With rising prices, many are looking for creative ways to keep up their lifestyles, and to hopefully improve them. We are in the digital age, and money moves at incredible speeds, making transactions easier, and subsequently, demand and prices increase as well. A new term has been coined in this modern aged, where many of the millennial generation are focusing on “side hustles”, or secondary and tertiary income streams outside of their regular day jobs. For this particular recent graduate, he quickly noticed that having a degree did not mean he would land a high paying traditional desk job as soon as he was free from the post-secondary institution. He found himself trapped in the inherent wheel of consumerism that we all must learn to live with.
The final straw was when he went up for a performance review two years into his role, and was told that he would receive a fraction of a percent as a bonus, and needing a few more years for a career promotion. He was barely making ends meet, even thought he was still living at home. At first he tried to save more than 50% of his income, but this was impossible as his growing transportation, food and potential living costs were higher than his paycheck. He would need a sizable salary increase just to spend all of his money on the cost of living.
His friends did not have regular day jobs, but rather opted to work multiple freelancing, part-time and creative positions to earn money. They seemed to be doing better than he was, but they would spend most of their time working, and never knowing where the next payment would come from online.
He decided to combine the two ideals, and created a local business that catered to customers within the vicinity. He had studied in one of his accounting classes that income does not need to be reported right away if it is cash, so opening a local branch and only accepting payment as cash seemed like the best choice.
After a few years, the side hustle had become the only source of revenue needed for him. He was thinking about expanding, and had no interest in investing, but needed to secure financing from the bank. He realized that most of his savings were stored away in cash, and needed to transport the money to the bank in order to build a credible history and receive the loan he was after.
One fateful morning, he asked his friend to come with him, and stored all of his cash, roughly 500k, into two vehicles. Unfortunately, as he was close to his destination, he was pulled over by the police!
The cops’ suspicion quickly turned into a more friendlier tone when the man explained he was a British Entrepreneur, and this was all a misunderstanding. He showed them recent invoices that he billed his clients and showed that it was common in his line of work to take cash payment.
He was quickly released, but not without a in-depth lecture about the dangers of transporting such a large sum of cash without raising alerts or suspicions. He promised he would be more careful, and would consider other forms of payment with his expansion.