The Importance of Side Hustles, Multiple Streams of Income and Money

The Importance of Side Hustles, Multiple Streams of Income and Money

SIDE HUSTLES

Money… Love… Health… Family

What are the important things in life? Money, love, health and family, not necessarily in that order.

We could write about love and relationships but I think the lessons in relationships are more subjective to each person as opposed to finance (while still subjective, but more generalized).

We could write about health, but again, the question is how subjective is health to each person?

Families come in all different shapes and sizes, and some people find that an interesting topic, but for me, the lessons that I have learned and need to learn the most are in finance.

If we write about love, then we have to writeabout the reality of love. When half of all married relationships end in divorce, do we write about things that will keep our relationship alive? Or do we write about the fluffy stuff, like dinners out, romantic gestures, or the asinine things that our partner did last week?

My Only Relationship Advice

I don’t have a lot of advice on relationships, other than one discussion I remember having with a younger co-worker of mine. She was just stressed about the attitude and intentions of young men her age when and while she was looking for a meaningful relationship. Her words were all men are a-holes. I agreed with her – all men are a-holes. All women are b!tch3s. This is true. However, one day you will find a man who is less of an a-hole and he will find you less of a b!tch than others, and the two of you will be compatible.

Maybe it wasn’t the right choice of words, but it’s true and it’s the best relationship advice I can give. Men will be men, women will be women, and relationships are based on mutual respect and gratitude. At the end of the day, we are all much the same.

My Family Life

I can’t write about family because I have an untraditional one. We are considered dinks: dual income, no kids. Our children come in the form of our pets, who mean just as much to us as if they were our real flesh and blood. I could write about that, and I am sure that would resonate with a number of people, but having a blog about family usually indicates children of the human kind. And for that reason, I did not feel that that was my niche.

Not the Epitome of Health

I could write about health; after all, with the invention of the internet, everyone is a doctor, right? There are many, many websites purporting to be the newest and best thing when it comes to health. Nearly everything that we have ever been taught has been retracted and redacted, from the food pyramid to the authenticity of the Atkins diet. I also do not feel like an expert on anything health related, as I am not the epitome of health.

Honest Money Discussions

Discussing money comes easily to me, although not that long ago I was completely naïve in all aspects of handling money. Even though I have worked in the real estate and finance industry for more than 20 years, I personally did not know how to manage my own money. The reason why I created this blog was to dive into the topics of money, and learn along the way. Being that I am in my mid-to-late thirties (shhhh), I assume that it would be fair to say that I am not the only one struggling to find my way.

They say you should write about what you know, and I know real estate and finance for other people. I also know, now, about saving, investing, and side hustles. I was the victim of too many whims of employers who wanted to change their office or their financial structure of the office, and found myself without an income. This engrained fear of traditional employment is what brought me here today.

Safety Nets

If there was nothing else that I have learned through blogging was that a safety net comes in two forms.

Your first safety net is referred to as your emergency fund. For some, that might be the baby step of Dave Ramsey’s, being $1,000 held in an account in case of emergency. For others, that can mean 3-6 months’ worth of income stashed in a cash account. For others again, some people believe in life prepping by holding onto cash. I can’t say that any one of these are right or wrong, but for me, I always found myself challenged to have enough of an emergency fund and without enough funds to wager against traditional employer whims.

The second safety net is about multiple streams of income. If your first stream of income (traditional employment) was to dry up tomorrow, would you still have money coming in? I wanted that answer to be yes. I wanted to share these options with everyone. When you have a side income that is not reliant upon one employer, you have a little bit more control. If your side hustle manages to bring in a decent amount of money, then you have the security that, in the event that traditional employment fails, you will still be able to make ends meet. It will also reduce your stress levels because you are no longer solely dependent on that traditional employment. Some people will call it an “F U” fund, but I like to call it a Get Out of Jail Free card.

Together, these two safety nets will help you meet your goals, and keep you safe in nearly any economy.

FREE Side Gig Summit

I enjoy writing about finance because I can teach people about real estate. There are so many aspects of real estate, from owning your own personal home as an investment for the future, to managing multiple properties. I am actually going to be featured in a Side Gig Summit where I discuss what it takes to be a property manager. You can choose to own rental properties or you can choose to manage rental properties, and both can create a significant income for you if done properly. I would love for you to join us at the free Side Gig Summit by going here.

As a side note, this Side Gig Summit features all kinds of side hustles or side jobs that you can do outside of your traditional employment. It is not unheard of to create full time self-employment out of side hustles. Never discount the saying that necessity is the mother of invention!

 

 

End Results

I plan to continue to try different side hustles and feature them here, but I do encourage you to to check out the Summit because, while we all may not have a traditional family, loving relationships, or a stellar health history, we all must have money to live.

 

Do you sell products from another company? Want to make more money? Read MLM & Networking for the most actionable tips in building your business. 

mlm

 

 

This post may contain affiliate links, meaning, at no additional cost to you, I may earn a small commission if you choose to purchase through these links. Please see my disclosure for more information. Amazon Affiliate Disclosure: I am a participant in the Amazon Associates Program, an affiliate advertising program designed to provide a means for me to earn fees by providing links to Amazon.ca and affiliated sites. 

Passive Marketing Strategies for Direct Sales and MLM Network Marketing Sellers

Passive Marketing Strategies for Direct Sales and MLM Network Marketing Sellers

 

MLMs have a bad reputation, but they don’t need to. Passive marketing takes much of the bad rep out of the name, as it doesn’t involve hard selling. 

 

Passive Marketing Strategies for MLMDirect Sales_Network Marketing Sellers

 

If you haven’t been following my MLM and Direct Sales posts, start here: 

Passive MarketingDirect Sales: How and Why It Could Be Your Best Money Maker

Side Hustle Showdown: Etsy (with MLM/DS book information)

MLM & Network Marketing 

 

kindle

The Hustle

 

So I decided to start selling Avon again. I enjoy their products, and it’s been a couple of years since I sold, so I was running low on my favourite products. I signed up under a friend to restart my business, and picked up some books. 

 

 

Passive Marketing

 

This time around, I am doing things in a more passive manner. If you are looking to grow your business quickly to start making money, and excel at network marketing, I recommend my 30-day book: MLM and Network Marketing. If you want to do it passively, then you will not see money immediately, but you will see growth. 

 

 

Passive Marketing Strategies

 

On Saturday, a neighbour and I held a small yard sale. It was impromptu, and not a lot of signage went into it. I only had yard sale items from the last one I had a year ago, therefore I thought I’d put out the same items and see what happens. 

 

A lot of my items were overstock from Avon, so I knew those who would be interested in my products would likely (about 1 of every 2 people) be interested to know if I still sold Avon. I placed out 6 brochures and some business cards for the taking. 

 

Now, I have also learned there’s the impromptu yard or garage sale, and the there’s the planned one. Since this one was totally impromptu, I didn’t expect a lot of traffic. We sat out for about 3 hours, and sold a bit of stuff. While it wasn’t in the hundreds of dollars, it was still worth my time. After the traffic died down, I packed everything up and donated it to the local Good Will. 

 

Normally, I would have seen enough traffic to see those brochures all go home, but this time I had some left. Here’s what I did next. 

 

I have a bus stop with a shelter on my street, so I packaged the brochures in two bags to help keep them dry, and left two at the bus stop. This stop is a busier one, so I expect that they will find a new home rather quickly, and if I’m lucky, they will be left on the bus for new people as well. 

 

 

Conclusion: 

 

Passive Marketing #1: Wherever you are, leave a few books out for people to see. If they ask to take one home, you may get a deal out of it. 

 

Passive Marketing #2: If you have a public gathering point near your house, like a bus stop, it’s the perfect spot to leave reading material. People are waiting and need something to do other than looking at their phones all day. Sometimes you will luck out and the right person will pick up your brochure for an order. 

 

Alternatively, that could also lead to free advertising on the bus, at the person’s work, or many other places. It can also lead to the garbage or recycling, but that’s a chance you take with passive marketing. 

 

Lastly, you want to look at your demographics. The people that love Avon the most tend to be older people, and people that don’t travel to the stores often. Seniors are perfect examples. Seniors ride the bus because they may not drive anymore, but still need to get around. Taking a bus trip isn’t something they gear up to do often, so the idea of an ordering service would appeal to them. Plus, who doesn’t love the Avon Lady? 😉 

 

Want more about this side hustle? Comment below, and I will continue to post/answer your questions! 

 

Recommended Readings:

Side Hustle Showdown: Amazon Kindle Publishing

Passive Savings Vehicle for Canadians: Mylo

 

This post may contain affiliate links, meaning, at no additional cost to you, I may earn a small commission if you choose to purchase through these links. Please see my disclosure for more information. Amazon Affiliate Disclosure: I am a participant in the Amazon Associates Program, an affiliate advertising program designed to provide a means for me to earn fees by providing links to Amazon.ca and affiliated sites. 

SIDE HUSTLE SHOWDOWN: Etsy Digital Download Store

SIDE HUSTLE SHOWDOWN

 

As promised, albeit a while ago, I had discussed doing a special project about side hustles. Here we are!

 

Etsy

 

What is a side hustle?

 

Some people call it a gig, some people call it a passion project, others call it beer money. It’s a side project that people take on for various reasons. Perhaps you need more income to go on vacation, pay the bills, or invest in your retirement. Others are motivated by boredom. Either way you look at it, a side hustle is when you offer goods and/or services for money and it’s not your regular job.

There are so many examples of a side hustle. Here’s a few for fun:

  • Lawn cutting
  • Delivering papers
  • Writing a blog for income
  • Creating an online store, like Etsy, and selling handmade items or vintage goods
  • Signing up for odd jobs
  • Dog walking
  • Virtual Assistant

 

SPOTLIGHT: ETSY STORE
FOR DIGITAL DOWNLOADS

 

Etsy

 

In May, 2018, I started my Etsy store with two listings. I offered social media digital designs, and announcement digital designs. Neither of them were true digital downloads, as they would be customized to the customer.

I wanted something passive, so I created a few more listings:

I wrote a 30 day guide for MLM and direct sellers based on my previous experience as an Avon representative.

I created a Freezer Stock Inventory form.

I made a Babysitter’s/Nanny’s Emergency Contact form to record important information that someone caring for your children should know.

I designed a CYA Acknowledgment regarding Smoke Detectors and C02 Detectors to protect landlords.

Finally, I also created 24-hour entry notices from the landlord or agent to the tenant.

 

Review so far:

 

Etsy makes it super easy to set up a store quickly. It also has amazing resources, and sadly, I must admit I have not taken the time to review them in detail.

Each listing costs $0.20 USD. This listing is active until you run out of stock, or four months’ time. Etsy collects a commission on each sale. They have recently increased it to 5% of the purchase price, to my understanding.

The interface is super easy to use, and you can also see stats like how many people have visited each listing, where your traffic is coming from, and more. It’s amazing how far these sites have come since the simple eBay days!

While I have had no sales to date, I have read that you should have 20+ to be featured more prominently on Etsy. I know my offerings are pretty simple in nature, but I was hoping for some traffic.

I have found that it’s a great way to advertise for my blog, however. I have seen some traffic directed from my social media offering, so that’s a highlight.

My intentions are to continue creating digital downloads until I have at least 20 listings. I will continue to advertise my listings through social media and any other outlet that I can use.

Once the store has 20+ listings, I will let the listings continue for at least 3-4 months and see if I can recuperate my initial investment. If there’s no growth, sadly, I may shut it down. If there is movement, I will continue for a while longer.

I have also signed up to be an affiliate member of Etsy, and hopefully that may help the side hustle biz! Note: Signing up to be an affiliate member requires a credit card and a cost of $5 without guaranteed approval.

 

SIDE HUSTLE: ETSY SHOP

EARNINGS: $-5.40 USD

Do you have suggestions on how to master this side hustle?
Send me a comment below!

This post may contain affiliate links, meaning, at no additional cost to you, I may earn a small commission if you choose to purchase through these links. Please see my disclosure for more information. Amazon Affiliate Disclosure: I am a participant in the Amazon Associates Program, an affiliate advertising program designed to provide a means for me to earn fees by providing links to Amazon.ca and affiliated sites.