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.
Through these side hustle reports I hope to encourage you to get a side hustle (or two) of your own!
You can use side hustle money to:
- Accelerate your debt repayment
- Fund/Replenish sinking funds for future purchases (e.g. Christmas fund, kids summer camp)
- Get ahead on bills- this is the key to breaking the cycle of living paycheck to paycheck
- Increase your retirement savings
- Start a brokerage account
- Experience life more- cashflow travel or fund a hobby or a passion project
- Accumulate start up money for your small business idea…which will generate even more money
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:
- 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.
- 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.
- 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.
- 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.
- Blog/consulting/speaking– The blog is
not yet monetizedbut 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.
Why do I share my side hustle reports every month?
I don’t publish these reports to brag or pat myself on the back or to impress anyone. I share these reports because:
- It helps keep me accountable with the side income. It’s easy to just look at side hustle income as extra cash that I can blow on things I don’t need. Sharing the information with you guys helps me to be more responsible with the money because I know the world is watching (ie. the 15 people that currently read my blog).
- To encourage others to get their side hustle on in order to accelerate debt payoff and advance other financial goals. Side hustles can help you improve cash flow, stop living paycheck to paycheck, or build up a fully-funded emergency fund. The ability to earn multiple streams of income is one of the 10 Habits of Self-Made Millionaires. Multiple streams of income also help decrease your dependence on your full-time paycheck. Wouldn’t it be nice to be your own boss one day? That will never happen unless you (we) get creative, start putting in the work, and make our dreams a reality.
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 October 2017.
With the exception of the Google Adsense money, these numbers are take home pay after taxes.
Online teaching- $2,668.97
Clinical Job– $2017.72
YouTube/Google Adsense– $230.73
Blog/Affiliate Income: $0
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.
It is SUPER important to have a plan for your side hustle money so that it doesn’t just slip through your fingers and end up being spent on impulse purchases that you don’t need. With this in mind, I like to have a savings goal or an intentional spending plan in place before the money hits my bank account.
This month I am allocating all 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.
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!
What side hustles are you working on?
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