You made money from your side project. Where do you invest it?
NotesbyHugh
27 replies
Would love to know how fellow indie hackers and product builders are investing the profits from side projects.
Bonus points if you drop a comment explaining your vote!
Replies
Ng Fang Kiang@jorcus
Jorcus
If it's still growing and expanding, go straight to the business
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Side Project OS
Jorcus
@hugh_dawkins Won't put it forever. If it's still growing, will reinvest. Probably I will be able to pay myself that time.
A certain percentage of the net profit will be paid to myself. This means that the more profit I make, the more I get paid. It is more humane and more motivating.
Side Project OS
I'll go first!
My projects are still small scale so nearly everything is being funnelled back into the business and I'm not taking a salary.
I hope to grow it to a point where I am investing the majority of my earnings into the markets. Money makes money!
Just as you, I too am currently funneling in the small profits right back into building the product that we are working on.
Love how you say Money makes money.
For me it would be Crypto makes money ;)
@hugh_dawkins I'm thinking of exploring NFT's and DeFi, but being a non-tech person it kind of intimidates me :(
Side Project OS
Pay off my mortgage and dedicate full time to my main project 🤞
I'm guessing it depends on the motive behind the project.
If it's just for extra cash, in this case the stock/crypto market. Or is it a passion project, in that case definitely reinvest into the business!
I wouldn't worry too much about salaries, they come naturally.
Is Notion your side project?
Side Project OS
@jonathanm Well said! Highlights the importance of having a clear north star for the purpose of the project.
Yes! Been focused on Notion templates/products recently and starting to branch into a few other projects related to the creator economy.
@hugh_dawkins Very cool! I discovered Notion thanks to PH, it looks interesting. Good luck on the projects sir will be following :)
I save in sound money... Bitcoin.
Side Project OS
@jared_nusinoff1 Nice! Do you accept payments for your side projects in crypto?
@hugh_dawkins crypto my startup (getmash.com) is built to enable streaming money with Bitcoin + Lightning network for tools/apps/digital experiences. We have a few side projects related to it launching shortly – everyone on the team is doing them.
We earn a %.... and it is all in bitcoin of course. We do have to manage the balance sheet to match expenses of course, but we have a strong preference. Note "crypto" is a shiny object term trying to co-opt halo/attention of freedom money, which is Bitcoin. It's our only conceivable and real chance at it. Somewhat of a miracle. Happy to share helpful content for you to digest if you are curious (lots of disinformation, like everything these days!).
Side Project OS
@jared_nusinoff1 looks great! It's definitely an exciting space and a ton of innovation is being driven off the back of it. Excited to see more!
@hugh_dawkins if you ever want to chat, share your thoughts on how something like this could fit perfectly with something you build... holler anytime! I'm available. We are doing heavy lifting for early partners (e.g., direct implementation work, even thought it's just a JS snippet + tagging).
I re-invest mostly in ads to grow my business audience
Indeed, money makes money, and that's why most of the money I've saved, or from extra profit, I invest in the market, in ETFs, and some in crypto. These are some of the investment principles learned from https://radicalfire.com/money-af... when you receive a salary, you have to pay yourself first, and that's what I do. I live with my girlfriend, and I'm glad we have the same rules regarding money and the same principles. Together it's easier to invest.
I have 2 answers, either invest the money in the business or leave it in the bank. I used to be an unbelievable spender in all areas of my life. Understanding who I want to be rich vs wealthy didn't come to me right away. Through the long-term study of investment information, I realized what could make the difference between two rich people. One of them once earned a certain amount of money and forgot about development, and the other is constantly looking for new ways to invest, learn and increase their wealth.
Today, there are many projects in which you can invest and which are 90% likely to make a profit. For example, a friend is developing an application to help people save money. I hope that very soon, I will be able to raise a certain amount of money and invest in something that will be relevant at that time — this information I find at Dough Roller https://www.doughroller.net/ . It helps me to choose the most current investment direction. The market is changing rapidly, so projects in which it is profitable to invest now may become irrelevant in a year.