How We Built 5 Income Streams & Quit Our Jobs Before 30
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- Опубліковано 29 бер 2020
- Over the past few years, Hanna and I have worked hard to create multiple streams of income. It's been a long journey with lots of ups and downs, but we've learned a ton and truly found out just how valuable multiple streams of income really are.
Watch Freedom In A Budget's video here: • How I Built 7 Streams ...
Most people recognize the stability that multiple income streams offer, but they don't always understand how much flexibility they provide. For us, flexibility is definitely the single greatest benefit to diversifying your income. This is what has allowed us to both quit normal 9to5 jobs and continue to bring in money in a variety of ways.
Over the years we've made money through selling candy, churning credit cards, teaching piano, tutoring math, internships, assistantships, UA-cam ads, freelance writing, affiliates, coaching, freelance marketing, and group classes.
There are tons of ways to make money from home and online these days, and hopefully, this video will inspire you to try a few things for yourself.
Books Mentioned (Affiliate Links)
Strengths Finder 2.0: amzn.to/2ULpa7Z
Quick Jump Sections
1:10 - Our 2014 Streams of Income
2:19 - Our 2015 Streams of Income
3:45 - Our 2016 Streams of Income
4:45 - Our 2017 Streams of Income
5:52 - Our 2018 Streams of Income
7:20 - Our 2019 Streams of Income
10:40 - Our 2020 Streams of Income
Full List Of Ways We've Made Money
- Selling Homemade Bread
- Selling Candy Bars
- Teaching Piano Lessons
- Tutoring
- Engineering Internships
- Scholarships
- Physical Therapy Assistantship
- Engineering At A Consulting Firm
- Travel Physical Therapy
- Credit Card Churning
- Freelance Writing
- Freelance Community Management
- Freelance Social Media Management
- Freelance Digital Marketing
- UA-cam Ads
- Affiliates
- Money Coaching
- Group Coaching Classes
#incomestreams #freedominabudget
______________________________
My Website: mappedoutmoney.com/
My Podcast: podcasts.apple.com/us/podcast...
Intro by: Ant Bandit / antbandit
FOLLOW ME
Facebook: / mappedoutmoney
Instagram: / mappedoutmoney
Twitter: / nickdtrue
PS: If you have an Amazon Alexa, I just launched a brand new daily flash briefing called 30 Second Money. It would mean the world to me if you checked it out in your Alexa app.
www.amazon.com/Thirty-Second-... - Навчання та стиль
Go watch Freedom In A Budget's video here: ua-cam.com/video/f33VyJ0ukVI/v-deo.html
Quick Jump Sections
1:10 - Our 2014 Streams of Income
2:19 - Our 2015 Streams of Income
3:45 - Our 2016 Streams of Income
4:45 - Our 2017 Streams of Income
5:52 - Our 2018 Streams of Income
7:20 - Our 2019 Streams of Income
10:40 - Our 2020 Streams of Income
Full List Of Ways We've Made Money
- Selling Homemade Bread
- Selling Candy Bars
- Teaching Piano Lessons
- Tutoring
- Engineering Internships
- Scholarships
- Physical Therapy Assistantship
- Engineering At A Consulting Firm
- Travel Physical Therapy
- Credit Card Churning
- Freelance Writing
- Freelance Community Management
- Freelance Social Media Management
- Freelance Digital Marketing
- UA-cam Ads
- Affiliates
- Money Coaching
- Group Coaching Classes
Love what you guys are doing!! Exactly the same path my wife and I are starting to go down, except we are in our early 40's. Really wish we wouldn't have waited so long to start working on multiple streams of income, but glad we are going down that path now. We have 5 kids, so hopefully we can get them on board with these concepts too and they can get started much earlier than we did!! Keep up the great work.
You guys are so cute together - aligned, supportive, authentic. How great to work together to develop your portfolio of incomes and life plan.
I appreciate how you guys work together. Thanks for sharing 👍🏿🌸
Great ideas! Thanks Nick and Hannah. BTW - did anyone else see the small dog on the table attempting to eat something in the Freedom In A Budget clip! That was great :) !
Hey Penny! Glad you enjoyed it! And I think that was actually Kelly’s cat haha pretty funny :)
Thank you so much for teaming up with me on this collab! Love hearing how you were able to grow your income streams and quit your jobs!!
Thanks Kelly! It was a ton of fun and your video idea was a good push for us to make a video we’ve been talking about. So thanks for coming up with the idea and letting us join in!
Hanna, I really like your comment about the importance of flexibility outweighing the stability of a full time job. The hubby and I are ~1 week from making the transition. Despite the number crunching in Excel (Nick: fist bump to you for the engineering Excel files. As a fellow engr, I appreciate it. Keep up the great work!), at times it feels scary.
Good luck y'all on making the transition! Glad you enjoyed the video and found the flexibility comment relatable :)
Thanks for sharing, and I really appreciate the timestamp links / overview.
Awesome. Glad that’s helpful for you!
Very impressive. I loved hearing that you used the Strengthsfinder as a tool. Been a big believer in it for years.
Thanks John, and yes, love the Strengthsfinder. It's been extremely helpful for us.
That book has been sitting on my shelf for years. Time to pull it out!
Great video! I think a lot of people expect to make money right away. Building multiple streams of income takes time! Hope you guys are safe & healthy.
Thanks y’all! Totally right. It takes time and a lot of patience. Y’all stay safe as well!
Awesome video! Really interesting that the blogging started generating income via freelance writing, rather than from the blog itself. I may have to keep that in mind for my own blog.
Totally! You can absolutely use your blog as a testimonial/living resume of your work and then use that to pitch your freelancing services. I think it's the quickest and most straight-forward way to make money.
Thank you, Nick and Hanna, for all your efforts to share great information :) I started your vids from "YNAB for beginners" and loved it since. Especially enjoyed this video as I too am working towards building my income streams. What drove you to build multiple income streams?
I have watched a few of your videos for getting started with YNAB and have found them super helpful. Thank you!! My question is do you have any tips for budgeting mortgage payments bi-weekly instead of monthly? Under the "create a goal" section I see the options for every "month" or "week" option and I currently have a goal for "Every week" and have accommodated by cutting our bi-weekly payments in half, but I would like to set the goal to "Every 2 weeks" because then it would fall with our paychecks and be much smoother budgeting. I appreciate any and all help!
I am an Electrical Engineer from the UK who never paid a penny for my education because at the time it was paid by the government. This allowed me to get well paid jobs without the worry about having to pay back any student debt. I like to think that my work contributed to a more efficient workforce and supported other jobs. I now live in Canada and managed to hold a well paid job that I enjoy. I have been fortunate to have travelled many places throughout the world on a single income
As always, great video guys! It was fun seeing your journey and how that is what makes it all worth it, the journey! Like others have said it’s hard for me to ever imagine being able to just drop my job, but it’s nice to dream haha
I like for awhile there you had double protection kind of, especially for times like this. The freelancing for small businesses might have shored up, but I’m sure you would have a lot more people for classes trying to buckle down on money and vise versa. When times are booming more freelance, people being more free with their spending aka less class participation 🤷🏻♂️ Just an observation that may or may not be true but I thought was interesting!
Hey thanks! Good to see you. Yeah, i think it's important to recognize that it takes time and a lot of patience. It was hard to imagine at first for us too, but with enough trial, error, learning, gumption, and a little luck along the way, it's very doable.
And yes, we've also been very conservative when leaving jobs. It's never been a jump off a cliff and build the airplane while falling thing... As for the freelancing, it just depends on the business. Some (not a ton) but some small businesses are thriving right now (think online retailers, home office equipment, home gym equipment, online learning platforms etc...) so it just depends on who you do freelance work for. But yes, your point stands that it's really important to have a variety of income sources and from different industries so that you can weather times like this. I have friends in the travel industry and talk about tough... it's real tough right now.
As always, thanks for watching!
You guys are inspirational! Love your channel!
Thanks Theresa! So glad you’re enjoying the videos!
I'm a recent subscriber here and already love the vibe. I've been using YNAB for a few years and saw one of Nick's videos about it.
This video is great because you two seem like real, down to earth people who I feel like I can relate to more than the "entrepreneurs" who post their hyped up videos of multiple streams of income.
You broke things down well and made everything seem possible for anyone to do and gave good ideas. Thank you so much!
I also love board games, Nick if you haven't heard of a game called Scythe I highly recommend it since it's very strategic!
Hey thanks Jacob! Really appreciate you watching and for the comment. Glad this felt more relatable and approachable. That was definitely our goal.
And I haven't played Scythe! I'll have to check that one out. Appreciate the recommendation :)
@@mappedoutmoney there is a digital version on steam of it, but the physical game is beautiful. Lots of strategies and analytical thinking involved!
Jacob Lindsey fantastic.
I’ll definitely check it out!
Great video! New to your channel today after hearing about you from Kelly. Looking forward to checking out your other videos.
Hey thanks Bel S, I appreciate you coming over and saying hey.
Hope you enjoy the videos, and let me know if there's ever anything I can do to help.
So glad you came over to Nick's channel! He has so many awesome videos, you will learn a lot!
Two major similarities between you and me. My name is also Nick AND I got my Mechanical Engineering degree back in 2011...kinda eerie. I also signed up for YNAB at the end of March, right around the time this video was released.
When you two mentioned the Strengths Finder 2.0 book and showed the cover, I told myself "I've seen that book before, but where?". After about 5 seconds, I ran over and looked on my bookshelf and...found the book. That's when the connection was made that I got this book from a former employer but never opened it up. Thanks to you two, I'll be cracking it open to find my strengths because I'm looking to switch careers and don't know exactly where to start.
With this video, you've gained a new subscriber. Thank you for the information you have put out, I look forward to watching and learning from you both.
haha, no way! What a small little world. I graduated with my degree in 2015. Crazy. Also glad to hear you're into YNAB and checking out the Strengths Finder 2.0. That book was very helpful for us and I find myself referring back to my strengths at least every couple of months to make sure I'm using them in the right way.
Totally understand the desire to switch careers (obviously lol). And I think the strengths finder is a great place to start.
I would also recommend checking out Chris Guillebeau's sidehustleschool.com/ podcast. I know you may be looking for something more than a side hustle, but his stuff was really helpful to me for just opening my eyes to what all is out there.
Good luck, and reach out if there's ever anything I can do to help!
Nick
@@mappedoutmoney YNAB has been amazing so far and I plan on using it consistently. The book will certainly come in handy over the next few days.
I checked out the website and have subscribed and downloaded the podcast in order to get some ideas going. It looks and sounds promising so thank you for the recommendation. I most certainly appreciate the offer to help, it means more than you'll ever know.
Nicholas Kalom glad to hear that man. Sounds like you’ve got the right attitude which counts for most of it.
Glad you hear you getting after it my friend.
Stay in touch. 👊
Yall make such a great team! I can't wait until the day when Jayme comes on board to help me with Freedom In A Budget!
Thanks! It’s been good working together. Excited for when Jayme is able to work with you as well, I think you’ll see just how helpful it is!
@@mappedoutmoney He'll be coming to FinCon I'll have to slip you a $20 to talk him into it! :)
Can't wait for the divorce video in the next few years when she money branches to some other beta simp.
How did you get the freelance digital marketing jobs? Did those companies find you or did you find them to do their marketing funnels?
Great Video! MappedOutMoney has been a great source of learning and inspiration for a while now. This Pandemic Crisis along with your video and lots of time on my hands has got me in search of adding a few new tricks to my toolkit. I would love to know more about how Hanna (and you) got so good at the editing, graphics and youtube pop-ups links. Any chance of a tutorial video around how you guys started and then learned the 'you tube' channel ropes? What software do you use? Did you just head in a direction you are passionate about, or did you research the market? How did you get involved in affiliation? and then how do you grow your audience? Thanks again for all the fun and engaging tutorials!
Hi there! New follower to Mapped Out Money. Loving your channel as I'm a big YNABer. Question: Have you guys been impacted with the YNAB affiliate as they transition to their new affiliate program/platform?
Hey! Good to see you here :) Yes, we have been affected for sure. Our amounts have gone down with their recent changes because I think we just get less people opting in now that we have a normal trial instead of the two free months.
Hopefully when they get their new platform figured out, it will be an increase instead of a decrease. But it's definitely been lower the past few months.
most people are scared to leave a job that they think is secure and go into the unknown so they stay at their jobs. but the way you did it wouldn't be jumping into the deep end and give them the confidence to try. i think having all your eggs in one basket isn't the way to go anymore. timely video and i hope it helps a lot of people.
Totally agreed Kari. Thanks for stopping by!
We definitely don’t like having all our eggs in one basket and like you said, we’re big fans of slowly building up over time rather than just jumping in.
I really admire you guys. I can’t imagine being able to do any of those things
Hey Freya, good to see you!
While you may not do the EXACT same things that we did, I do believe there are lots of ways to make extra money that can suit your strengths.
The reason our path worked for us is that we leaned into things that naturally made sense for what were good at.
I have zero doubt in my mind that you can make extra money using your skills and strengths, just have to find out what they are.
As for believing. Not sure If another book recommendation will help but the book Mindset by Carol Dweck was an amazing book for both me and hanna to truly believe that what we wanted to do was possible.
I’d love for you to check out that book Mindset. I think it would be extremely helpful for you because it’s honestly extremely helpful for everyone :)
Nick True - MappedOutMoney I’m adding it to my list of things to read! I’m reading some Buddhist books atm as going through a bad anxiety phase rn but always happy to follow your advice of course!
Totally get it.
Hang in there Freya, and please, don’t hesitate to reach out and email me if there’s ever anything I can do to help help.
Nick True - MappedOutMoney thanks! I might reach out to update you eventually on how are things here! Still using YNAB even though is looking grim!!!! (If you need a spanish translator I’m happy to hustle for you, you got my email :) )
🤣😂 That hamburger helper comment tho👏🏻 #relatable 😂😂
Hahaha no joke. I wish we had a picture. It was INSANE! #publixhardcorecouponing haha
Awesome!
Thanks Tomas!
I signed up with YNAB but im still in the trial period. How do I give you guys credit so you get your cut?
Sometimes you can email YNAB support and ask them. But unfortunately no easy way to do the links.
We do appreciate that though!
I'm an engineer and i never got any scholarships :(. got a couple grants though which helped me get through last couple years
Totally get that Shaun, a lot of scholarships can also be dependent on the school you went to and how competitive or not the area you're in is. Appreciate you watching though!
Let's gooooo! You guys are the best! So proud of you and not surprised one bit to see how things are advancing for you. Two things you may not have mentioned that I get to share because I worked with you. 1) You are SUCH a servant. 2) You are super intentional. Thanks for being you and thanks for getting us started with YNAB. It has truly been a game-changer and is a huge reason as to why we are now considering real estate as a very near future investment too! All love to you and Hanna!
Dude!! So good to see you. Hope you're going well. Really appreciate you saying that and stopping by to watch the video. It was a pleasure working with you buddy. Definitely interested to hear more about your real estate investment plans!
I'm curious how you transitioned from "full time job" sponsored health insurance to paying for personal insurance. Affording insurance is the main reason I haven't left my FT job yet even though I'm miserable there.
I love your videos, btw. I have always been interested but confused by personal finance. The YNAB app has flipped a switch for me though, and I'm obsessed. Your videos are the best! I hope you and Hanna got your kayaks!
How do I get the access code to the strength 2.0 book, I got the audible book but it does not have access code to complete the assessment
That’s odd. I’m not sure about the audible. I got the physical version. If you go to Gallups website, you can buy a test directly there which is what I did. I’m not sure if the assessment comes with the audible version or not.
@@mappedoutmoney ok, love your videos sir, I got YNAB a couple of weeks ago which is a game changer and then was watching budget nerds which is awesome and they had you on there and now I’m hooked on your videos great knowledge of personal finance and making extra income
And it all started after reading I will teach you to be rich, which is another game changer of knowledge and wisdom
@@domesticateddad-mr6pk That's awesome! I so appreciate you sharing that and glad you've really enjoyed the videos. I love IWT - that book changed my life when I read it.
Glad you're here!
Any opportunity for ‘remote’ mechanical engineering consulting? Say, In MEP? Or with LEED certification?
Potentially, I was in the power industry and it required LOTS of travel (flying all over) and really didn’t lend itself to living in an RV and traveling like we do.
But I’m sure there are some jobs that can be done remotely as an engineer. Ultimately I wanted a career change and that was a big motivation for the path we chose.
Nick True - MappedOutMoney - yeah, I flipped careers from a Chem E to a Landscape Architect (wanted to be a Golf Course Architect). It was radical, and not at all seamless. But currently, at times, do consult with independent engineers on projects for electrical service and structural engineering, drainage too. LEED mostly involves buildings, but I could see an MEP engineer specializing in LEED to consult with clients on navigating the LEED process, for instance. Most MEP firms now do that too, so it might be tougher to crack into that revenue stream on large projects.
Nice! That's awesome Ronald. Congrats on the move, I know there's nothing seamless about that. That's cool you've been able to continue consulting. It's nice to have a few different ways to make money like that outside of your main thing. I can definitely see what you're saying, especially on smaller projects like you mentioned.
Would you say you've fully replaced your engineering income? And how come you left? As an electrical engineer just getting into this whole FIRE movement, I don't really see myself leaving my job. I make too much money for the actual amount of work i do. But maybe its cuz i'm a city employee and everythings a bit slower compared to when i was in the private sector.
Anyways, I'm going to go try and find the video on freelance writing. That's one of my goals for the year to start a blog and eventually turn it into an income stream.
Hey Shaun! Yes, we have completely replaced it.
For context, I used to make $70k/year as an engineer and now surpassed that by a good margin.
As for why I left, two main reasons:
1. I didn't like it. Simple as that. I got the degree because I was good at math and that's what you were "supposed" to do. So that's what I did really without questioning it. But once I actually started paying attention to the field, and what I was doing, I just wasn't that interested and had a lot of other interests.
2. I really like business. Not just finance, but specifically building businesses. I've been making money and trying business since I was a little kid and that engineering job was the first time I had a "normal" job in my whole life. I realized quickly, I'm not cut out for the 9to5 life. I really wanted to be the owner and grow a business.
But if you like your job, dude that's great! You should totally stay. Engineering can be a great field and I have a lot of friends who LOVE what they do. I wish I could say I did, but I didn't. So by all means, if it makes sense, you should stay. Not everyone should quit their job.
However, if you're into FIRE and diversifying income alongside your job, I still think that's super smart.
Here's my video about how I got started freelancing: ua-cam.com/video/_BZm_V0ucYs/v-deo.html
Hope that helps!
@@mappedoutmoney I've actually been questioning on whether or not I really like what I do. Similarly I chose engineering because I was good at math, and liked building things. When I was younger I pictured myself doing something with renewables, and now I work in utilities. At least in my current department I don't even like what I do (it's project management), I'd prefer to be out in the field doing testing or something with the renewable generation, and planning on transferring departments. But throughout school I was never one of those guys that would go to the engineering club or do crazy projects. So I suppose the bottom line is being an engineer is something I'd rather do, but part of that is simply the income. If all things being equal, would I prefer to just travel and collect dividends, rent, and affiliate income? Yes
I guess it comes down to at what point would it make sense to leave my job? If you don't mind me asking, at what point did you leave? Were you already making close to your income level? And did you already own a house outright?
Sorry for the novel haha. I guess i just need to take it one day a time. Going to start with the blog and see how it goes!
Hey all good questions and good thoughts to think about before making a call.
If you’re interested check out this interview I did on choosefi where I share our story: www.choosefi.com/fi-lifestyle-before-fi-number/
But the short answer is no. I was only making around $1000/month when I left. But my wife had just started her full time job so now she was making plenty of money to support us.
My freelancing was basically making enough that we felt if I could work on it full time and not spend 60hrs/week engineering then we could grow it quickly.
It took me 8 months to replace my engineering income after I was full time on it.
As for the home no. And we still don’t own a home or have a mortgage. Right now we own our two vehicles and our Airstream outright. And obviously have our investments. But we live off of our business.
Hope that makes sense and happy to answer whatever and help however I can!
Hanna, Does your twin sister play Jenna on The Office ?
...Good YNAB vids... ~liked ~subd
Don't matter how many income streams you have. You could have 100+ stream. How much money PROFIT are you bringing in?
tomtesting99 good question!
We currently run at 70% gross profit.
So we pay our own salaries and have profit left out of the 70%.
The first 30% goes to operating costs and taxes.
With a girl that loves me I can also achieve everything. The secret is, most people are lied to and alone.
How the woman can stand the face full of hairs?
She loves it :)