Welcome to my side hustle report for December 2017 where I show you how much “extra” money in the previous month! Side hustling has been a real blessing to my life and I’m here to let you know that you too can get your side hustle on and secure your financial future.
You can also use side hustle money to:
1. Accelerate your debt repayment.
2. Fund/replenish sinking funds for future purchases (e.g. Christmas fund, kids summer camp).
3. Get ahead on bills- this is the key to breaking the cycle of living paycheck to paycheck.
4. Increase retirement savings.
5. Experience life more- i.e. casflow travel or fund a passion project
6. Accumulate start up money for your small business idea…which will generate even more money.
What ability or skill do you have that you can monetize?
Everyone has some unique skill, talent or gift that can help them earn some extra cash. Start by exploring what you do currently to earn a full time living. Can you expand upon that skill set in order to earn extra income on the side? For example, if you are an elementary school teacher you may want to consider tutoring on the side or creating study guides or teaching tools for other teachers or homeschooling moms.
The possibilities are endless! There are tons of other bloggers who also use side hustling to accelerate the journey to financial freedom. Still unsure of how to get started? Check out these posts for inspiration:
- How to Make Money Online: 35+ Legitimate Ways to Earn Money
- 15 Clever Ways You Can Make $100 Cash in Under a Week
- 99 Side Hustles Business Ideas that You Can Start Today
What are my side hustles?
**If you are new here keep reading, otherwise feel free to skip to the next section.
My full-time income and my husband’s income serve as the basis for our monthly budget. Anything above those earnings is considered extra because I don’t need it to make ends meet. In addition to my full-time job as a college professor I dabble in several other pursuits:
1. Teaching online courses for colleges and universities– I have been teaching online since 2009. Mostly health related courses. As I gained more experience I qualified for more jobs. In 2009 the economy was in the toilet and a lot of people were going back to school because they were out of work. This stream of income skyrocketed which helped me pay off all of the debt I accrued in graduate school. As the economy improved, opportunities were not as abundant but I still make a healthy side income.
2. Part-time clinical job– I maintain my certification as a physician assistant and see patients at a local hospital and clinic on an as needed basis. Hospital shifts are normally 10-12 hours and clinic shifts are 8 hours.
3. T-shirt business– just started this income stream so it hasn’t turned a profit just yet. Any money that comes in from sales is just recovering my upfront start up costs.
4. YouTube– a Google Adsense account is linked to the YouTube channel. This allows me to earn a small amount of money from the ads that run before my video starts. I know it’s tempting to skip the ads, especially the really annoying ones but if you watch until the end it actually helps to support your favorite YouTubers. Just something to ponder.
5. Blog/consulting/speaking– The blog is
not yet monetized but I am working on developing affiliate relationships in order to change that. Countless other bloggers are absolutely crushing the online blogging game so I am super motivated to figure out how they are doing it and possibly replicate some of that success for myself. Another side hustle is personal finance coaching. Unfortunately I have not done a good job of letting people know that I offer these services. I am working on building a coaching page to the blog to get the word out.
My hope is that I can inspire you to get a side hustle (or two) of your own and earn some extra cash.
Almost everyone I know can benefit from an influx of cash. But, it is important to begin with the purpose in mind. What could you do with a little more discretionary income?
Ok enough rambling…here are the deets!
Breakdown of my side hustle income for December 2017:
With the exception of the Google Adsense money, these numbers are take home pay after taxes.
Online teaching- $2,189.34
Clinical Job– $1955.25
FrugalChicLife, LLC: $465.65 (includes coaching services, t-shirts, Ad Revenue from YouTube)
Check out last month’s side hustle report
What do I plan to do with the side hustle money this month?
Note: I always return my tithe and offering off the top. No ifs, ands, or buts.
This month I am allocating nearly half of the side hustle money to savings for the business. I officially obtained my LLC this month and will be opening a business checking account and savings for the company. I invested quite a bit of my earnings from the FrugalChicLife Brand back into myself (in the form of training and coaching) in 2017. Now it is time to pull back on the business spending and implement all of the awesome concepts I’ve learned this year.
With the remainder of the side hustle money I will contine to save for a new-used car. I hope to be done saving for that in February 2018.
Income Outlook for 2018: Moving towards Passive Income
In 2018 I am looking to lessen my time commitments and have more white space in my schedule. This move is not only important for my mental and physical health, but is also a critical step in building a business. With my current schedule it is nearly impossible to have time and space to create quality content and to develop all of the half-developed ideas I have floating in my head and written on various scraps of paper.
Over the next few months my active side hustle income will decline as I finish up projects and clear work commitments so that I can focus on developing my passion project and continue to monetize my skills and interests.
What side hustles are you working on?
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