Ultimately, your Sideline will succeed in helping you pay for college, if it can satisfy three crucial aspects of money-making. They include:
- Do you enjoy your Sideline?
- Are you becoming good at doing it?
- Do people want to buy it?
If you pick a Sideline that satisfies all three aspects of what Michael Phillips
calls “The First Law of Money”, your idea will likely help you pay for college.
Consider This Example:
Ann Moore, a Peace Corps nurse, loved the way African women carried infants hands-free on their chests, which seemed to calm the babies. After returning home from Africa, she decided:
“I’m going to develop—as gifts for my new-parent friends—a washable, hands-free device for carrying infants on their chests.”
Her free gift for friend’s idea proved to be a multimillion-dollar Sideline.
Explain how Ann’s Sideline became a huge success, given the First Law of Money?
Consider This Thought:
In spite of Ann’s altruism, her product design met all three crucial aspects of the First Law of Money:
- She clearly knew what she wanted to do.
- She believed she could come up with an acceptable gift that her friends would enjoy.
- She already knew how much the concept worked for active African women who often were on their feet all day, working, and carrying their infants.