Not too long ago, I quit Corporate America, sold my condo and moved across the country. In that order, within a month.
I gave everything away and left all my furniture. I took my favorite pair of heels though. Other than that, I shipped my car and gave away everything else.
It was time to start a new chapter. Being born and raised in Hawaii, I had enough of East Coast winters. So I picked Southern California as my new home.
Although, I didn't have another job lined and was just starting run my business, I was financially independent. Prior to resigning, I had replaced my corporate salary with side hustles, investments and other income streams.
Create multiple income streams.
Whether it's passively or actively earned, millionaires have an average of seven income streams. After all, having multiple income streams is one of the great keys to wealth.
There are many ways to have a side hustle these days. You don’t even have to start a business to do so.
This includes freelance writing to renting out your car. Investing in rental properties is a great way to create cash flow too.
Different Ways I Created Multiple Income Streams:
Guest write for wellness websites
Rent out my condo on Air BnB
Rented out my car
Invest in index funds
Sold digital products (courses, e-books)
Run a blog biz: NotABondGirl.com + PinfiniteMarketing.com
For years, I experimented with different types of side hustles. Eventually, I got to get a feel of what I enjoyed doing and let go of the activities that were not as enjoyable.
During my weekends, I taught yoga and wellness workshops at a local hospital. I also worked the front desk of a yoga studio at one point too.
There are many different methods to create passive income streams. The possibilities are endless! Currently, I earn passive income mainly from index fund investing.
Interested in creating passive income through index fund investing too?
You probably already know that the path to financial wealth is to have your money work for you. Investing in index funds allows your money to compound over time so that you can earn money while you sleep.
Not interested in stock picking and day trading? Want to sleep soundly at night despite the volatility of the markets? Me too.
Here’s how I minimize risks:
Diversify across different asset classes
Diversify within asset classes
Diversify across markets, countries and currencies
Diversify across time
What does it mean to be diversified across time?
I’m talking at least a ten year long term investment strategy. No jumping in and out of the market.
Even the top financial gurus are not able to predict the right time to buy stocks. By adding to my index fund portfolio systematically over months and years, I reduce my risk and increase returns over time.
Make money on Pinterest:
Got great ideas and content to share online? Overwhelmed by how the online space is so noisy?
Not too long ago, I was struggling to find my voice in a saturated social media world. I hustled and slept VERY little. Then I burned out.
What was I not seeing? I didn't want to throw money on ads that only brought in "likes" but zero sales.
After months of trial and error, I found that I was getting sales and clients through a counter-intuitive approach.
Get creative with ideas in this gig economy.
Are there any part-time opportunities that you may consider taking on in order to explore a different industry? Any fun side hustles you’ve been thinking about trying?
The gig economy centers around the concept of creating an income from short-term tasks. This encompasses those who are full-time independent contractors to those who moonlight by driving for Uber/Lyft several hours a week.
About to take the leap? Already resigned?
The trend toward a gig economy is real. A study by Intuit predicted that by 2020, 40 percent of American workers would be independent contractors.
If you are reading this blog in the future, you may already be like “duh, everyone I know is a #girlboss!”
Whether or not the study proves to be correct, the 9-5 lifestyle just might be a thing of the past for you.
If so, what would you do if you never had to step into the office for a full day ever again? How do you plan to replace your income in a gig economy?
Corporate Dropout to Entrepreneur: Replace Your Income in a Gig Economy
When it comes to being a dropout, there’s one thing I know for sure. It’s not as easy or glamorous as it seems on the surface.
Whether it’s dropping out of Corporate or college, there’s a lot of unknowns involved. They say fear of missing out (FOMO) is a real thing. Well fear of the unknown is also no joke.
For the rest of my story and to learn my money making strategies, access my free E-Book today!