In today's world of side hustles and multiple income streams, it's easy to get caught up in the hype and believe that more is always better. However, as Cody Berman's experience shows, this approach can be a costly mistake. Berman, a guest on The Personal Finance Podcast, revealed a valuable lesson: focusing on too many income streams can lead to a lack of focus and, ultimately, a waste of valuable time and resources.
The Pitfalls of Stream Counting
Berman's journey began with an ambitious plan to manage 19 income streams simultaneously. He soon realized that this strategy was not only exhausting but also financially inefficient. Some of his ventures, like online surveys, barely paid $50 a month, which, when calculated hourly, amounted to a meager $2 an hour. This is a far cry from the average private-sector worker's wage in the US, which stood at $37.41 an hour in April 2026.
The problem with multiple streams is the opportunity cost. Every hour spent on a low-paying side hustle is an hour not spent on a more lucrative opportunity, whether that's an extra shift at your day job or investing time in a skill that could pay dividends in the future.
The Power of Skill Transfer
Berman's epiphany came when he realized that the true value of his side hustles was not in the number of streams but in the skills he acquired. He learned copywriting, email marketing, podcast editing, and video editing, skills that are transferable and valuable across various businesses. These skills, once learned, become powerful tools that can be leveraged to increase income and efficiency.
This realization led Berman to consolidate his efforts into three main areas: digital products, real estate, and podcasting. By focusing on these areas, he was able to 'catapult' his income and achieve his financial goals.
A New Perspective on Side Hustles
The key question to ask when considering a side hustle is not 'Will it bring in extra income?', but rather, 'What skills will I gain from this venture, and how can they be transferred to other areas of my life or business?'
For example, editing a podcast might teach you audio production, scripting, and client management skills, which can be resold or used to effectively outsource work in the future. On the other hand, filling out surveys provides no such transferable skills and, therefore, may not be a worthwhile use of your time.
Practical Tips for Successful Side Hustling
- Set a Learning Budget: Instead of focusing on income targets, decide on a budget of hours and dollars you're willing to invest in a side hustle. Track the skills you acquire, not just the revenue.
- Audit Your Streams: Regularly evaluate your side hustles against your hourly wage. If a venture pays less than your wage and doesn't teach a transferable skill, it's time to let it go.
- Limit Your Ventures: Berman recommends capping concurrent ventures at three. This allows for focus and prevents burnout.
- Schedule Regular Prunes: Every 90 days, evaluate your side hustles and drop the lowest performer. Reinvest your time and energy into the most successful and skill-building ventures.
Conclusion
The traditional view of multiple income streams as a path to financial freedom may not always be accurate. By focusing on skill transfer and consolidation, you can make your side hustles work for you, rather than the other way around. As Berman's story shows, it's not about how many streams you have, but how effectively you use them to build a brighter financial future.
So, the next time you consider a side hustle, ask yourself: 'What skills will I gain, and how can they benefit me in the long run?'
