I totally started off strong in January 2021 trying to be transparent with my Side Hustle income but as March rolled around, class request skyrocketed and I got a little busy. So my solution is to talk about Side Income by the Quarter!
But let's first talk about the many misconceptions that Social Media plants about "Side Hustles" and "Passive Income".
YES! You absolutely can make extra money weekly, monthly, annually etc.
NO! It's not instant. Nothing worth having is free.
YES! Creating an additional stream of income, whether it's Passive (meaning you do not to do much 'active' work) or not, requires work upfront before the cash starts flowing.
Every penny of the below income started with a lot of hard work and sleepless nights. When I look back at the side income that came in for Q1 of 2020, it amounts to be about < $500 from classes and about $4,000 of Long Term Rental Income. So let's normalize hard work and persistence.
My Q1 Side Income Recap
*All of these figures are Gross Income (before any expenses)*
Public Courses (Mostly Financial Literacy Classes) $5,231.10
Private Financial Literacy Classes $1,720.00
Long Term Rental Income $4,200.00
Vacation Rental Income $5,490.70
Other Income $41.00
Let's Break This Down Further
The first two line items are from teaching on Outschool or Private classes via my own Zoom connection by request. You can head over to Outschool to check out my class listings and parent reviews. If you're interested in a Private class on Financial Literacy, feel free to email me at hello@KeallahSmith.com. Most importantly, this quarter, I had the pleasure of teaching 332 kids (240 from Outschool Public teachings and 92 kids taught through Private Financial Literacy Classes).
The rental income is from rent received from properties that we own and rent out to others. Real estate can be a great way to grow wealth and great passive income. But it's not for everyone. The housing market can be volatile at times and of course there will be repairs that need to be done from time to time. If you're interested in real estate, ensure you have money set aside for times of vacancy as well as for repairs. It's definitely not for the faint at heart. But some of the benefits are:
-Rental Income is tax advantaged income
-While you are collecting rental income, your property is also increasing in value each year
If you are interested in learning more about creating multiple streams of income, grab a copy of my eBook here.
See you next quarter!