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Posts tagged with: make money

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…


Alternative Ways to Make More Money

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The number one way to get out of debt is to spend less than you make, and for me, that means, I must make more money!

My steady clientele is slowly growing. My plan is to contract out 30 hours per week to a stable of clients. These leaves me with 10-20 hours a week for project work and additional hours from clients.

In addition, I’ve been looking for “side hustles” to make some extra money. No MLMs or things like that, been there, failed at that.

This is what I have come up with so far. Do you have any ideas to add?

Side Hustles

  1. Sell items I have around the house we no longer need or use.
  2. Selling crafts created from supplies we have on hand.
  3. Making and selling homemade dog food. (This is a new idea after hearing about a need here locally.)
  4. Selling the soap I make here at home, again with supplies I have on hand.
  5. Substitute teaching when school starts back up. (I have already applied, but haven’t heard anything yet.)

I am specifically looking for opportunities that cost no money, use things already have on hand, are not tied to my consulting business and are not labor intensive.

I’ve also been given the opportunity to work as a commission based salesperson for a local friends company. She is going to split the profit for any sales I make, giving me 90% and she will keep 10%.

More on that opportunity soon…

What other ideas do you have for me? Do you have a side hustle that you love?

 


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