Welcome to my side hustle report for November 2017 where I show you how much “extra” money in the previous month! If you have followed my journey thus far then you know that side hustling was one of the main strategies that I used to pay back almost $100,000 in student loan debt in 5 years.
Since paying off the student loan debt I have continued to side hustle in order to accelerate some of my other financial goals including:
- Funding a 6 month emergency fund
- Maxing out my 403b and Roth IRA
- Investing in a Vanguard brokerage account
- Saving cash to purchase my next car
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- cashflow travel or fund a hobby or 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:
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.
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 November 2017:
With the exception of the Google Adsense money, these numbers are take home pay after taxes.
Online teaching- $3,449.42
Clinical Job– $1403.61
YouTube/Google Adsense– $259.96
Blog/Affiliate Income: $100
T-shirt sales: $18.00
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 a bunch of my side hustle money to my online business. In 2018 I am looking to move from hobby to an actual profitable business. In order to do that there are certain tools that I am looking to purchase to optimize my website, improve my workflow, and the up quality of my work. I am venturing into the creation of digital products (courses, live workshops, and ebooks) so I am also investing in coaching and training to improve my content creator skill set.
I also purchased some additional software including a webinar platform to host online workshops and masterclasses. In addition, I purchased a new premium theme so that I can make some alterations to the appearance and functionality of the blog. Cost: $620.00
You may have also noticed the new graphics on the blog. There are tons of free stock photos available online but it can be time consuming finding quality photos that fit seamlessly with the style that I want to adopt for the blog. So I purchased an annual stock photo subscription so that I could quickly create high quality images to include in my posts and on social media. Cost: $ 299.00
As a naturally frugal person I have been tempted to boot strap certain aspects of the business (in other words go cheap)! But, in order to build the high-quality business that I have in mind I will need to invest heavily in myself and in marketing and promotion. It is not necessary to buy all of the shiny gadgets out there (and believe me there are a ton), but to go to the next level I need to try some new things and be willing to invest in myself!
Moving Towards Passive Income
I am very please with the amount of money that I earn from side hustling. The problem is that nearly all of my current side hustle income is earned actively, meaning that I am trading time for money. There is often an inverse relationship between time and money. The more money I earn, the less time I have.
Over the next year 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 the dozens of ideas that I have floating around in my head!
Over the next few months my side hustle income will probably decline as I finish up projects and clear work commitments so that I can focus on developing my passion project.
My motto for 2018 is #frompassiontoprofit and I can’t wait to see what the new year will bring!
What side hustles are you working on?
Like what you see? Subscribe for regular updates.
Grab Your Free EXCEL Budget Template!
Download your template today!