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Making Money

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. You can get your own copy of my spreadsheet here.

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? 

 

Money Management

Why Your Income Doesn’t Matter

Why Your Income Doesn’t Matter

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

Most of the time, one of the first things people say when they are beginning to get their finances together is that they don’t make enough money. This just isn’t true. Your income really doesn’t matter when it really comes down to it.

Of course, having a higher income does make things easier when it comes to reaching financial goals, but you can make a ton of money and have absolutely nothing to show for it.

You hear it all the time, athletes making millions a year and are declaring bankruptcy. But, they had a high income? How could they possibly be bankrupt?

It’s because they don’t know how to manage that income. They weren’t managing all their cash flow and sent it all out to stuff. No matter what your income is, if you aren’t managing your money, it doesn’t matter.

Why your income doesn’t matter.

If you can manage your money well, you can easily reach any financial goal you have for yourself. It may take longer on a lower income, but it can happen. The reality is that all it takes is proper management of your money and you can reach any goal you want.

Being able to properly manage your income is so important, especially if you have a lower one. When you have less money to work with, it can be a careful balancing act when managing your money. But, it can be done.

By carefully managing your money, you can pay off that debt, you can invest your money, you can save for that house. Whatever you want to accomplish, you can do on any income, if you carefully manage your money.

Don’t be afraid to do the work because you don’t think you have the income to do it. Look at your numbers, track your expenses, create a budget, and get working on those big financial goals.

How to manage your money.

The first big step is to get a real picture of your current finances. Where are you at currently with your money. This can be scary, realllllllly scary. The day I added up all of my student loans still haunts me and that was four years ago!! At that point, I was making roughly $1,100 a month, going to grad school full time, and had no idea where my life would be after I graduated with my 6 figures of debt.

I knew my income would be higher after I graduated, but the reality was, it wasn’t going to be enough to afford my student loan debt. I knew I had to very strictly manage my money, if I was going to make some pretty big changes, if I was going to make this all work.

I created a zero based budget for myself and stuck with it. As the weeks and months passed, I started making choices on what I valued to spend my money on. It was amazing how my lifestyle changed to reflect the things I valued. It was also amazing to have control over my money and to see my savings grow and having leftover money to apply to debt.

I continued to use these same money management techniques once I got my first teaching job, which came with a higher income. I didn’t change my lifestyle though to reflect it. I continued to budget for the things I valued and continued to make debt payoff a priority. I also added additional income streams to allow me to reach my debt freedom sooner and have paid off $115k to date.

The best part about managing your money is that you begin to think of purchases differently. You begin thinking about what you value more, this purchase or reaching your financial goals sooner. You’ll also start looking into ways to reach your goals faster, I personally refinanced my student loans with Earnest, use my link to get $200 when you refinance with them!

When it comes down to it, your income doesn’t matter. If you don’t manage your money properly, having more of it doesn’t help you. I am so grateful for my grad school year and making such a small income because it taught me how to manage my money. How has managing your money changed your life?

 

Debt

My Techniques to Increase my Monthly Student Loan Payment

My Techniques to Increase my Monthly Student Loan Payment

Finding out my monthly student loan payment was eye opening. I was completely shocked. $1,400/month for JUST my private loans, not even my federal loans. How was I going to afford this?! Especially when my federal loans were out of the grace period, which hasn’t even happened yet. The first step was to create a plan to tackle this absurd amount of student loans. Once I knew I could afford my required payment, I had to find ways to make my additional payment as large as possible. My teaching job just wasn’t going to cut it for me and my goals for paying off this student loan debt.

Multiple Streams of Income

One of my biggest strategies for paying off my student loan debt is to make more money through multiple streams of income. This will then allow me to make a larger student loan payment each month. My goal is to create as much passive income streams as possible, I’m not there yet, but I hope to be soon. For now, my income streams are my teaching job, after school tutoring at school, private tutoring, babysitting, and (hopefully) this blog. I strongly recommend you find ways to make more money if you are buried in student loan debt, like me.

There are so many ways to make extra money, but it needs to be worth your time, especially if you are working a full time job. For me, I wasn’t sure I had the time to do all these side hustles, but the amount of extra money I make really motivates me. I find the time to do these extra jobs because the money is worth it. I wouldn’t do just any job after my normal work day, the money needs to be worth the time I’m putting in.

Monthly Breakdown

One of the worst parts about side hustles is that the money usually isn’t consistent or guaranteed, which is also one of the best parts about it. This income changes month to month, meaning it can less or more each month. This makes it hard to budget for it. Personally, I don’t include this income in my budget, I pretend I don’t even make this money until the end of the month when I figure out my additional loan payment. All of my side hustle money goes straight to my student loans at the end of the month.

Here’s the breakdown of my side hustles currently:

-After School Tutoring: This is done through my school. I stay after 2 days a week for 45 minutes and work with a small group of students who are reading below grade level. Even though this is through my job, this is additional to my salary, so I count it as a different stream of income. This is roughly $200/month extra.

-Private Tutoring: I hope to get a few more students to tutor privately to really boost this source of income. Currently, this is about $400/month extra.

This is how I currently use side hustles to increase my monthly student loan payment. I hope to continue growing the amount of money I earn in side hustles and diversify how I earn the money. My goal is to find more ways to earn money doing things I love to do. What are your side hustles and how did you begin them?