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How I Make $15,000 Per Month With Three Side Hustles

by Florin about a month ago in personal finance
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Approximately seven revenue streams are generated by the average billionaire. This indicates that in order to earn large amounts of money, you must be diversified and generate income from several various sources.

1. Rental income.

As an owner-occupied real estate investor, I purchased my first piece of property in 2019, a three-unit multi-family building. I acquired the property using the house hacking technique, which I learned from a real estate mentor.

As it turned out, when I purchased the property, there was also a cottage on the property that needed to be completely redone; it basically had only plumbing and electrical and nothing else, so I ended up investing about $50,000 in remodeling it and turning it into an additional rental, effectively converting this property from a three-unit multi-family property to a four-unit multi-family property, effectively doubling the size of my investment.

As soon as I finished making all of the necessary upgrades to the cottage, I refinanced it from an FHA loan to a conventional loan, resulting in a significant decrease in my monthly mortgage payment. My decision to completely rent out the property also meant that all four of my apartments were fully rented, and I now have a place to call home in New York. While I’m in Miami, my primary house is in New York City, which is where I spend most of my time throughout the year and where I file my taxes.

It costs $2500 per month to make the mortgage payment on this four-unit multi-family property, but the rental income from those apartments is $3,575 per month. As a result, the property is now cash flow positive by about one thousand dollars per month. However, it’s important to realize that my rental income covers my entire mortgage payment, and I still have that one thousand dollar surplus, but it’s just about one thousand dollars out of every single one of my mortgage payments.

2. Investing in dividends paying stocks

As a result of the pandemic in 2020, I made significant investments in dividend-paying companies, amassing a dividend stock portfolio worth approximately $200,000 at the time of the epidemic’s outbreak.

My holdings have now been substantially reduced, and the proceeds have been reinvested in other firms. Besides that, I’ve invested a significant amount of money in a number of smaller-cap and specialty businesses, the most notable of which is genius brands, which has shown to be incredibly beneficial over time.

As a result of my investment in glp, a little piece of my dividend stock exposure has remained (global partners).

Right now, it’s worth roughly $50,000, and as a result of being in this scenario, I’m actually in the green, which is rather wonderful. A limited partnership that is involved in the oil and gas business as well as the operation of convenience stores throughout the northeastern United States Another reason I like this company is because of their new all-town fresh convenience stores, many of which have opened in my neck of the woods in upstate New York, making this a significant investment in my largest dividend holding.

As previously stated, this is one of the reasons I appreciate this company. Given the high dividend yield of about 10% offered by this company, I may expect to earn just under $5,000 in dividend income each year from this investment, which is a significant return on my investment.

You should start with the YouTube channel as a starting point.

YouTube provides me with income in the form of Google Adsense revenue, affiliate commissions, and sponsorships, all of which are generated through the channel.

My full-time commitment to this YouTube channel began in June of 2017, and I’ve worked hard to diversify into many different online revenue streams as well as some offline revenue streams in order to ensure that, if something were to happen to my channel, I would be largely unaffected due to the fact that I have many other revenue streams to fall back on since then. If something were to happen to my channel, I would hope to be largely unaffected because I have a plethora of other cash streams to which I could turn for support.

The fact that I’ve been doing YouTube for more than five years now means that I’ve built up an impressively consistent money stream. Even if things are currently looking positive for me, I’ve always questioned if YouTube channels like mine are constructed on shoddy foundations, where a change in the algorithm may essentially block your channel from being seen by other users. To our delight, this has not yet occurred.

Unfortunately, I do not have any financial data on the amount of revenue generated through this channel, therefore I cannot provide particular details. This channel generates more than $10,000 in revenue each month on a consistent basis, month after month.

personal finance

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Florin

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