The Increasing Need for Extra Income in Today’s Economic Climate

In recent years, the economic landscape of the United States has faced a series of tumultuous shifts. From the unpredictability brought on by political changes, including the election our new president, to the ongoing challenges of job security and inflation, Americans are navigating a complex financial environment. These factors underscore the growing necessity for individuals to seek additional sources of income beyond their traditional 9-to-5 jobs.

Economic Uncertainty and Job Insecurity

The reality is stark: economic instability has become a norm with fluctuating markets, rising living costs, and the looming threat of recession. These conditions have intensified the importance of financial resilience. Job security, once relatively dependable, now hangs in a delicate balance as industries adapt to new economic pressures and technological advancements.

The Case for Extra Income

The concept of relying solely on a full-time job for financial security is increasingly becoming outdated. Diversifying income sources can not only provide a financial cushion but also offer an opportunity to explore personal passions or professional interests that could be monetized. In times of economic downturn, having multiple income streams can mean the difference between financial stability and hardship.

Empowering Yourself Through Side Hustles

Recognizing the critical role of extra income, I am developing a side hustle course designed to equip you with the tools and knowledge to launch your own income-generating projects. Whether it’s freelance writing, online tutoring, or starting an e-commerce store, the potential to create sustainable secondary income sources has never been more accessible.

Join the Side Hustle Course Waitlist

In response to the increasing need for financial independence and security, I invite you to join the waitlist for my upcoming side hustle course. This course will provide you with step-by-step guidance on identifying viable side hustle opportunities, setting up your business, and scaling it for success. Join the waitlist here to start your journey towards financial empowerment.

The necessity for extra income in today’s economy is clear. With the right mindset and resources, you can build a more secure financial future, making yourself less dependent on the whims of the broader economy.

Leveraging AI to Generate Income: A Comprehensive Guide

Artificial intelligence (AI) is revolutionizing the way we work, create, and earn money. Whether you’re looking for passive income, side hustles, or a full-time AI-powered business, there are numerous ways to leverage AI to generate income. This guide will explore the best AI-driven income opportunities and provide actionable steps to help you get started.

Why Use AI to Make Money?

AI automates tasks, enhances productivity, and reduces the time required to perform various functions. This makes it an excellent tool for those looking to maximize their earnings while minimizing manual labor. With advancements in machine learning, natural language processing, and automation, AI can now perform tasks once thought to be exclusive to humans.

Best Ways to Make Money Using AI

1. AI-Powered Content Creation

AI-generated content has become increasingly popular for blogs, social media, and businesses looking for high-quality writing.

• AI Writing Tools: Use platforms like ChatGPT, Jasper, or Copy.ai to generate blog posts, marketing copy, product descriptions, and more.

• Monetization Strategies:

  • Offer freelance writing services using AI assistance.

  • Start a blog and use AI to create SEO-friendly content to drive traffic and earn through ads or affiliate marketing.

  • Write and publish AI-assisted eBooks on Amazon Kindle Direct Publishing (KDP).

2. AI in E-Commerce and Dropshipping

AI can optimize product selection, automate customer service, and enhance marketing strategies in the e-commerce space.

• How to Get Started:

  • Use AI tools like Shopify’s Kit, Sell The Trend, or Printful’s AI integration to identify winning products.

  • Implement AI-powered chatbots like Tidio or ManyChat to handle customer inquiries automatically.

  • Utilize AI-driven pricing and ad optimization tools for better targeting and increased sales.

3. AI Stock Market and Crypto Trading

AI-powered algorithms can analyze market trends and execute trades more efficiently than humans.

• Best AI Trading Platforms:

  • Trade Ideas: AI-powered stock scanner for real-time trading insights.

  • CryptoHopper: An AI-based trading bot for cryptocurrency trading.

  • Tickeron: Uses AI to generate trading signals and analysis.

• Monetization Strategies:

  • Use AI bots for automated trading strategies.

  • Sell AI-generated trading insights and strategies via subscriptions.

4. AI-Powered Social Media Management

Social media marketing is essential for businesses and content creators, and AI makes it easier to manage multiple platforms.

• Tools to Use:

  • Canva AI: Generates social media posts and marketing content.

  • Lately.ai: Turns long-form content into social media posts.

  • Hootsuite & Buffer: AI-powered scheduling and analytics.

• Ways to Make Money:

  • Start a social media management agency using AI tools to automate content creation and scheduling.

  • Offer AI-driven ad optimization services for businesses.

  • Create and sell AI-generated social media templates.

5. AI Chatbots and Virtual Assistants

AI chatbots and virtual assistants can automate customer service and sales, making them valuable tools for businesses.

• Monetization Strategies:

  • Develop and sell chatbot solutions using platforms like ChatGPT API, Botpress, or Drift.

  • Offer chatbot setup services for small businesses.

  • Build an AI-powered personal assistant service.

6. AI in Digital Art and Design

AI tools like MidJourney, DALL·E, and Deep Dream Generator allow users to create digital art and sell it online.

• Ways to Monetize:

  • Sell AI-generated art as prints or NFTs on platforms like OpenSea.

  • Offer AI-powered design services for logos, branding, and social media content.

  • Create AI-enhanced photo editing services.

7. AI-Powered Online Tutoring and Course Creation

AI can assist in creating educational content, automating grading, and personalizing learning experiences.

• Best AI Tools:

  • ScribeSense: Automates grading and feedback.

  • Synthesia: Creates AI-powered video lectures.

  • TutorAI: Generates lesson plans and study materials.

• Ways to Make Money:

  • Create AI-generated online courses and sell them on Udemy, Teachable, or Kajabi.

  • Offer AI-powered tutoring services.

  • Develop educational YouTube content with AI-generated scripts.

8. AI Voiceovers and Podcasting

AI-generated voices are becoming more realistic and are now widely used in voiceovers and audiobooks.

• Tools to Use:

  • ElevenLabs: AI-powered text-to-speech.

  • Descript: AI voice cloning and editing.

  • Play.ht: AI-generated voiceovers.

• Ways to Monetize:

  • Sell AI-generated voiceovers for YouTube videos, ads, and podcasts.

  • Create AI-narrated audiobooks and sell them on Audible.

  • Start an AI-powered podcast with minimal effort.

9. AI Website and App Development

AI can simplify coding, website creation, and app development.

• Best AI Tools:

  • Wix ADI & 10Web: AI-powered website builders.

  • Codex by OpenAI: AI-assisted coding.

  • AppGyver: No-code AI-powered app builder.

• Monetization Strategies:

  • Offer AI-driven website creation services.

  • Develop AI-powered apps and sell them on app stores.

  • Create AI-assisted automation tools and sell them as SaaS products.

How to Get Started with AI Income Streams

1. Choose a Niche: Decide which AI income stream aligns with your skills and interests.

2. Invest in the Right AI Tools: Many AI platforms offer free trials, so test them before committing.

3. Learn & Experiment: Stay updated on AI advancements and experiment with different tools.

4. Monetize Your AI Skills: Freelance, sell digital products, offer AI-driven services, or build a business around AI automation.

5. Scale Up: Automate and outsource tasks to grow your AI-powered income stream.

AI is rapidly changing the landscape of online business and passive income opportunities. Whether you're a freelancer, entrepreneur, or side hustler, there’s never been a better time to harness AI’s power to generate income. Start today and take advantage of AI’s potential to build a profitable, automated, and scalable income stream.

Ready to take your income to the next level? Join The Climb community for exclusive insights, AI business strategies, and step-by-step guides on leveraging AI for financial freedom!

Why You Need An Accountant Fo Your Side Hustle Business

By now, almost everyone has a side hustle. If you didn’t have one before the pandemic, you certainly have one now or are working on it. They’re an outstanding way to make extra money, to spread your occupational wings, and to build the foundation of a full-time business. But it’s also easy to get sloppy.

Here are seven side hustle accounting mistakes to avoid:

1. Not keeping accurate income records

Since side hustles are typically second occupations, it’s very easy to be casual with record-keeping. This is very likely to happen in the first year of operation. You might simply be looking for some extra money, so you don’t bother to track the actual dollars and cents.

This habit has a few bad side effects:

• Though money may be coming in, you’ll never be entirely sure how much.

• Since you’re not really sure how much is coming in, you don’t really know if the business is truly successful.

• Though you may be making money, you won’t know if what you’re earning is justified by the time and effort you’re putting out to earn it.

• When tax filing time comes, you’ll be forced to estimate and guess how much you actually made. That can be a disaster if the IRS doesn’t agree.

Solution: Set up a dedicated bank account where you will deposit all of your side hustle income payments. At the end of the year, or the end of each month, you can simply total up the deposits to determine your income.

2. Not keeping accurate expense records

New side hustlers may be even more casual when it comes to recording expenses. This is particularly true if the expenses are small.

There is an equal number of issues with this practice:

• You’ll never know what your net income is—that’s your income after deducting business-related expenses.

• If you focus only on the income side, and ignore expenses, you’ll never know if your side hustle is truly profitable.

• You’ll miss out on valuable tax deductions against your side hustle income.

Solution: Purchase business accounting software or hire an accountant - record all of your expenses—as well as your income—as they occur. Alternatively, you can set up a dedicated business checking account, that you run all your expenses through. That will provide you with an automatic written record of your expenses. You can also deposit your side hustle income into the same account.

3. Not determining the connection between expenses and income

We’ve already talked about how not accurately recording your income and expenses can lead to not knowing your true net income. But there’s an even more specific problem. Without keeping records, you can’t know how cost-effective your expenses are.

The primary purpose of business expenses is to generate business income

Without keeping accurate records, you’ll have no way to measure the income benefit provided by any particular expense.

In order to maximize profits, a business owner has to know which expenses will produce the most “bang for the buck”. Without keeping accurate records, you may be incurring expenses that generate little or no revenue. You may also miss an opportunity to determine which expenses produce the highest revenues.

Solution: Using accounting software or an accountant, you should be able to match expenses incurred with the relevant income produced. You can then look for inconsistencies. Are there expenses that produce little or no benefit? Are there others that result in increased income? Properly allocating between the two will keep your side hustle going in the right direction.

4. Not separating business and personal transactions

This is a mistake that even side hustle veterans make. If you’re running your side hustle income and expenses through a personal checking account, separating business and personal could be so complicated that you don’t bother to do it.

Until tax time.

That’s when it becomes a certified nightmare. Trying to separate business and personal transactions out of 12 months bank statements can take days. That’s especially true if you make personal purchases from the same vendors you make business purchases through. It will also be a problem if you don’t have a record of side hustle related income deposits.

Solution: Once again, the most effective solution is to have a dedicated checking account for your side hustle. Use that account exclusively for your business so there’s no possibility of mixing with personal transactions.

5. Not keeping track of debts and obligations—in both directions

This includes debts you’ve incurred for business purposes, or debts owed to you in connection with your side hustle. It also includes accounts receivable—income earned, but not yet collected—and accounts payable—expenses incurred, but not yet paid.

If you don’t keep track of debts and obligations, you could lose side hustle income, or fail to make timely payments. The latter could result in damage to your credit, as well as your reputation.

Solution: If using an accounting software it should have general ledger capability, that enables you to set up individual accounts. They can be set up for debts, receivables and payables. If you have terms set up with multiple customers or vendors, this will be the only way to keep accurate records of what you owe, and what’s owed to you.

6. Not collecting (adequate) sales tax

This is a definite problem if your side hustle involves selling a product. But in many states, sales tax also applies on certain services performed.

Whether you actually collect sales tax from your clients and customers may not matter. But the state sales tax division will want their cut anyway. You’ll have to keep accurate records of your business income, as well as your sales tax liability. In fact, sales tax is a payable, just like an account payable due to a supplier or vendor.

Solution: Accounting software will be a must if you are required to collect and pay sales tax. If the software has an invoicing feature, it will automatically include sales tax in customer invoices. And as payments come in, the sales tax will be credited to the sales tax payable account. At the end of the month, you’ll know exactly how much sales tax you owe. Pay it when required—sales tax divisions are notorious for being unforgiving.

7. Not making your estimated tax payments

If you don’t make estimated tax payments on your side hustle, you’ll owe money at the end of the year. This could leave you with a very large tax bill at filing time. Like thousands of dollars. If your side hustle is particularly successful, it could even be tens of thousands of dollars.

If you fail to make those payments in a timely fashion, you’ll owe interest and penalties on top of the basic tax. It’s a Catch-22 situation you can never win.

Solution. This gets down to why you need to keep accurate records of both income and expenses. If you do, you’ll be able to determine your net income at any time (net income is also generally your taxable income). You’ll need to make estimated tax payments to the IRS during the course of the year. Those tax estimates are due on April 15, June 15, and September 15 of the current year, and January 15 of the following year—all for the current tax year.

Once you determine your net income for the quarter, you’ll have to apply your marginal tax rate to the income. But you’ll also have to pay self-employment tax, which is the FICA tax for the self-employed, and those who have side hustles. 

The rate is 15.3 percent of your net income.

If you’re in the 15 percent marginal tax bracket, you’ll have to allocate roughly 30 percent of your net income for estimated tax. If you don’t know how to calculate this, consult with an accountant. You can make your tax estimates online, using IRS Direct Pay.

Summary

When you have side income, taxes can get complicated quick. These are seven common side hustle accounting mistakes to avoid, but your best bet is to get some good accounting software, or a good accountant.

For more information on the business side of your side hustle, tax and accounting resources join The Climb community:

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Side Hustle: 5 Ways to Increase Your Skillset with Skillshare

Personal development is an important topic to me and one of the ways I work on myself is making sure that I hone my existing skills and gain new ones. I love learning! Here’s the thing about diversifying your skills - you become an asset. You become an asset to your place of employment and also to yourself. When you know how to do many things your skills become transferrable which could mean an increase in salary. It could also mean a new way for you to make extra money on the side.

If you’re in that boat where you are looking to increase your skillset and make some extra money on the side then I am going to recommend to you Skillshare. Skillshare is a great platform for both learning new skills and teaching them to others. With a membership, you can access thousands of courses, tutorials, and workshops to enhance your existing knowledge, while also having the opportunity to become an instructor and start earning money. In this blog post, we’ll discuss five different ways to increase your skillset with Skillshare, so you can start a successful side hustle.

1. Join Skillshare

   With a Skillshare membership, you join a growing community of millions of passionate learners and start acquiring skills you need to reach your goals. All you need to do to get started is create an account on the platform. It is subscription-based and offers classes from the world’s best instructors in topics ranging from design, marketing, photography, blogging and business. Each class includes short video lessons, projects and resources to help you build your skills and potentially unlock a new source of passive income.

   With my link you can get a Skillshare membership this month for 30% off it’s original price.

2. Take Classes

   Once you have signed up and become a member, you want to start taking classes. Find topics that you are interested in and just have fun with it. They have over 27,000 classes in their library, you can explore different topics and find what interests you. If you have a skill you already know, you can take courses to deepen your knowledge or even teach that skill yourself.

   You don’t even have to sign up for classes right away. Browse the library and save classes that look interesting to watch later. That way, you can get an idea of the types of classes available and decide which ones will be the most beneficial to your career.

   Taking classes on Skillshare should be fun. Don’t feel pressured to sign up for a course that doesn’t interest you just because it’s popular. It’s important to take the time to explore and find something that speaks to your passions. You will get the most out of the experience if you choose something that excites you. I am a skillshare member and it has helped me over the years to learn about various things related to blogging and social media. What I have learned on skillshare has been invaluable.

3. Teach a Class

   As you gain proficiency in new skills, you can take the next step to become an instructor on Skillshare and start teaching others. Teaching classes on Skillshare provides a great opportunity to earn passive income, while also giving you the chance to learn even more new skills. Plus, you’ll get the satisfaction of helping others acquire knowledge and become more proficient in areas they’re interested in.

   Setting up an account to become an instructor is easy and straightforward. You simply sign up as a teacher, and then create classes by uploading pre-recorded video lectures. You’ll also need to provide students with helpful resources and give them timely feedback.

   Once you’ve published your classes, Skillshare takes care of the promotion for you and shares your class with the millions of potential students on its platform. You can even choose to make your class free or premium so that you can earn money for your hard work.

4. Promote Your Classes

   Even though Skillshare will promote your classes for you, you may want to share your classes with people on different platforms for a wider reach. To share your classes directly on skillshare, just share your class link with fellow teachers and students in the comment section of a course or via direct messages. I encourage you to also share your classes directly on social media like Twitter, Facebook, Instagram and other platforms that may be relevant to your target audience.

   When creating content to promote your classes, make sure to highlight the topics covered in the course and emphasize the practical application of what students will learn. You can also create short videos and tutorials to show off your teaching style. Lastly, if you’re a part of any online communities or forums, you can share your classes there as well.

   Promoting your classes is one of the best ways to make more money from Skillshare. When you reach more people, you’ll have more potential students and more chances to earn money. With this strategy, you’ll be able to start making passive income in no time while also giving others the opportunity to learn new skills.

5. Earn Money

   By teaching your own classes on Skillshare, you can earn a passive income from your creative endeavors. After your classes have been published, Skillshare pays you for each student enrolled in them. The best part is that you don’t have to be constantly monitoring your classes since you get paid even after the course has finished. So why not give Skillshare a try and start earning money from your creative side hustle?

   If you would like to give Skillshare a try, sign up for a membership and use this link to get 30% off the original price.

How My Blog Made $12,201.67 in 8 Months

I speak quite frequently here on the topic of Side Hustles. This is probably one of the reasons you were lead to my blog in the first place. When I talk about different ways you can generate additional income, I almost always mention blogging. So, in the spirit of transparency I am sharing my year-to-date blogging income (that is, January-August, 2021).

I must preface by saying that when I started this blog my intention was never to make money from it. The goal has always been to educate and inspire young professionals to lead a balanced, purpose filled “UnOrthoDoc” lifestyle while on the path to personal, professional and financial development. As it turns out, while trying to do just and providing my audience with services and products that will help make life easier/better a positive side effect was that I indirectly pulled in some cash.

From January-August 2021, my blog has generated a total of $12,201.67

Here is the breakdown:

1. Sponsored posts $3,700.00 - a sponsored post is an article you write on behalf of a company that would like to get in front of your audience. The key for me where this is concerned is to only agree to write such articles when it is a product or service that I have personally used or can get behind. One such article has been this one for the company molekule. I personally use the molekule air purifier in my practice, love it and can get behind it.

2. Affiliate links $3,399.38 - On the resources page of this blog I have products and services listed that I have used myself and even carry in my practice. I like giving my patients options especially when it come to oral care products and I extend the same to my readers. When I promote a company’s products as an affiliate I earn a small commission for the referral.

3. Products $5,102.29 - A large percentage of this number comes from sales from my candle company. I love scented candles and started making them for myself, family and friends back when I was in dental school. Eventually as interest grew I turned it into a business. UnOrthoDoc Candle Company started as a hobby that over time became a side hustle for me. A much smaller percentage of this number comes from the sales of digital products.

I have shared this to show that it is indeed possible to generate money from your blog. Even though I have had to do some work in generating this money, I consider some of this income passive since I don’t actively seek out sponsored posts and I get the benefit of a small commission from products I recommend because my readers get the benefit of purchasing said products at a discounted rate.

Blogging however is not easy and it’s certainly not for everyone. It requires you to work for free for a long time while you build up your audience. I have been writing o this blog since 2017 and was only able to start generating income from it in 2020 (excpet for the candle company).

How to Make Residual Income From Blogging

Some of you may not know this, but I have been blogging since 2008 and have had several blogs since. As an introvert, writing has always been my form of expression. My first several blogs ranged from inspirational and motivational pieces (perhaps because that’s what I needed for myself at the time) to chronicling my pre-dental and dental school experiences. It wasn’t until I was in dental school and approached by fellow students who expressed how my blog positively impacted their journey in applying to and getting accepted into dental school that I realized I was making an impact. That blog grew quite popular among pre-dental students and soon after different brands began reaching out to me for advertising space. At the time I knew nothing about calculating an advertising rate based on the analytics, metrics and reach of my platform. So I decided to charge each advertiser a flat monthly fee for the space and they gladly paid. Now I realize I was woefully undercharging.

The aim of any blog that I’ve started was never to make money from it but it sure is a plus since a lot of time and effort goes into planning and writing posts. Blogging has become very popular and quite a number of people have reached out to me asking questions on how to start a blog or how to monetize one. I’ll focus on ways to monetize a blog in this post.

One of the great things about a blogging side hustle is that there are endless possibilities. You can start a blog on any topic that you like. I’ve been blogging since 2008, and most of my blogs have fallen into areas that I consider hobbies. I will say this about blogging, don’t go into it with the sole purpose of making money. You will get bored of it and possibly find that it takes too much effort for the ROI. If you enjoy the topic that you’re writing about, blogging is a lot more fun and you’ll be more likely to stick with it.

There are a number of different ways you can go about making money from your blog:

1. Affiliate Income: You could promote products and offers as an affiliate and earn a commission for conversions. If you find a product or service that you like, you can link to it from your blog, and when people click and buy something from your link, you’ll get a small commission for referring them.

2. Create and sell your own product: This is a great way to monetize your blog, especially if your product fulfills a need or solves a problem. You can opt to sell physical or digital products so I decided to do both with my blog. The candle company has a special spot on the blog and is where most of the income for this platform is generated, followed by my “unorthodoc” apparel. I also produce digital products in the form of e-books, planners, and journals.

3. Publish sponsored content: Companies are interested in reaching your audience. Some companies will pay you to write product or service reviews. Be sure their brand is in line with your values because the content you write will be broadcasted to the masses. Others will provide content for you to place on your site at a cost so they can reach your audience. Be sure to thoroughly read and understand the content.

4. Sell a Course: As a blogger the more you know and can explain about a topic can make you an “expert”. If your blog is getting enough readers and visitors and they enjoy your content, they’re going to want more. Producing a course to give more detailed information is the way to go. The key is to provide helpful and insightful information to your audience beyond what you have written. There will be a segment of your followers who will happily buy the course you create.

5. Consulting: If you have a blog on a specific marketable topic/subject, you can offer yourself as a consultant for different businesses. Landing clients is the hardest part, but if the content on your blog is attracting the right people, it can be done.

Blogging presents a big upside, but to be honest it’s not for everyone. The potential to make good money and turn it into something bigger than a side hustle is there. However, the downside to blogging is that you’ll almost definitely need to put in a lot of work and effort before you start to make money. If you’re looking for a way to start making money right away, creating a blog is not your best option.

For great tips on how to start a blog, there are lots of resources on skillshare. I am a VIP member and I learn so much on a variety of topics. You can give it a try by signing up for a 7 day free trial, if you like it get 40% off your annual membership fee with this link.

How I Grew My Side Hustle By 300% During The Pandemic

A little Progress Everyday Adds Up to Big Results

If you know anything about me, you know that I always preach about passive income or having multiple streams of income. That coupled with my love for creating divinely scented candles kickstarted my desire to officially start my Candle Co. - UnOrthoDoc Candle Co.

I launched my candle company in June of 2018 and it has been a satisfying journey ever since. I am appreciative that people trust me enough to spend their resources purchasing my products and grateful to loyal customers who continuously show support through purchase or by spreading the word about my candles. What started as a passion project grew into a passive income stream.

I remember at the end of 2018 doing the income report and generating our profit & loss statement . It was a start but definitely not anything to call home about. I also remember my accountant mentioning that the income generated wasn’t enough to be called a business but more of a passion project, ouch. I took that as fuel to do better. In 2019 I doubled my efforts and spread the word about my candles more. I remember sending many free candles to dental offices and anyone I knew, just so they would have it in their hands, use it and hopefully see it’s value. I dabbled with the idea of attending fairs, festivals and symposiums but those ideas weren’t necessarily in line with the vision I had for my company. The vision for my candles are to become a fixture in homes and offices and become a mainstay in boutique dental offices around the country. Gotta think big!

With my efforts in 2019 also came the busyness of life - leadership roles at work, a very long daily commute, planning a wedding and life in general consumed a lot of my time. However, by the end of 2019 when doing our reports we had doubled our profits from the previous year, a whopping 100% growth.

Since 2020 began I decided to put even more focus on this business and worked on my marketing. Thanks to Skillshare, I was able to take courses that helped me to be more proficient in this area. I became more present on social media (Instagram, Facebook and Pinterest), utilized email marketing and word of mouth. By the end of Q1 of 2020 I made more from my side business than I did in all of 2019. The goal is to quadruple our 2019 profits by the end of this year.

All of this is possible with a little discipline, consistency and some strategy. If you have a desire to start a business or a side hustle you definitely can and should do it.

Here is How I Grew My Side Hustle:

1. Identifying Ideal Clients & Customers - Who is your target audience or Ideal customer? Who does your product serve? Answer these questions and you will have won half the battle. I started out thinking my ideal customer was going to be the 18-34 year old female that loves all things social media and self care so in the very beginning stages I spent most of my resources marketing to them. However, they weren’t the ones purchasing my products. It turns out that my ideal customer is the 30-60 year old female who values relationships, a personal touch and great customer service - many of which are not on popular social media channels like Instagram but favor Facebook, email or text message and thus my marketing shifted.

2. Being Consistent & Staying Fresh - There are so many things vying for our attention these days that not showing up is simply not an option. If you’re not present, showing up and being consistent for your customers they will not remember you. As the popular saying goes, “Out of sight, Out of mind.” I used to think posting consistently on social media, sending emails and reaching out to people to update them on products and sales were annoying. But I have come to realize that it is crucial. I am not saying inundate people with your content, but set up a system whereby you consistently show up. Perhaps that looks like posting to your social channels three times per week or sending out a weekly newsletter or monthly emails. Either way, you want to ensure that you are consistent. You also want to keep things fresh and not push the same exact thing, in the same way over and over. For my candle company it meant periodically revamping our fragrances, adding accessories to our store, introducing seasonal fragrances ( a scent for every season or occasion), adding pops of color to our normally classic white candles and offering discounts and free items to show appreciation.

3. Blogging - By creating content around your side hustle you are able to attract clients or customers who may also be interested in the product or service you are offering. For example, I have a blog where I often times speak on having a side hustle. I also offer my readers a Side Hustle Guide that can be downloaded for free, which comes with Side Hustle Ideas and 5 weekly emails that help the reader go from point A to point B in their side hustle journey. Throughout these posts and guides I make reference to my own journey with my Candle Company. My readers have not only gained valuable information on how to start a side hustle but have also become customers.

4. Collaboration - It is amazing the results that you get when you collaborate. Many people believe a collab has to be with “influencers,” or a large company backed by a PR group. Nothing could be further from the truth. Are there people you follow on social media who’s content, personality, product or service you love? Reach out to them and just ask the question. Collaboration comes in many forms and It’s a lot easier than you think.

5. Customer Service is KEY - It goes without saying, be kind, courteous and swift to respond to customer inquiries. I spend a fair amount of time responding to customer questions and reviews. If there is a question about a particular product, accessory or how to care for their candles we respond promptly and/ or direct them to resources accordingly. Every now and then we get customer requests for special orders which we try to accommodate. Our customers are why we are here and we earnestly thank them for their purchases and support.

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5 Ways to Invest in Real Estate

Real Estate Investing continues to be a hot topic of discussion especially among the financial independence community and those looking to build wealth. I firmly believe we are all budding entrepreneurs who seek to control our destiny, work for ourselves and feel good about making a difference in the world. Real estate investing is an excellent way to stretch one’s entrepreneurial muscles.

It wasn’t until I met my husband (then boyfriend) that I fully understood real estate investing or even cared about it. It was an area he was excited and passionate about and that I naturally (as the engaging and supportive partner) got excited about too. At the time he had a mixture of both residential and commercial properties that garnered significant income - the best part being it was passive income, or as he calls it mailbox money. That is, money that arrives in the mail or in your account that you don’t physically go to work for. FYI, it doesn’t come without its struggles but the reward can be life altering.

There are several ways to get involved in real estate. They include the purchase, ownership, management, rental and/or sale of real estate for profit.

THERE ARE GENERALLY FIVE LARGE CATEGORIES OF REAL ESTATE INVESTING:

1. Rental Property: Become a Landlord

   This is what most people think of when they hear the term real estate investing: You buy a house, rent it out and collect a paycheck each month. It sounds easy, but it comes with challenges. Finding a property with the perfect mix of location, the right price, higher-than-average rental rates, great tenants, etc is difficult. In addition to this, there are at times issues where tenants won’t pay rent, high taxes, foundation issues, etc and unless you hire a property management company you will be dealing with these yourself. In an ideal situation, a property appreciates over the course of the mortgage, leaving the landlord with a more valuable asset than he/she started with.

2. Real Estate Investment Groups

   Real estate investment groups are like small mutual funds that invest in rental properties. In a typical real estate investment group, a company buys or builds a set of apartment blocks or condos, then allow investors to purchase them through the company, thereby joining the group. A single investor can own one or multiple units of self-contained living space, but the company operating the investment group collectively manages all of the units, handling maintenance, advertising vacancies and interviewing tenants. In exchange for conducting these management tasks, the company takes a percentage of the monthly rent.

3. Real Estate Trading (Flipping)

   This typically involves buying a distressed property with the intention to refurbish it and sell it quickly for a profit. You have to buy low and sell high; you need to estimate closing costs, resale value and rehab costs carefully. From there, you’ll need to add your holding costs (insurance, property taxes, utilities, interest on the money if you’re borrowing it) and your cost to sell (typically 8%). This is for people with significant experience in real estate valuation and marketing. flipping houses has a shorter time period during which capital and effort are tied up in a property. But depending on market conditions, there can be significant returns, even in shorter time frames.

4. Real Estate Investment Trusts (REITs)

   A REIT is a company that owns and finances real estate properties. You, as an individual, can invest in that REIT and essentially be investing in real estate. This is a great option for someone who only wants portfolio exposure to real estate and is not looking for a side job

5. Crowdfunding

   What if there was a really great property for sale but it is too expensive for you alone to invest in? With crowdfunding platforms, you can invest in real estate by pooling funds and sharing the returns with other investors. Real estate crowdfunding is a passive investment; you won’t have to become a landlord, but you can still reap the rewards of real estate investing.

BONUS: If you’re a dentist going into practice ownership, it is very beneficial to own the commercial real estate of your practice - more on this in a letter post.

If you ever considered going into real estate investing but not sure what avenue to take, these are all great options to get involved. Remember, all investments have risks but its how you manage and mitigate those risks that make the difference. Take a look at these Real Estate Investing Tips before diving in.

This is the 6th and final article of the Investing Series. Click here for Part V, Part IV, Part III, Part II and Part I

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10 Side Hustle Ideas for Young Professionals

The ever increasing cost of living and educational tuition has given rise to hefty student loan debt for many new graduates. It is evident that we must become more financially aware and create more avenues to improve our financial stability. One term that has gained a lot of notoriety lately is the “side hustle”. Everyone seems to have one or are trying to figure out a way to get one. A side hustle is a way to produce extra income outside of your 9 to 5 job that will give you a bit of freedom to pursue your passions, purchase things you need or want, lower any financial worries or help you to become financially independent.

While the term may be new and trending, the concept of a “side hustle” has been around for a long time . I remember growing up and seeing my friends and family who had regular 9 to 5 jobs utilize their nights and weekends to make extra income. One worked at the local bank but baked cakes and catered out of her home on weekends, another operated an at home car wash on Saturdays. After graduating college I worked as a Chemistry Lab Tech and tutored Chemistry after hours and on weekends for $20 per hour. Truth be told it was with this “side hustle”income that enabled me to rent my first apartment in Washington DC, purchase furniture and have a small savings prior to starting dental school in 2010.

All side hustles aren’t created equal. There are some that will make you a little bit of money and others that can potentially produce enough to replace your 9 to 5 job . Either way, there are different types of side hustles that everyone can take advantage of. Here are some ideas:

1. Create a Blog

Blogging is a proven online business model and just might be the perfect side hustle. You can do it on your own time, build passive income streams, meet new people, build a network and ultimately unlock a lot of opportunity. There are a lot of individuals that are making a significant income from blogging. However, it does take time - you have to commit a certain percentage of your week to it. I like to call it my 6-10 (opposite of a 9 to 5). You also have to offer enormous amounts of value, be consistent, build an audience to begin the monetization process.

2. Advertising & Affiliate Marketing

Affiliate marketing is an extremely attractive industry. Income is produced through commission based marketing of another person’s or company’s products. Your followers represent a consumer market for the targeted brand. Many bloggers have been able to generate substantial revenue through affiliate marketing—and this trend doesn’t seem to be going away anytime soon.

3. Become an Brand Ambassador

A brand ambassador is a person who is hired by an organization or company to represent a brand in a positive light and by doing so help to increase brand awareness and sales. On social media, mainly Instagram, anyone can start a side hustle by becoming an influencer. You can build an Instagram following around anything such as your dog or even your photography. You can then monetize your Instagram account by doing sponsored posts, Instagram takeovers or selling products on your website. Tip: be sure that you believe in the product or brand that you’re advertising. For example, I’m a dentist and I really love Quip and Risewell products and regularly recommend them to my friends, family and patients - so I have no problem being their brand ambassador.

4. Freelance Writing/Services

If you’re looking for something relatively simple that can draw from your existing well of experience, you can’t go wrong with providing a service on a freelance basis. From web development to graphic design, writing or editing, there are countless opportunities for you to flex your creative muscles and earn a substantial side income. You can use sites like Upwork, Freelancer or Fivverr to advertise your services.

5. Start a Podcast

Podcasting is another great way to earn passive income and is becoming increasingly more popular. I personally listen to a lot of podcasts and I learn a lot from them all. Typically podcasts make money through sponsorship, advertising, affiliate marketing, coaching & consulting, public speaking events and many more.

6. Write an Ebook

You can write on an area of expertise or an area that you’re passionate about, turn it into an ebook and sell it. It costs nothing to produce but time. You can even go a step further and sell it as a paperback that earns you money only when it sells, removing much of the prior friction it took to get published.

7. Locum Tenens

For example, if you’re a dentist you can offer your services on off days or even on the weekends in someone else’s practice. Usually with a locum tenens position you can do as much or as little as you like. You can choose to do simple oral hygiene exams only or as much as a typical day at the office. Locum tenens positions usually do not require a contract and pays either a flat rate (per diem) or an hourly wage. I don’t know about you, but it doesn’t get much simpler than making an extra $600-$1000 per day checking behind the hygienist after they’ve done a prophylaxis treatment. I am sure there are avenues for other medical professionals.

8. Invest In Real Estate

You can purchase property, flip it and then sell it. You can purchase a home and use it as a rental. You can get into a commercial real estate venture as a fractional owner via crowdfunding. This allows you to put up a small percentage of the total cost and own a percentage of the property which entitles you to a equal percentage of the rental profits. Real Estate can be lucrative but remember nothing comes without risks. Do your research and consult a real estate professional for more information.

9. Rent Space In Your Home or on Airbnb

Airbnb has rapidly changed the game when it comes to options of where we stay when on vacation. More people than ever are choosing Airbnb for their hospitality needs instead of traditional hotels. If you have a spare bedroom in your home that your aren't using, instead of just using it as storage you can put a bed in it and a few other pieces of furniture and rent it out on Airbnb. If you don’t have a spare bedroom, you can consider renting your home when you go on vacation rather than having it sit empty. Additionally, you can purchase property and use them as Airbnb properties (another form of real estate investing).

10. Create a Product and Sell online

If you are creative and have developed a product, you can sell it on online and generate substantial income. If you have a website you can create a shopping page and sell the products there or sell via an e-commerce website such as Shopify or BigCommerce. Alternatively, you can sell crafts and hand-made items on Etsy. Download my FREE guide on how to turn your hobby into a lucrative side hustle.

Your side hustle can help you make some extra money each month and potentially replace your 9 to 5 income. It can also help you develop new skills, build your personal brand or portfolio and help you achieve more freedom. Take the risk by starting the business or pursuing that new hobby you’ve been curious about. A side hustle is your best opportunity to live life on your own terms. And with more money in your pocket, there’s nothing stopping you from making your dreams come true.

Some relevant podcasts that I listen to:

The Side Husle Show

Smart Passive Income

Side Hustle Pro

Side Hustle School

Some Side Hustle books I’ve read that I recommend:

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