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My May Challenge is a Business Related

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As you may have noticed, I have been giving myself a different challenge every month towards this debt payoff journey I am on. They help keep me motivated and more importantly focused. We’ve had several no spend months, a decluttering challenge, no eating out and so on.

In some sense, they have all been about saving money, spending less. But this month’s challenge is a bit difference and one that is very important to me as far as getting ahead especially as I age.

Develop a Passive Income Stream

I’m all about the side hustle – I’ve been a personal shopper, substitute teach and other things that don’t seem to last or bring in much money. But as my primary income stream grows…I am a tech Virtual Assistant (my business website is here in case anyone needs a Virtual Assistant,) I find myself butting into the ceiling of my abilities at times.

This is specifically related to time. There is just so much time in the day, in the week, so there is a definitely ceiling on my income potential. (Yes, I know I could outsource, etc. but that is just not my style and I’ve found it to be more a headache the few times I tried it.)

So my goal, this month is to grow a passive income stream. Well, maybe not to grow it yet…but to build it out. I’ve had the concept in my head for about 6 months now. And with May upon us, it’s time to flesh it out a bit.

Why Passive?

I’ve shared my idea with a few friends and they get it. But they don’t get how and why a passive income stream. Especially when they see all the “work from your phone, a few hours a day and make millions” ads and Facebook friends post.

And frankly, this would be very new to me as well…so here I am BAD community. Anyone here developed a passive income stream? Care to share any words of wisdom to getting started or resources to look at.

My goal is to do this with little monetary investment and more of a sweat equity type development time. And I am blocking off time daily to put in some work without it taking over. All open ears for guidance and advice…


Update on my Side Hustle

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As you know, I’ve been substitute teaching since March. I got my first paycheck at the end of March…a whopping $69. Woot, woot.

That was pay for one day of work. And I’ve worked 2-3 days per week since then. And not only am I substitute teaching, but I am able to work on my own business at the same time. Can you say double dipping?! Loving it!

And I’ve been making wise decisions at the same time…taking my lunch, working through lunch and continuing to be committed to saving the income from this side hustle.

I have definitely learned that I prefer the high school to the middle school. But I’m going to dip my toes in at the elementary school next week. So wish me luck!

Because I’m not really sure what this income looks like, and it will end next month for the summer, I have not accounted for it in my budget. Since I had already planned to rebuild my savings account and pay additional monies to debt with it, I think it’s okay.

But I’ve definitely decided to continue doing it. I enjoy being at school with Princess. While I haven’t taught any of her classes, I am enjoying getting to know some of the kids and getting to see her during the day. It makes my homeschooling mom’s heart happy.

 

 


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