34-Year-Old Making $49,000 a Month Through Side Hustles Urges You to Stop Believing These 3 Myths

Ryan Hogue is a dedicated web developer who has established over 10 passive income streams including numerous e-commerce brands, and a YouTube channel, yielding up to $49,000 in monthly passive earnings. During an interview with CNBC's Make It, he dispelled three misconceptions that may hinder individuals from embarking on the next groundbreaking venture the contemporary world demands.

Business Myth #1

Hogue challenges the validity of a prevalent business axiom: the notion that one must amass wealth in order to accumulate further wealth.

"This is a common piece of business advice. If you want to open a retail store, for example, your expenses would include monthly rent, purchasing goods—to stock shelves and then re-sell to customers—and employee wages. That’s a traditional way of doing things and an expensive one," he says.

He then explains how his "made-to-order" business model enables him to reduce costs on inventory, rent, and other overhead expenses. "My favorite online business model is print-on-demand. I started my print-on-demand side hustle on Amazon in 2017 for $0 and I’ve since expanded it to offer my products through Etsy, Walmart, and eBay," he explains.

Hogue explains that by investing in inventory only after a customer places an order, he effectively minimizes his expenses. "After I get an order, I pay a company like Printful, which specializes in printing and shipping products to fulfill the orders for me," he adds.

Business Myth #2

With trends like the Young Indian Method gaining popularity, there's a misconception that generating passive income requires minimal effort and dedication. However, he disagrees with this notion.

"There is no shortcut to success. I worked many early mornings and late nights on my side hustles, especially early on."

"I had to learn to be okay with the idea of delayed gratification. But in the end, I’m so glad I put in the effort," emphasizing the necessity of discipline when aiming to establish a lucrative passive income stream.

Business Myth #3

Hogue suggests that one should approach the notion that businesses require a team with skepticism. While he doesn't dismiss the idea entirely, he shares how he personally built his business without relying on a team. "Seven years in, I’m still able to do this on my own, thanks in part to how many different tools are available for entrepreneurs right now," he says.

He encourages individuals to depend on AI and advocates for tools such as MyDesigns, which substantially automate the creative design process. "Being strategic with these tools has helped me stay on top of everything, while also letting me leave work behind whenever I want or need to. That way I can truly live the life I want," he concludes. 

Transitioning from his roles as a web developer and adjunct professor to concentrate solely on his e-commerce venture, Hogue now disseminates his expertise and encounters via his YouTube channel, advocating for others to generate passive income through "Ryan's Method."

His counsel emphasizes perpetual learning, unwavering commitment, and the strategic use of technology to streamline business functions.