Amidst the quest for additional income streams or venturing into new professional territories while maintaining current employment, the concept of starting a side hustle has gained traction. One exemplar of this approach is Bernadette Joy, who has effectively navigated this terrain. Joy achieved remarkable success, earning $279,000 (over Rs 2 crore) last year, averaging approximately Rs 19 lakh per month, through her money-coaching venture titled Crush Your Money Goals. Initially conceived as a podcast chronicling her journey alongside her husband in repaying a debt exceeding $300,000 (about Rs 2.5 crore), the endeavour has evolved into a lucrative business venture for Joy.
Bernadette Joy, whose income streams include coaching, freelancing, and organising speaking events, now reveals to CNBC Make It that she dedicates only 20 hours per week to her work. Stressing the importance of aligning a side hustle with natural talents and interests, Joy advocates focusing on monetizing hobbies that come effortlessly.
Originally hailing from Charlotte, North Carolina, Joy kickstarted her entrepreneurial journey with Dressed, a side hustle connecting owners of bridesmaid gowns with potential renters. This endeavour not only enabled her to clear her college debts but also facilitated her transition from a full-time job to self-employment, allowing her to hire staff and establish a physical store.
Despite Dressed's initial success, Joy found herself grappling with the challenges of expansion and the demands of retail management. Eventually, in 2019, after three years of operation, she made the difficult decision to shutter her store. Reflecting on this experience, Joy admits that while her passion for fashion fueled the venture, the complexities of scaling a business did not align with her natural inclinations.
The decision to close Dressed was further cemented by logistical challenges and disillusionment, particularly when dresses were returned damaged after prom season in 2019. As she grappled with the demands of running the store and managing inexperienced interns, Joy found herself increasingly disenchanted with the retail grind, leading her to question her career trajectory.
The turning point came during a visit to the FinCon personal finance conference, where Joy found inspiration in the speakers' messages about empowering others with financial literacy. Despite initial uncertainty about her next steps, Joy emerged from the conference with a newfound clarity: she was determined to help others gain financial confidence.
