is to increase your own earning potential to create the wealth, which not limited by your nine to five salary and taking that action. That's it for today's episode.

I hope this has inspired you to think differently about your finances and what's possible when you take control of your wealth creation journey. Creating wealth via a side hustle is not about making quick extra cash. It's about taking control of your financial future in the long term. It's about increasing your earning potential, which is your biggest asset in my opinion.

And the creating that career trajectory on your terms and allow you to start your wealth building journey that you are not able to do with your corporate income alone. So if you enjoyed this episode, make sure to share it with someone who needs to hear this message. And don't forget to subscribe on Apple podcast or on Spotify.

So you never miss an episode. Until next time, keep creating, keep hustling, and keep taking control of your own financial future. Thank you so much for listening to the Hustle with Heels podcast. I hope this episode has inspired you to take action towards your sad hustle dream. If you enjoyed this episode, please subscribe.

Please take a second to rate and review it. Each review helps me help more corporate women and early stage entrepreneurs just like you. Don't forget to take a screenshot, share it in your Instagram stories or on LinkedIn and tag me at Cindy Excell. I will see you next week.