Read Time: 2min / Work Time: 300hrs
I just recently joined the millionaire’s club ✨ and not the clickbait ‘I made a million but spent $999K’. Nope! My husband and I built an investment fund of over $1.1M. That’s money in the bank, making more money for us.
Maybe the best part is this is our third source of income 💵 we have our businesses and now the investments.
Now that I made it to this level, while working full time and having a kid, I can share some ideas for you to do the same.
Welcome to the multi-incomers club⚡️
How To Get Started With A Second Income Stream
There are as many ways to earn money as stars in the sky – cheesy but true. For most of us, TIME will be the biggest constraint, followed closely by FOCUS.
So here are the five great income streams for regular people (like you and me) that leverage time the most.
Job or Career
If you like your job and make steady money from it, keep it until another income stream pays you more for the same amount of time.
Don’t cold quit your 9-5, it is a typical case of ‘the grass is greener…’ trust me.
The going advice is to keep a ‘side-business’ until you match your salary (take home cash, not top revenue 😳) and keep it at those levels for at least 6 months.
I would say one year, but the idea is that you are solid on your business before you cut the first money stream.
If I could go back in time and I didn’t have to homeschool my kid during Covid, I would have kept my job for sure! It was easy, fun, I had a lot of clout and the money was awesome.
So if you can, find ways to make your job a pleasure and never work a day.
👉🏻 Digital Products and Expert Courses
Creating a digital course that I sell through paid ads was the biggest time and money leverage for me. If you want to make it even easier…create a course teaching people what you already do for work (like I did).
You get paid for your expertise twice, it’s leveraged, automated…I highly recommend it as your second stream. A few good posts to get started.
Affiliates (Amazon, products and services, etc)
Personally I like to affiliate for tech and courses that I use, but you can affiliate for other products on Amazon, random stuff you find on the internet and the list goes on. Here is a nice post to dig deeper into affiliate marketing.
Media and Content Creation
This is the revenue stream I’m building right now so not much to disclose. If you love creating content, any type of content, there is a growing market for micro-influencers, UGC (user-generated content), media publications like this newsletter and so on.
Word of caution…content creation is very time-consuming and can take a long time to see results. If you want to see some money come in, I recommend the options above.
I’m not a financial planner and I’m really new to all of it, but I know this…even when I was getting paid almost nothing as an intern, I was putting money aside in a 401K – so you can start with as little as you want but getting in the habit of investing is a good one.
Now, to use it as an income stream, like I do, you will need some serious cash.
Part of our investment came from building, buying and selling 3 homes – so not something you can replicate, but part of it came from putting everything I made with courses into our fund. That is something you can do and I can help you with.
What Should I Do First?
Here is what I would do if I had to start over:
- Make your 9-5 a freakin’ pleasure. Fix your main income first and then move to other things.
- Learn how to use paid ads so you don’t trade time for leads and sales
- Create a mini course to teach others what you do really well at work (I was a launch planner and my first mini course was called Launch Plan in a Day 🙂)
- Sell it everyday, on automatic, with an evergreen funnel (I can help with that)
- Put all the money from this course into an investment or retirement plan
- Look for other opportunities like affiliates that you can set and forget
If you can’t do any of those things, I get it!
- Make a list of your skills and some results you’ve gotten for yourself or others.
- Google (or ask ChatGPT) how can you monetize those skills (maybe you can offer as a service for a while)
- Get started…remember there are as many ways to make money as you can imagine, you just have to find YOUR WAY.
So, what’s your next income stream?
PS: Help a friend out…I'm thinking about moving my newsletter to Beehiiv but I want your opinion…check out this template here and comment below if you think I should change to a more newsletter-y style.
Join the newsletter (old style) below – still the best resource for busy people with a side-business