Side Hustles with Gala Aranaga
We are officially in the podcast's second to last month and the final month of guest interviews. So this month's topic will be side hustling and entrepreneurship, which you can imagine are subjects near and dear to my heart. The Financial Gym has taken me on an 11-year entrepreneurial journey and it would have started as a side hustle if I was allowed to coach people on the side from my day job as a financial advisor. In August of 2013, I made the wild decision to jump full force into an entrepreneurial journey without testing it via a side hustle. While I'm thankful for the journey, I would advise everyone else to start with the side hustle before it becomes the full hustle.
So this month, I'm going to share with you stories from side hustles to full entrepreneurship and everywhere in between. Joining me today is Gala Aranaga, a lifelong creative who allowed her creative energy to lead her to various side hustles, from composing music to buying a theater. Gala joins me today to talk about her journey, why the word hustle gets a bad rap, and why you should never be afraid to try anything once.
What are we drinking?
Gala – Cold bubbly lime water
Shannon – Homemade sparkling water
Podcast Notes
The Journey of Side Hustles
Gala opens with her diverse background, a tapestry of experiences that come together for an incredibly unique body of work. She has a formal background in music and business administration but has done everything from owning a theater to writing a book.
Gala believes that working is how to 'fund the fun.' It's not about working for the sake of working, but rather working to reach your goals or live the life you want to live. Not every project you take on has to be profitable, as each experience is an opportunity to learn or experience something amazing.
Not every decision you make has to be purely financial. You're allowed to take a class to learn or pick up a hobby just for fun. It's about being intentional and understanding your why.
The word "hustle" has gotten a bad reputation, especially in the last couple of years, but side hustles can provide flexibility and opportunities beyond financial gain. If you have financial goals, increasing your income is one way to accomplish them faster.
Lessons Learned and Experiences Gained
Gala reflects on her experience of buying a theater, driven by an idealistic vision, but faced the harsh realities of managing a commercial property. She learned that sometimes, despite the hard work and investment, the returns on a big project might be more experiential than financial, and that's okay.
Build your foundation with a strong business and marketing plan in the early stages of a venture or side hustle. It does not have to be perfect, but knowing how much you can invest financially and emotionally will help with sustainability in the long run.
If a project is no longer viable and you want to get out, you can. Even if you've spent a lot of time or money on it, you do not have to keep going. Don't let the "sunk cost fallacy" keep you stuck in one place.
Shannon shares her experience with The Gym, noting that sometimes investments make financial sense, and sometimes they don't. If you're being called to do something, there are ways to make it work. Be optimistic, not idealistic.
The Realities of Building a Side Hustle
Side hustles can require a significant amount of time, effort, and consistency. It's not just about passion but also about showing up every day, even when it gets hard. The start of any journey is exciting, but the challenge is sticking with it for the long run.
A side hustle can open up so many different avenues and opportunities for you. Whether that be financially or by growing and learning as a person. Be open to trying new things and saying yes to your own ideas. You don't always need a perfect plan, as long as you plan to do the work and keep moving in the right direction.
Gala connects the concept of hustle with habit, referencing "Atomic Habits" by James Clear, and highlights the importance of consistent effort over time. The skills needed to build great habits will help you when building a side hustle.
The discussion shifts to finding "flow" in work or play, a state of being fully immersed and enjoying the process, which is essential for sustaining a side hustle. When you love the work you do, the hustle feels less like work and much more like a fulfilling endeavor.
Takeaway: My biggest takeaway is that you should listen to the voice inside you telling you to try something new. Even if it's as scary as telling you to buy a theater, there's a reason why that crazy idea is speaking to you, and it's because you're meant to go on that adventure.
Random Three Questions
If you had an entire day to spend however you wanted to, what would you do?
You are having people over, what is your crowd pleasing dish?
If you were given $25,000 to travel, where would you go?
Connect with Gala Aranaga
Website: https://lifeisagala.com/
Instagram: @lifeisagala
Business Website: Promptdigital.io
Resources Mentioned:
Atomic Habits by James Clear
If you have any topics you would like me to cover on this podcast, or if you’d like to get in the financially naked hot seat, I encourage you to email me at Shannon@fingyms.com or join the private Martinis and Your Money Facebook Page, and let me know what you want to hear.
As many of you know, other than running this podcast, I’m the founder and CEO of The Financial Gym, and we are celebrating 10 years of this journey. Now more than ever, I see the importance of the work we do every single day. Rising inflation, the return on student loan debt, high-interest rates on loans and mortgages, and volatile stock markets make it a time where, now more than ever, you need a best financial friend to help you make the best choices along the way.
At Financial Gym, you get paired with a Certified Financial Trainer, who we call your BFF. Our team has coached clients through every financial season, whether they were living paycheck to paycheck or headed into Financial Independence and Retirement. As a reminder, we work with individuals, couples, or business owners.
The exciting news of 2024 is that Financial Gym now has a sister company, FG Advisory Services, available for people looking for more traditional financial advisory services like asset management delivered by a team that looks and behaves nothing like a traditional financial advisory services company. We literally have a solution for you, no matter where you’re starting from. So what are you waiting for? Head over to or send friends to financialgym.com to get started today. Our warm-up calls are free of cost and judgment, so you have nothing to lose.