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How I Have 5 Income Streams

How I Have 5 Income Streams

This post may contain affiliate links. Check out my Disclosure Policy for more information.

It really is hard to only have one source of income now. It just doesn’t cut it for most people anymore. I know for myself, as a teacher, it definitely doesn’t. Especially when you haven’t received a raise in 2 years.

If it wasn’t for living at my parent’s house and having multiple income streams, there is no way I’d be able to afford everything. My salary just doesn’t support the cost of living in New Jersey. Luckily, I have paid off $127k of my debt, so my minimum payment has gone down.

When I first started my financial journey after grad school in 2015, I added multiple income streams out of necessity. I didn’t have a choice. Even with living with my parents, my budget was in the red or just barely in the green with just my salary.

So, in 2015, I started brainstorming how I could make extra money as a teacher. I was a first year teacher and totally overwhelmed just from my teaching job. But, I needed the extra money if I ever wanted to pay off my debt.

When I first started my journey, it was hard to figure out how this was all going to work. That’s why I offer monthly money coaching to help people get their money right. In that month, it is designed specifically for you and what you want to get out of it. We’ll figure out a game plan to increase your income and get you on the path to build your wealth. Starting out is hard and sometimes a little accountability can help.

I had to make a lot of sacrifices on this journey. Including deciding to hustle a lot to get myself to my goals faster. It all depends on what you are willing to do. I’m fortunate that I enjoy being busy. Of course, I make sure to have time for me, but I also love working.

That’s the thing. Find income streams you love working on and it won’t be as draining. Yes, I have 5 income streams, but I enjoy them. This makes it so much easier to actually do the work.

Here are my 5 income streams that I regularly work and count on for income.

1. My full time teaching job is my main source of income.

This is the income that I can count on the 10 months that I teach. In my current school, I get paid my salary twice a month from September to June. This means that I don’t get this paycheck in the summer. However, I do get all of my health insurance benefits throughout the summer because I pay more during the 10 months for 12 months of coverage.

This source of income is the one that I use to budget every month. All of my other sources of income are considered extra and are used to reach my financial goals. My current goal is to pay off my student loan debt.

By only budgeting my teaching income, it allows me to reach my goals so much faster. I don’t even think about my other income streams as money to be spent. That money goes strictly to my debt.

2. Before and after school programs through my school.

This is a great source of income for me. I enjoy it because I don’t need to go anywhere from my full time job. It’s super convenient to just stay for that extra time helping the kids.

I do need to submit an extra time sheet at my current school for this position. But, my pay is included in my direct deposit I get with my salary as a separate line item.

This is easy for me because I don’t need to worry about taxes. In my new school for next year, this position is included in my salary. This means I won’t have to do a time sheet or anything. I just need to show up to the program every day.

I would consider this type of position similar to if you work a job that offers overtime. Overtime pay would be considered an additional income stream because it is additional money. It fluctuates depending on if you work it or not.

3. Private tutoring.

I really enjoy tutoring privately. It allows me to work with a child one on one and really work on the skills they need help with. My favorite tutoring is working with the little ones who are learning to read. By far, it is my most rewarding tutoring time.

The crazy part is that there is nothing better then when a child no longer needs to be tutored. That’s why I love tutoring them. They are so excited when they see me and get to tell me that they are now reading on grade level. It is such a wonderful experience.

Of course, that does mean I lose my job, but the parents and kids are so wonderful and appreciative of the help I provided. It really is the best feeling in the world to teach a child to read.

However, this work is a bit more challenging when it comes to pay. The challenging part is mainly the taxes, not that challenging, but you need to track your income and claim it come tax time.

4. Babysitting

Babysitting is such a great way to make some extra money. For me, it’s so easy, especially when it’s for a date night. Once the kids are in bed, I literally get paid to sit on their couch and do whatever I want. It’s awesome!

It’s also great to just relax and play games with the kids. When you babysit, you basically just need to keep the kids entertained and put them to bed. I really enjoy the time I spend babysitting and have found families that have been awesome to work for.

Once you find a few families to babysit for, it really could be a consistent income stream for you. One summer when I was home from college, I worked 7 days a week babysitting. It was a lot, but it allowed me to save up a lot of money.

Babysitting is similar to tutoring in that I need to track my income and save for taxes. I do this all in a simple spreadsheet.

5. VIPKID

My newest income stream! I am totally obsessed with teaching these classes. For the longest time I was super hesitant about working for VIPKID. But, I have to say, I wish I had done it sooner.

If you’re a teacher, this is absolutely something you should consider, especially for the summer. It allows you to just be a teacher and have fun with the kids. You don’t have to worry about all the things when you’re a public school teacher.

And the lessons are provided for you! I definitely think that if you’re not a teacher, it would be a little more difficult to get comfortable with it. There is an adjustment to online teaching, but the hardest part, actually teaching, is something us teachers find easy.

I am an independent contractor with VIPKID. This means I will need to pay my own taxes. This will just be added to my current spreadsheet and I will track it that way.

Multiple income streams allows you to reach your goals faster.

It can be overwhelming at times to have so many income streams. But, if you enjoy them and they get you to your goals faster, it’s worth it! You need to find a balance, but there is such a great peace of mind from having money coming from multiple places.

There are ways to make it easier to have this many income streams. Try out adding an additional income and see how it goes for you. I love my side jobs and that makes it so much easier to do the work. However, you do need to listen to your body and what works for you. Do you have multiple income streams? What are they?

Making Money

Why You Need Multiple Income Streams

Why You Need Multiple Income Streams

This post may contain affiliate links. Check out my Disclosure Policy for more information.

Gone are the days of working one job forever and retiring with a nice pension. It just doesn’t happen for us millennials. Our reality is that most salary jobs don’t cover cost of living with our debt.

But, we also can’t rely on one job to always be there. Our world is changing so fast that it no longer is enough to be a good employee. Companies grow and fail at alarming rates now. We can’t count on our jobs to always be around, like our parents did.

That’s why we need multiple income streams. This gives us piece of mind and money coming in. It also gives us some nice flexibility in our work and our location.

I personally have 5 income streams I can count on regularly with a variable income. On top of that, I have countless other income streams that randomly bring in money.

1. You aren’t relying on one income source with multiple income streams.

Having only one source of income is risky to me. Even if you’re in a job that you consider super secure. You just never know what will happen. You can be doing an amazing job, and still lose your job. That’s just the way the world works.

I just experienced this with my teaching job. I’ve been at my school for 4 years and just got a non-renewal letter. I was told that it wasn’t because of my lack of knowledge, or my teaching, or how I work with the kids. They just don’t think I fit there.

Luckily, it’s for next school year. So, I have time to plan and prepare for next school year. By having multiple income streams, I’m not concerned about money though.

When you have multiple income streams, it allows you to still have money coming in.

2. It allows you to have more flexibility when you have more income streams.

Having only one income stream really forces you to stay in that position. It may be more difficult to leave a job you don’t enjoy or force you to stay somewhere that isn’t allowing you to grow professionally. Either of these situations are not ideal.

This is especially true if you are a millennial. We are young and have a lot of our lives ahead of us. This means we should be at jobs that allow us to grow and is a place we enjoy being at.

By having multiple income streams, it makes it much easier to take the time and find somewhere that is a good fit. We can easily beef up our other income streams, if we need to make a change.

For example, I normally work summer school. This year with me leaving my current district and starting in a new school, I won’t be. It’s okay though. I can easily work a lot more in my other income streams to bring in enough income throughout the summer.

3. You have more control over how much income you bring in.

The greatest luxury of having multiple income streams is that you can make more money when needed. If you can work more and make more, then you can easily make more money when you want.

For example, I have more time in the summer, since I am not teaching. I’m also not getting my salary though (For now, my new job pays 12 months!). This means I have all the time to focus on my side jobs. I can easily open more slots with VIPKid, babysit, tutor, or work on my blog more.

This is the same during the school year. If I feel like really making some money, I can easily work more to do so. That’s why I love side jobs. I have total control over it and can easily make a lot more money, if I want.

This does get tricky though. With side jobs you do need to be disciplined to actually work them, if you want the money. I find it is easier to work them when I remind myself of my goals. My side jobs allow me to reach my goals a lot faster.

That’s why side jobs are so great, they allow you to reach your goals faster and you have the control over it.

4. You can do work that you actually enjoy.

Let’s be real. Not all of us love our full time job. It’s just the reality for a lot of people. If you’re someone that enjoys the hustle, you can add more income streams that you actually enjoy. Wouldn’t it be awesome to leave your full time job to work your side jobs.

We should enjoy our work and we live in a world where that can be done, if you want to work at it. So, why not try. Create income streams that you absolutely love. Work on them whenever you have down time. See what you can make of it.

When you have income streams you absolutely love working on, it makes it easier to work on them. The work doesn’t actually feel like work. It really is a wonderful feeling to make money doing things you really love.

Think of the things you truly enjoy and love. Start brainstorming ways you can make money doing it. There are so many possibilities out there. And so many more opportunities to be made. We live in a constantly changing world, there is always room for more.

More income streams mean more flexibility, freedom, and peace of mind.

I love having more income streams. But, I’m also someone that likes to be doing something constantly. This won’t be the case for everyone. More income streams for me mean I can reach my goals faster and know I have money coming in always.

For me, that’s worth it. I enjoy the peace of mind it brings and the work I do. This definitely makes it easier. Find the things you love to do and figure out a way to make money doing it. There is nothing better than doing work you love. Do you have multiple income streams, what do you do?

Making Money

How to Manage Multiple Jobs

How to Manage Multiple Jobs

This post may contain affiliate links. Check out my Disclosure Policy for more information.

When you’re trying to get out of debt it can all be overwhelming. I’ll never forget the day I totaled up my debt to $201k with a salary of $56k as a first year teacher. I knew I would need to do some drastic things to get myself out of this hole quickly.

The reality I quickly faced was that I had cut all of my expenses as much as I could. I moved back home with my parents, bringing my housing expenses to zero. I was making my breakfasts, lunches, and dinners at home and making sure to eat cheaper meals while still being healthy. I wasn’t going out, except for the occasional celebration.

My minimum payments were $2,000 a month, trying to pay extra was hard. I knew I had to make more money, but I was drowning as a first year teacher.

I eventually got it figured out and now I manage multiple jobs with my full time job, it’s a lot, but there are certain things you can do to make it easier.

1. Always have your schedule on you.

I use a Day Designer to organize my days personally, but I love using Google Calendar on my phone. I was always a paper planner girl, but I quickly realized with me working so many jobs, that it just wasn’t practical.

I’d be finishing up at one job and they’d ask my availability the next week. I’d always have to let them know. It wasn’t a big deal at first, but eventually when I got more and more jobs, it definitely became hectic trying to remember to contact them after.

It made it so much easier to pull my phone out and let them know my schedule. I make sure to update my Google Calendar immediately. Then, I use my Day Designer to plan out each individual day to make sure I get the most done.

They serve two different purposes, one is to keep my schedule going, the other is to organize my time. You can totally do both in Google Calendar, I’m just a paper planner girl for life. Some things will never change!

2. Keep a consistent schedule.

I try my best to keep the same schedule each week with all of my jobs. This obviously isn’t realistic for everyone, but if you can, it can help a lot in managing your time.

For example, my teaching hours are basically always the same, that’s easy. I work the before and after school program, that’s always the same time. I privately tutor the same kids at the same time every week. If there needs to be a change one week, I make sure to update my Google Calendar immediately.

This allows me to keep a consistent schedule for the things I can control. For my babysitting side jobs, that’s completely unpredictable. It helps that the rest are consistent because it allows me to easily schedule babysitting.

Keeping a consistent schedule when working multiple jobs always helps your body adjust to working so much. Eventually it just becomes part of your routine. Which leads me to the next point.

3. Slowly add on more jobs.

Make sure you consider yourself when you are planning to work so much. I don’t recommend going from just working your full time job to working 4 jobs. You are more likely to burn out and overwhelm yourself.

I suggest slowly adding side jobs to your full time job once you are comfortable with your full time job. For me, this looked like adding 1 tutoring client after my first few months of teaching.

Eventually I got into the swing of things at my full time job and was able to add many more side jobs. This has been a work in progress for many years and I don’t recommend adding so many right away.

In the fall, I will be getting a new job and I am purposefully planning to work less side jobs while I adjust to my new school. It’s obviously going to slow down my debt free journey, but my mental health and sanity is worth it.

Of course, my full time job always takes priority, it provides me my benefits and my salary. I don’t want to risk losing my full time job because I was spreading myself too thin with my side jobs.

4. Plan out your week to make it easier.

This is why I love the Day Designer, I can plan out my week and my days to get the most accomplished. For example, I plan out what I need to get accomplished for my blog each day in order to keep it up and running. If I didn’t do this, I would let the blog go on the back burner when I feel overwhelmed. Plan out what you want to get accomplished.

I also highly recommend meal planning and prepping when you do have time. For me, I spend time Sunday meal planning, going to the store, and prepping my meals for the week. It doesn’t take much time and makes my life so much easier during the week.

It is so nice to come home after a long day to meals that are cooked and a lunch already planned to bring to work. If I didn’t do this, I would definitely grab lunch out or pack random, not so healthy meals for me to eat at work.

5. Remember that this is temporary.

This is probably something I remind myself daily. Whenever I feel overwhelmed by how much I’m working I just tell myself that it’s temporary. I don’t have to work these jobs and I won’t forever.

Of course, I love working multiple jobs and I probably will for a long time, but the volume that I work will drastically change once I am debt free. It’s important to remind yourself of that when it starts to be too much.

With it being temporary also means that you need to keep yourself in mind when working all of these jobs. If it starts to be too much, figure out an exit plan and stop working so much.

Yes, these jobs are great to get out of debt, but if it is impacting your mental health, you need to stop working that job. Extra money is great, but not at the cost of your health.

I recommend finding jobs that you have interest in, it will make it feel less like work and make it easier to get there.

Managing multiple jobs ultimately comes down to scheduling.

Multiple jobs can absolutely feel overwhelming, but it doesn’t have to be if you schedule out your days, weeks, and months a bit more. When you have your meals prepped, schedule ready, and know what you want to accomplish each day, it definitely makes it easier to manage. How have you managed multiple jobs? 

 

Making Money

How to Make More Money in Side Hustles

How to Make More Money in Side Hustles

I started researching about paying off debt when I was in grad school in 2015. When I graduated, I got serious about paying off my debt. I had my budget under control for the most part, but knew I needed to make more money than my teaching salary to really make some movement in my debt free journey. That was November of 2015 and I started to brainstorm how I could make more money and now, almost 3 years later, I’m averaging between $1,200 and $1,500 extra every month just from my side hustles. Now I can live off of my side hustle money with some left over, making my paycheck from my teaching job completely go to debt. Follow my steps to increase your side hustle income.

1. Be realistic with your schedule.

When I decided I wanted to make more money, I sat down and figured out when I could realistically be available for side hustles. It’s important to know your schedule and what you can realistically do because that will help you figure out what side hustles you can do. It’s also important to not stretch yourself too thin, make sure you provide yourself with enough time to take care of yourself. Increasing income is important, but your health is so much more important.

2. List out all of your passions.

This is one of the most important parts of truly making side hustles work. I work a lot of extra hours and if I didn’t love my side hustles, I’d never want to be doing it. Sure, you can find jobs to just make money, that’s definitely going to work, but when you start adding a lot of extra hours, you’re going to burn out if you hate it. I tutor in many different ways, babysit, and blog. I love all of them, so when I work an extra 20 hours a week in my side hustles, I don’t mind as much. Once you have your list, figure out if there are any ways to turn your passions into side hustles.

3. Find multiple side hustles.

The biggest change I made to increase my income was diversifying my side hustle income streams. Sure, I was making some money from tutoring privately, but once I added other streams, my income tripled from my side hustles. I found more ways to tutor that allowed me to make more money, but not add a ton of extra work on my part outside the actual tutoring time.

4. Get creative with your time.

Once I started looking at my time differently, I was able to find more time in my day to double dip on my side hustles. For example, my school was in need of after school reading tutors and 30 minutes of the program were during my required contract time anyway. So, I got paid extra when I already needed to be there. Another way is when I’m babysitting and the kids have gone to bed, I work on my blog.

These are some of the ways that I have found to make more money in side hustles. I love having multiple side hustles jobs and it truly has changed my debt free journey complete. Without side hustles, I would still be looking at a debt free date of my 31st birthday when now I’m pushing to be debt free by my 29th, maybe even get it before then. What are your best side hustle tips?

Making Money

Finding Time to Side Hustle

Finding Time to Side Hustle

Side hustling is a wonderful, wonderful thing, especially if you have some serious financial goals. A side hustle can completely change your life, if taken advantage of. When I first started teaching, I was so overwhelmed with my career that I never thought I’d be able to side hustle on top of my teaching. After a lot of effort and creative thinking, I have found time to side hustle enough that I live on that money and use my salary from teaching to pay off my debt. I never would have thought that I would be able to do this, so I put together my tips to find time to side hustle.

Choosing a Side Hustle

This is probably the most important step when finding time to side hustle. You need to find a side hustle that at least brings you some joy. If you’re somebody that doesn’t think they have any time to side hustle, you’re not going to want to find time for something you hate. Make your life a little easier and pick something you see yourself enjoying. Also, this makes it a lot easier to work your side hustle when you’re tired or stressed from your main job.

Find Your Free Time

You might look at your schedule originally and think there is absolutely no time for you to possibly make extra money. But, you do. Think of all the time you spend binging Netflix, I know cutting down on this a week freed up countless hours for me each week. Be realistic with yourself in the beginning. Look at your schedule and see when you are willing to sacrifice your time. Are you only willing to work during the week? Can you work before you begin your day at your day job? Can you only work evenings? In the beginning, I strictly worked Monday-Thursday and I only took on 1 family to tutor for. Then, I added some after school tutoring at school. I didn’t want to overwhelm myself at first and become too stressed for my teaching. See what you can realistically do and don’t put too much pressure on yourself to work a ton of hours in the beginning.

Schedule Your Side Hustle

Once you have found your free time, schedule your side hustle time and stick to it. Depending on your side hustle, this time might be scheduled for you. For example, I babysit and tutor for my side hustles, so these are decided between the parents and myself, my employer, or my school. Now that I have figured out what I can handle, I have a lot of different means of bringing in extra money. It is incredibly important to have a schedule and stick with it. If you are doing a side hustle that doesn’t have a schedule, it is even more important to have a schedule. For example, I recently started focusing more on my blog. This requires me to schedule time each week to work on it, or I simply won’t do it. It’s amazing how much more time you have when you actually schedule it out.

To Do List

This might sound silly to some people, but there is something truly amazing about to do lists. If you’re someone that uses to do lists, then you know exactly what I’m talking about. I make a to do list every Sunday for the things I want to get done that day. Sundays are my prep day for the week and my day to get ahead of things. When I don’t use a list, my day completely escapes me and nothing gets done other then a lot of binge watching New Girl or Friends. Once I have a list that I tell myself I have to finish that day, I am so much more organized and focused in my day. I do the same thing on Monday mornings when I get to work, but I create one for the week. A list creates more time because we are more efficient in our tasks that we need to complete, which then opens up more time for side hustles.

Adjust and Add More Side Hustles

As I got more comfortable with my career and my side hustles I started adding more to my week. Now I’ve created a great, busy schedule that works really well for me and allows me to bring in enough money in side hustles that I can live off it and then some. This didn’t happen right away and it’s important to not overwork yourself, that just leads to more problems. You need to figure out what it realistic for you and add more side hustle as you see fit. For me, I found that I can go to work earlier in the morning so that I can do more side hustles in the afternoon. Get creative about your schedule and see where you can make changes to make your time work for you.

It requires some creativity and definitely some sacrifices, but finding time to side hustle is totally realistic, if it’s something you want to do. For me, I am motivated by how much more I can pay down my debt with my side hustle income. This makes it so much easier for me to say, “Yes!” whenever I am texted or emailed to babysit or tutor. Also, I know I won’t be working these crazy hours forever, and that definitely makes it easier too. How do you find time to side hustle?

Making Money

How I Make an Extra $1,200 Every Month

I’m going to be hitting my 2 year mark of this crazy debt free journey in November. Over those 2 years, I have learned and improved my plan a lot. One of the biggest ways I have improved is the amount of money I bring in each month. If you had told me when I started this ride I’d be making $1,200 every month just in side income, I’d think you were nuts. But, it’s true. Find out how I make an extra $1,200 every month.

How I Make an Extra $1,200 Every Month

Private Tutoring

By far the best way I have added to my side income is private tutoring in my town. If you have a skill you can teach others, I definitely recommend this. People are willing to pay top dollar for someone who is highly skilled in something they want to improve in. Personally, I am a certified as an elementary teacher, special education teacher, and a reading specialist. I get the most interest in parents of younger kids who are struggling to develop their reading skills. Once you realize what you can tutor, there are plenty of sites that can connect you with families and handle payment.

School Tutoring

On top of private tutoring, I also tutor through the school I work for in two different after school programs. One focuses on homework help and requires no prep work for me (it’s actually wonderful to not have to prep anything) and the other focuses solely on reading and writing and students must meet certain criteria to attend. Both of these are great ways to earn a little extra at work. I would consider this to be similar to those of you that can earn overtime. I don’t get paid based on my salary, but it is still extra money.

Childcare

I have so many different families I provide different kinds of services to. Some I strictly babysit for, some I strictly drive their kids around to different activities. It all depends on what the families need, but I have found enough families that I no longer need to find more and I just work when I can. I found some through my family friends and others through Care.com. This is a great way to make extra money, especially when you find families that you get along well with.

It definitely took me a long time to see this really become a steady source of income and I definitely can’t rely on it. However, there have definitely been some months recently that I ended up living off less than my side income and my entire salary went straight to my debt pay off. How do you make extra money every month?