Nely Galan learned early on that the secret to financial success was what she calls “the side hustle,” which is simply a way to make money that’s outside of your main job.
“My mom was always making wedding dresses on the side and taking care of kids, doing whatever to bring in more money and better our family,” says the former president of entertainment for Telemundo. This philosophy is part of her book, “Self Made: Becoming Empowered, Self-Reliant, and Rich in Every Way,” which was published in May 2016.
Galan’s first side hustle came as a result of advice from one of her first bosses in the entertainment industry. He told her, “If you buy your home, you’ll think emotionally about it, and you want something that generates income,” Galan says.
Galan started with $5,000, which she used to buy a townhouse that she rented out. She eventually sold that property and reinvested her profit into other residential and commercial properties. “I never took the money out of real estate,” Galan says. In fact, her real-estate portfolio now is her main source of income, and a media business is one of Galan’s side hustles.
Cultivating a side hustle never has been easier than it is today, Galan says, because of the so-called sharing economy, in which consumers can sell products, market businesses or work part time.
Galan says her portfolio is 60 percent in real estate, 28 percent in stocks, CDs and bonds, 10 percent in other people’s businesses, and 2 percent in cash and coins.