[This is an update to a post I originally wrote in October 2014. As you can see, this is going quite well and I’m showing no signs of stopping!]
This month officially marks a milestone for me, this is the first month I hit my goal of having a third stream of income. I haven’t talked about this much on the blog but this is my goal.
Over the next two years I would like to have 5 streams of income coming in from various sources. That may seem crazy and far fetched but after this month, I’m almost half way to my goal!!
Why I want to do this
- Having additional streams of income help me pay off debt and build wealth faster than if I just had 1 stream of income.
- It insulates me from any surprises like being laid off (as I’ve faced in the past). Having extra income will help my emergency fund last longer until I am able to build my income back up if I were to lose my day job.
- It gets me to my financial goals faster. With more income coming in, I am able to do more with my money quicker.
- Give! Having more money lets me give more to the charities of my choice and help make a difference in the lives of others.
How am I doing it?
As I mentioned, my goal is to have 5 streams of income over the next two years. Here’s where I’m at so far:
- My main source of income comes from my day job as a consultant. I absolutely love what I do and I have no intentions of leaving this career. It’s a lot of fun and I’m very thankful to have found a career path that plays to my strengths and that I enjoy doing. This is obvious immediate income as I’m paid every 2 weeks.
- My second source of income has came from this blog. Yes, you can make money blogging but it doesn’t happen overnight. It takes time, consistency and hard work. I’ve been working at this blog long enough that I am able to pay myself & the fees to run this blog through advertisers. I generally bring home enough income from this blog that would make at least 1-2x my house payment after expenses.
- The third source of income is from my newest venture which is as a Rodan + Fields consultant. If you are not familiar with Rodan + Fields, its the premier skincare line created by the doctors who created Proactiv. I chose this opportunity because I saw this company was at the ground floor level (preparing to go global). Rodan + Fields is the 4th largest and fastest growing premium skincare brand in the U.S., following Clinique, Estee Lauder and Lancome. I have only been working this business 1 month and I work this business in 15 minute pockets here and there. I received my first check this month, which was almost enough to cover a car payment
As you can see, having these two additional sources of income cover 2 major household expenses (car and house). One of the major benefits of my Rodan + Fields business is having the ability to help people with their skin issues to get life changing results (like it did for me). I suffer from adult acne and I had tried everything including expensive trips to the dermatologist and prescription medications that did nothing for me. You name it, I tried it and nothing was working! So this opportunity has been a blessing for me, not only from the product standpoint (because it works and is backed by a 60 day empty bottle guarantee) but from a business opportunity as well because I can earn residual income from the products I sell.
How does Residual Income Work?
If you are not familiar with residual income, here’s an overview of how it works:
- In a business such as Rodan + Fields, I am working hard to share the message with people about how well the products work and the results that I and so many others are getting.
- As I begin to share these products, I gain a customer base and I start building my team where I will get paid for sharing the opportunity.
- Over time, as my customer base and team grows, I will continue to earn income off of their purchases as they become loyal customers. So putting the hard work in up front is going to pay off in the long run.
If you or anyone you know would like to have the ability to earn extra income like I am, send me a message from my contact page here. I can give you the full picture so you have all of the information you need before making your decision. I’m so happy I said yes to this opportunity as it’s only going up from here!
I’ll continue to work by primary job, this blog and my Rodan + Fields business and I’ll be looking for a 4th + 5 stream of income to add over the next couple of years. I have no idea where I will end up but I’m so excited to see where it takes me!
UPDATE SEPTEMBER 2015:
I’ve gotten a lot of response from this post so I thought I’d do an update to let you know my progress! I’ve written about this before but I always make sure to set goals for myself at the beginning of the year. These include financial, personal, career, health & spiritual goals. One thing new I started this year was actually listing out what I’ve accomplished as well. In the past, I used to just cross my goals off the list but this year I started actually tracking them so I can look and see what I’ve been able to accomplish! I love this method because it helps me see how far I’ve come so far this year!
Here are some things I’ve been able to do so far in 2015 with the extra income from my side gigs:
1. Paid off $15,000 in debt
2. Donated over $1,500 to animal rescue groups
3. Maxed out my 401k to contribute $18,000 yearly
4. Reorganized my retirement accounts so I’m no longer paying high management fees
Those are just a few of the things I’ve been able to do during the first part of 2015! I’m on track to do the following for the remainder of the year:
1. Pay off another $8,700 in debt which will make me completely debt free except for my home!
2. Refinancing my home from a 30 year mortgage to a 15 year mortgage, saving approximately $80,000 in interest over the term of the loan (how crazy is that?!)
3. Maxing out my Roth IRA for 2015 ($5,500)
It’s amazing what you can do when you put your mind to it!
Another benefit of the extra income has been how much I have been able to give back in ways I couldn’t begin to imagine I could do over the past year!! One of the most special things I’ve been able to do so far was to purchase a dog wheelchair for a dog at Five Acres Animal Shelter who was born with a leg deformity. I was actually on the news to talk about it too!
Take a look at Tres’s story:
Tres and I after we did the news clip:
And the happy news is Tres was adopted 1 week after this story ran!!!
Having side gigs with extra income is about so much more than the money, it’s about being able to give back and help others in ways you never would have been able to before! I can’t wait to see what the next year will bring!
Do you have a side gig, if so how did it come about? Are you able to give back as a result? I’d love to hear your story!