There’s a concept that I’ve been thinking about over the past couple of years, especially as I’ve made this transition from a full-time, professional, real job, to a quasi-fake job as a blogger and gig economy worker. It has to do with a concept you could call the relative value of money.
When I think about what that means, it’s basically the idea that money you earn from one activity might be worth more to you personally compared to the money you earn from another activity. In fact, it might be worth so much more to you that you’ll opt to spend your days earning money in that manner even if it means you’re making less money from an objective standpoint. This concept has really come into clearer focus to me over the past few years and I think it helps explain why I’ve made a lot of the work decisions I’ve made.
One of the weird things I’ve done consistently over the past few years is doing pretty low-level side hustles using sharing economy and gig economy apps. From an objective standpoint, it really didn’t make much sense for me to do all of this stuff. At the peak of my lawyer career, I was making $300 or more per day from my salary, obviously more than enough to live very comfortably. And yet, even though I made all of this money, I still chose to spend my spare hours doing silly things like delivering food to people on my bike and selling stuff I found in the trash.
The common criticism I’d get was that doing this stuff was a waste of my time. The better use of my time would be to focus on my job and continue to progress in my legal career. Eventually, I could try to become a partner somewhere or just do something to continue to increase my salary, or at least to increase my prestige.
In truth, that’s probably what I should have done, at least if we’re looking at pure numbers. I could obviously make much more money as a lawyer than I could from all of the stupid things I was doing. But the few bucks I made doing my random gig stuff felt so much more valuable and rewarding to me compared to any dollar I earned from my regular paycheck.
The thing I’ve learned to value more and more is control over my life. I suspect that’s something a lot of people on the path to financial independence value too. The money I made from my day job, however, was the exact opposite of control over my life. I had to be at the office at a certain time, do things that other people told me to do, and basically, plan my life around my job. It made me feel trapped.
A dollar might have the same objective value no matter how you choose to earn it. But how you personally value that dollar is another matter. I think that’s worth thinking about.
Thinking About The Relative Value Of Money
One of the podcasts I listen to pretty regularly is Tropical MBA, which I highly recommend you listen to if you’re the entrepreneurial type looking for some help and motivation.
This quote from a recent episode basically hit on exactly what I’ve been feeling over the past few years:
Would you rather be . . . relatively “poor” and own all your time? Or have a job, make decent money, but own none of your time? I’d pick selling cars on Craigslist and making $2000 or $3000 a month living in an apartment doing whatever I want when I wake up any day, any lifetime.
I initially turned to the gig economy in the first place precisely because of this thinking. Yes, I had a full-time job that by all objective measures paid me very well. But the money I made from my gig economy stuff was so much more satisfying. It wasn’t a ton of money, but it gave me a taste of what it was like to earn money on my own time, doing what I wanted to do instead of doing what someone else told me I had to do in order to get paid.
I had the same feeling when I started this blog and it started to make a little bit of money. It didn’t make a lot of money and I was spending hours per week working on it. And yet, every time I made a few bucks from it, I had a sense of satisfaction that I never had when I would get my big attorney paychecks.
On a personal level, the money I made from my side hustles, where I had control, was worth more than the money I made as a big shot lawyer.
The Relative Value Of Money In Practice
It was this relative value of money that ultimately led to me quitting my job and going full-time on this blog and my gig economy apps. I was far more satisfied doing something I enjoyed doing, even if I only made a few thousand dollars per month from it.
The gig economy stuff allowed me to make money doing things I like doing – biking and walking around outside, exploring my world, and letting me control my time. The blog did the same thing. And working on this blog gave me that level of control over my life that I never had with a regular job.
Everyone’s mathematical equation of what’s worth it to them is going to differ. I told myself that if I made half of what I made at my regular job, I’d be happy with it. And if I could one day equal what I made at my day job, I’d take that over working for someone else for sure.
Time And Control Over Money
When it comes down to it, I think I have a pretty basic tenet that I live by. I’ll pick my time and the ability to have a sense of control over my life ahead of money every single time.
For a long time, I thought that jobs were just something you had to grit your teeth through. Often times, this is something that has to be true because we all have bills we need to pay and obligations we can’t avoid.
But at some point, that equation can tip. Most people are going to just look at the money they make and look at the prestige they have, and they’ll stick it out forever, telling themselves that whatever they’re doing is something they have to do.
I’ve learned that money is worth more to me when I’m able to make it on my terms. So even though I make less than what I used to make as a big shot attorney, it sure feels like I’m making more. And importantly, I took back my time and control over my life – two things that I’ve found I value a lot more than a huge paycheck.
A lot of how we value stuff is personal. Some people are going to prefer gritting through a job in order to get the big paycheck. Depending on your lifestyle and what you value, this might be something you just need to do.
That’s not for me though. If I have to choose between a huge paycheck each month, or doing my own thing and just making a few thousand bucks while having more time and control over my life, I’ll pick time and control every single time.
More Recommended Ebike/Scooters
Check out these other ebikes/scooters I've had the chance to do a review for:
- GEN3 Outcross Bike – The GEN3 Outcross is a solid, affordable fat tire ebike that does a good job of doing what I need it to do. It works great for city riding, giving me a smooth ride in all conditions. It’s works really well as a winter ebike since the fat tires give it good traction over snow and ice. Check out my GEN3 Outcross Review.
- Himiway Escape Bike – The Himiway Escape is an interesting bike for anyone looking for a moped-style ebike. If you’re a gig economy worker, the Himiway Escape is particularly interesting and it’s possible to think of it as an investment, especially if you can opt to do deliveries with the Himiway versus using a car. It’s not cheap, but you can definitely make your money back when you compare the mileage you’ll put on your car versus using an ebike. Check out my Himiway Escape Bike Review.
- Espin Sport Bike – The Espin Sport is a good ebike for someone who is looking for an ebike that feels and rides more like a regular bike. There are many ebikes that are really only bikes in name. In reality, they’re basically electric mopeds. The Espin Sport, by contrast, is a bike you could probably ride without the battery and you’d feel like you’re just riding a regular bike. Check out my Espin Sport Review.
- Varla Eagle One Scooter – The Varla Eagle One is an excellent scooter that can make sense for a lot of people. It can work as a primary mode of transportation. You can use it to work on gig economy apps like DoorDash, Uber Eats, and Grubhub. And it can also be a recreational vehicle if you’d prefer to use it for that. Check out my Varla Eagle One Review.
- Fucare H3 Scooter – The Fucare H3 is a fun scooter and I’ve enjoyed testing it out. For a daily commuter or quick trips or errands, the Fucare H3 is probably the scooter I’ll use. It’s portable and easy to maneuver, so it’s just easier to take on the road when I need it. Check out my Fucare H3 Scooter Review.
More Recommended Investing App Bonuses
For additional investing app bonuses, be sure to check out the ones below:
- M1 Finance ($10) – This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $10 for opening an account. Check out my M1 Finance Referral Bonus – Step-By-Step Guide.
- SoFi Invest ($25) – SoFi Invest is an easy brokerage account bonus that you can earn with just a few minutes of work. Use my SoFi Invest referral link, fund your SoFi Invest brokerage account with $100 and you’ll get $25 of free stock. I also have a step-by-step guide for the SoFi Invest referral bonus.
- Moomoo (5 free stocks) – Moomoo is a free investing app currently offering 5 free stocks (usually worth around $75-$100) if you open an account using a referral link and deposit $2,000. Read my Moomoo referral bonus guide for more information.
- Webull (5 free stocks) – Webull also gives you 5 free stock valued between $3-$3,000 each if you open an account using my referral link. Here’s a guide I wrote about how to earn your free stocks using Webull.
- Robinhood (1 free stock) – Robinhood gives you a free stock valued between $2.50-$225 if you open an account using my referral link.
- Public (1 free stock) - Public gives you a free stock valued between $3-$70 if you open an account using my referral link.
More Recommended Bank Account Bonuses
If you’re looking for more easy bank bonuses, check out the below options. These bonuses are all easy to earn and have no fees or minimum balance requirements to worry about.
- Chime ($100) - Chime is a free bank account that offers a referral bonus if you use a referral link and complete a direct deposit of $200 or more. In practice, any ACH transfer into this account triggers the bonus. This bonus is easy to earn and posts instantly, so you’ll know if you met the requirements as soon as you move money into the account. I wrote a step-by-step guide on how to earn your Chime referral bonus that I recommend you check out.
- Digital Federal Credit Union ($100) – Digital Federal Credit Union (DCU) is a free, nationwide credit union that I recommend to readers for two reasons. First, DCU has a $100 referral bonus if you open a free DCU checking account with a referral link. Second, DCU has a saving account that gives you 6.17% interest on your first $1,000. Check out my in-depth post on how to set this account up.
- Upgrade ($100) – Upgrade is a free checking account that’s currently offering a $100 referral bonus if you open an account and complete three debit card transactions. These bonus terms are easy to meet, so it’s well worth doing this bonus as soon as you can. Importantly, this bonus says that it’s now scheduled to end on January 31, 2023. As long as you get your account opened before January 31st, you should be eligible. Here’s a post I wrote with more details: Upgrade $100 Referral Bonus – Step By Step Directions.
- SoFi Money ($275) – SoFi Money is a free checking account from SoFi. They’re currently offering a $25 referral bonus if you open a SoFi account with a referral link and deposit $10. You can also make an additional $250 as well if you complete a direct deposit. This is a good bank that is also 100% free, so you won’t have to worry about managing this account. Here’s a post I wrote with instructions on how to earn your SoFi Money bonus: SoFi Money Referral Bonus: Step By Step Guide.
- Current ($50) – Current is a free fintech bank that’s offering new users a $50 referral bonus after signing up for an account using a referral link.Current is an easy bonus to earn and also gives you access to three savings accounts that pay you 4% interest on up to $2,000. That means you can put away up to $6,000 earning 4% interest. That’s very good and makes Current an account I recommend to everyone. Check out my step-by-step guide on how to earn your Current Bank bonus.
- Fairwinds Credit Union ($100) – Fairwinds Credit Union is offering a referral bonus for users that sign up using a referral link. Fairwinds has no fees or minimum balance, so this is a particularly easy bonus to earn. Since this is a smaller credit union, my gut instinct tells me this offer won’t be around long, so if you’re in a position to meet the bonus requirements, grab this bonus before it’s gone. Here is my step-by-step guide on how to earn your Fairwinds Credit Union bonus.
- OnJuno ($60) – OnJuno is a fintech/neobank that is currently offering a $10 referral bonus if you open an account using a referral link and make a deposit of $50 or more. You will also get 1000 JCOIN. The 1000 of JCOIN is cryptocurrency. At the time I'm writing this, it'll be worth about $50. Check out my OnJuno referral bonus guide here.
- Varo ($30) – Varo is a free fintech banking app similar to Chime or Current. It’s currently offering a $30 bonus to new users that open a new Varo account with a referral link. The bonus for this bank is very easy to meet, all you need to do is spend $20 within 30 days of opening your Varo account. Check out my step-by-step guide to learn how to earn this bonus.
- Novo Bank ($40) - Novo bank is a free business checking account that’s currently offering a $40 bonus if you open a Novo business checking account using a referral link. In addition to being a good bank bonus, Novo is also a good business checking account. It has no monthly fees or minimum balance requirements and operates a good app and website. Indeed, it’s the business checking account I currently use for this blog. Check out my post on how to easily open a Novo account.
- Albert ($150) – If you can manage to do a real direct deposit, Albert is an easy account you can use to earn a referral bonus. Here’s a review about Albert I wrote. And here’s a step-by-step guide on how to earn your Albert referral bonus.
- Netspend ($20 + 5% Interest Savings Account) – Netspend is a company that provides 5% interest savings accounts. If you sign up using my referral link, you’ll get a $20 signup bonus once you make your first deposit into your Netspend account of $40 or more. That means you get a 5% interest savings account and a free $20 to start! Make sure to check out my in-depth guide on how to set up these accounts.
Kevin is an attorney and the blogger behind Financial Panther, a blog about personal finance, travel hacking, and side hustling using the gig economy. He paid off $87,000 worth of student loans in just 2.5 years by choosing not to live like a big shot lawyer.
Kevin is passionate about earning money using the gig economy and you can see all the ways he makes extra income every month in his side hustle reports.
Kevin is also big on using the latest fintech apps to improve his finances. Some of Kevin's favorite fintech apps include:
- SoFi Money. A really good checking account with absolutely no fees. You'll get a $25 referral bonus if you open a SoFi Money account with a referral link, and an additional $250 if you complete a direct deposit.
- DCU. Digital Federal Credit Union (DCU) is a free, nationwide credit union that I recommend to readers for two reasons. First, DCU has a $100 referral bonus if you open a free DCU checking account with a referral link. Second, DCU has a savings account that gives you 6.17% interest on your first $1,000.
- Novo Bank. Novo bank is a free business checking account that’s currently offering a $40 bonus if you open a Novo business checking account using a referral link. It’s the business checking account I currently use for this blog.
- M1 Finance. This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $10 for opening an account.
- Personal Capital. One of best free apps you can use to monitor your portfolio and track your net worth. This is one of the apps I use to track my financial accounts.
Feel free to send Kevin a message here.
This post definitely resonates with me.
Hope you enjoyed it!
I agree that making money on your own terms is definitely more satisfying—even if it’s less than working as an employee.
But the fact is that you don’t have to pick one or the other (hard-working and stressed or taking it easy and relaxing). You can (and slowly are) scaling your blog to be a money-making machine.
You would never have been able to scale your job as a lawyer—when you were trading your hours for dollars.
For sure – I definitely didn’t just go all-in on this gig stuff and blog stuff. I spent 3-4 years balancing: (1) a full-time W-2 job, (2) gig economy side hustles, and (3) a scalable business in this blog. That might be the best strategy to balance all of the ways to make money.
Hi Kevin, I have been enjoying your blog for a while, and this one definitely resonates with me. My time is priceless.
Trained as a classical musician, I performed as a child, and taught since the age 14. Then after college, I bought a fixer-upper Victorian that came with 3 rental units with my-then-boyfriend-now-husband. Every weekend and weeknight, we cleaned, repaired and painted the property. After a few years, it provided enough to pay the mortgage, taxes and insurance and most of repairs. We live in northern California where a 500sq ft unit sells for more than $500K.
We basically retired in our 40s, traveled abroad and mostly homeschooled our kid. I still play a lot of music—classical, jazz and improvisational— and teach a select few. I am frequently asked to teach more but turn down. I don’t want my teaching to FEEL like a job.
After many years of working hard and saving, I am where I can control how to live each day. I try to be constructive and give back to the society as much as I can.
I think you are moving towards your goal. Keep listening to your inner voice.
Thanks so much for sharing your story. Really amazing to hear about the amazing things people can do with their lives!
This resonates with me as well. While I am still working full time, I definitely get more enjoyment from the things I do for myself.
Mrs. Wallet is currently taking a break from the corporate world and her main focus recently has been remodeling our garage apartment for a new tenant, which was a pretty big undertaking. Even though that work hasn’t technically brought in any money yet, we’ll be able to charge much higher rent and not have to worry about these things for years to come.
She’s expressed to me regularly how much happier she is, and what a sense of accomplishment and pride she feels for doing the work for us instead of someone else. We’re definitely looking forward to the day when we’ve both built up our side hustles to the point of being able to fully jump ship and support ourselves without a conventional job.
I’m happy this is working so well for you!
Thanks for sharing your story! I love how you talk about it being a break from the corporate world because it avoids the mindset that people have that once they leave their job, that’s it. Worst case, she just goes back and gets a job. Best case, you build up what you’re working on and figure out all of the ways to support yourselves without the regular 9-5.
Couldn’t agree more. I think many people don’t realize how valuable they are, especially if they are consistent, curious, and willing to actually get things done. Those qualities can be rare and are highly valued by employers; without people, a company doesn’t exist. This was something I had to work with Mrs. Wallet on, as she had some negative stories about her self worth floating around in her subconscious. She felt lucky a company was willing to give her a job.
While I absolutely think gratitude for our opportunities is important, especially where we live (and I think in general with the internet and the shared and gig economies), there are so many jobs it’s almost absurd. People don’t realize that they have the upper hand (or to what extent) and undervalue themselves, in my opinion.
Something I’ve been thinking about a lot in terms of empowering people around money and FIRE is the importance of mindset and identity. If you have a mindset of lack, you’re going to keep creating the conditions for lack, even if you try to start picking up some of the tools of FIRE, or at least you’ll be fighting an uphill battle. The reverse is also true.