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Making Money

How to Create More Income Streams

How to Create More Income Streams

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

When you’re budgeting, it gets to the point where you just can’t cut anymore expenses. Well, you could, but it may compromise something important to you. This is where multiple income streams comes in.

That’s why I love earning more money. You can always earn more, but you can’t always cut out expenses. I personally had 5 income streams I regularly relied on the last 4 years. The more streams the better!

It also is good practice to not rely on only one source of income. This is a risky game to play. Even if you think your job is a reliable source of income, you just never know. Things change so fast in our society, including your job.

By having more sources of income it allows you to be flexible in where your income comes from. If one source of income is lost, you can move your efforts to other sources.

There also is a never ending amount of money that can be earned by having multiple sources of income. This is especially true if you create more passive income streams. Passive income streams allow you to do the heavy work in the beginning and then continue to make money with little to no work.

Here are some of the things I have learned to create my many income streams.

1. Use your skillset to immediately add more income streams.

The first way to make more money is to utilize the skills you already have. This is a quick way to make money because there is no learning involved before you make money.

For example, as a teacher, I immediately started tutoring and babysitting. This allowed me to use the skills I already had to add more income streams. I was able to get these income streams up and running as fast as I found clients.

Try to think about the skills you have right now and how to turn them into additional income for you. The great part about the Internet is that there are tons of people looking for freelancers to complete small projects. If you have a skill that is one for hire, get yourself out there and find some quick jobs!

2. Be aware of your full time job and your schedule.

The great part about additional income streams is the extra money you have coming in obviously. The bad part is that they sometimes take a lot of time to do. When adding additional income streams, you need to be mindful of what you can realistically do.

If your additional income stream is going to impact your full time job, I would say it’s a bad idea. Make sure that you have time and energy for everything.

To figure this out, I would suggest slowly adding income streams. This will allow you to see if you can handle the additional work in the beginning. If it gets to be too much, scale back, or find a different way to make more money.

Some income streams are more taxing on us, figure out what works for you.

3. Be organized.

When you have multiple income streams, you need to be organized. There is no way to do this if you’re all over the place. I personally love creating systems and procedures to do things. This is used in my work, but also my tasks I need to complete for myself.

For example, I keep my schedule in Google Calendar so it is always with me on my phone. This allows me to easily schedule jobs as soon as they come in. By having my calendar on me at all times, it ensures I don’t double book myself or miss jobs by forgetting to add it to my calendar.

Also, I keep a spreadsheet for all of my income streams. This allows me to track my income easily. It also makes it very easy to figure out taxes for my side hustles. I automatically pull my taxes and update my spreadsheet when my payments clear my account.

4. Create passive income streams.

This is something that I am currently working on more. Passive income streams does not mean no work. It usually means that you do the work up front and then continue to earn money from it.

This can be done in so many ways, but is a great source of income. Especially when you have multiple passive income streams. This is usually when a product is created and then people continue to buy the product. It takes work and time to create, but then continues to earn you money.

I’m currently working on this type of income and building more of it.

There are so many ways to make more money, it’s just a matter of figuring out what is right for you.

There are so many different ways to make more money. Whether you decide to work for another company, create your own side business, or create products, there are plenty of ways to make more money. Figure out what you want to do and start making money doing it.

The great part about additional income streams is that you can monetize your hobbies. This is something that I love doing. If you can find a way to monetize the things you love to do, you’re set!

Personally for me, I love teaching and personal finance. What I especially love is teaching personal finance and helping others with their finances. It’s a work in progress for me, but I’m committed to doing the work by creating many different income streams. What are your income streams and how did they start?

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?