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Money Motivation Saving Money

How to Build Multiple Streams of Income

Most people in their 20s and 30s only have one source of income. 2020 is a bit of a wake up call for many people. You can’t rely on one source of income anymore. 

Today I’m showing you how I built 7 income streams that bring in over $10,000 a month. I’ll break down each income stream and show you how you can do this as well! 

Importance of multiple streams of income 

I’ve learned that I need to bring in money from more than one source. What if we lose our jobs or get a huge pay cut like we did last week? We don’t and cannot rely solely on our day jobs. 

I’m learning about investing and one of the biggest lessons is the importance of having a diversified portfolio. Just like having a diversified portfolio is key with my investing, it’s just as important to be diversified in your income streams. In other words: ‘Don’t put all your eggs in one basket!’

Active Income vs Passive Income

Before we dig into the importance of multiple streams of income, I want to talk about the two different types of income. They are active income and passive income. Active income is income that you have to currently work for to get paid. In other words, if the work isn’t done, there is no paycheck. Passive income is work that you complete once and continue to get paid months and sometimes years later over and over again. 

For example: Creating one YouTube video takes me about 8-10 hours of work. I get paid through adsense revenue. Initially this is active income; however, I only create the video once. Years down the road that video will still get views that I get paid for. This YouTube video then turns into passive income. 

Now, let’s jump into multiple income streams!

1. Day Job

Your day job is your primary source of income.  This source of income pays the bills, helps pay off debt or elevates your savings and retirement investments. No matter how much money you are bringing in from your 9-5, think of it as a ‘fund’ to propel your bigger financial goals. With your “typical” job, there is a cap to how much money you can make if you are salary based or hourly based. For instance, I know that there is only a certain amount of money that I will ever be able to make in my role in the current company I am employed with. In order to make more money at my day job, I will have to get a different role or I will have to leave the company. 

Jayme and I bring home between $7,000-$8,000 a month from our day jobs depending on the overtime I’m able to work. Unfortunately, because of Covid-19 and the 2020 recession, Jayme will be getting a $20,000 pay cut. 

We knew that this could be coming, but it was still a hard blow to take. Click here to watch how we are managing the $20,000 pay cut and actionable tips you can take if you are going through a similar financial crisis.

2. Investments

I want to be clear that we are not relying on investments as a form of income… right now. The income we make from buying low and selling high goes right back into the stock market. The income you make off of your investments are called dividends and the goal is to live comfortably off of them when you retire. Investing is a long-term game and a strategic way to increase your revenue stream — just remember that it is not an immediate paycheck in your pocket. 

Today I’m showing you how I built 7 income streams that bring in over $10,000 a month. I’ll break down each income stream and show you how you can do this as well!

3. YouTube & Blog 

• Ad Revenue 

Every time an ad plays on my channel, I make 55% of the revenue and Youtube takes 45%. Unfortunately, ad revenue is not consistent for me. I make an average of $500 per month in ad revenue. Some months, like December, my ad income can reach upwards of $1,400. Other months, my ad revenue can be abismal. I like to think of it as a ‘seasonal’ source of money. With Coronavirus, advisors have already dropped their rates on what they pay per view. 

• Sponsorships

I’m extremely picky about what brands I partner with and do extensive research on the company before agreeing to do a sponsorship. I receive at least 20 emails a day from companies wanting me to do sponsorships. While this is also not a ‘guaranteed’ source of income, when I do agree to partner with a company and/or brand I charge between $500-1000 a video. 

4. Affiliate income 

Essentially affiliate marketing is when you partner with a brand or company and they offer your audience deals for when they are interested in a product. If your audience clicks on a link or purchases from the partnered company, you get a ‘kick back.’ At Freedom In A Budget I partner with companies like Amazon, Robinhood, Fetch Rewards and more. If you, my audience member is interested in what they’re doing and you are referred from a link on my website or YouTube channel, I get money! Here are some of my top affiliates:

Fetch Rewards

M1 Finance




I use two affiliate networks that help connect me with brands interested in programs like this. If you are looking to get into affiliate marketing, I recommend using Aragon Premium and Flex Offers. 

5. Coaching

I never expected to make money coaching others on how to do well with their finances and  YouTube channels. Yet, here we are. I average four to five coaching clients per month and I truly enjoy doing this type of work. Helping people has always been a passion of mine and when it comes to personal finances and spreading that message via YouTube, why wouldn’t I love collecting a paycheck? This work is the epitome of active income, but nevertheless, it is a source of money at the end of each month.

6. Own Products

On the opposite end of the spectrum, Etsy and web courses are extremely passive income. I create an Etsy printable product or an eCourse once and people will purchase this for years to come. It’s not a snap of the finger to create these types of offerings. It takes time and dedication, especially for a full blown course; however, the up front time-cost is mitigated over years and pays for itself in the long run.

7. Interest  

The average savings account at a brick and mortar store is 0.01-0.06%. Another, smarter option, is to save your money in a high yield savings account like CIT Bank that has an  interest of 1.7%. I earn about $120 a month in interest from my sinking funds and emergency fund. Since I do have to pay taxes on it I do count it as revenue. If you aren’t taking advantage of one of these high interest savings accounts, you are losing money! Check out Nerdwallet for the most up-to-date savings rates at different banks and savings accounts you can sign up for.

Next steps. 

• Most of you want to know how you can increase your sources of income so you aren’t reliant on only 1 or 2 sources.

• If you lose your job then you have nothing to fall back on.

• It’s not like how it used to be where you get a job and you have that job for 30-40.

• Now, one of the quickest ways to increase your income is to job hop. People are changing jobs and careers every few years.

Don’t try them all at once, build them one or two at a time. It will get sloppy and they won’t be SOLID. 

You will need to replace income sources as needed. It is very likely that they will not last forever.  There have been many times that I’ve tried a new source of income and it doesn’t work. 

I am not reliant on only ONE source of income, they are diversified. 

Ways I save money:

Here at Freedom In A Budget, I am all about saving money! Here are some of the EASY ways that I save money:

Fetch Rewards is a free grocery savings app that rewards you just for snapping pictures of your receipts. That’s really it. Free gift cards on groceries on thousands of products every day, no matter where you get your groceries. Just scan your receipts and get gift cards from places like Amazon, Starbucks, Target, Ulta, Applebees. Use code QHKBH to earn 2,000 points ($2)!

Rakuten/Ebates: Rakuten is my to go way to earn Cash Back from over 2,500 stores like Macy’s, Amazon, Sephora, Walmart and much more. Join Rakuten today for free, and you’ll get a $10 Cash Bonus to get you started! Every three months, you’ll get a Big Fat Check in the mail or a PayPal payment just for shopping. 

CIT Bank offers CDs and high yield savings accounts that provide a safe, secure way to grow your savings. With the CIT Bank No-Penalty CD, you get the security of an 11 month CD with no withdrawal penalty seven days or later after funds have been received. 

M1 Finance is an easy to use brokerage platform that allows you to invest in Fractional Shares and auto reinvest!

Webull Get 2 Free Stocks on WeBull when you deposit $100 (Valued up to $1400).

Honey: Stop wasting money- Honey finds you the Internet’s best discount codes. 

Budget Templates: Excel budget templates with pre-populated categories and formulas to keep you on track with hitting your financial goals.

Today I’m showing you how I built 7 income streams that bring in over $10,000 a month. I’ll break down each income stream and show you how you can do this as well!
  Some of the links in this article are "affiliate links", a link with a special tracking code. This means if you click on an affiliate link and purchase the item, we will receive an affiliate commission. The price of the item is the same whether it is an affiliate link or not. Regardless, we only recommend products or services we believe will add value to our readers. By using the affiliate links, you are helping support our Website, and we genuinely appreciate your support.

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