My 7 Income Streams Allowed Me To Quit My Job | On The Side

Summary

Josh Elwood, a 28-year-old with a passion for family and financial freedom, shares his journey from a traditional engineering career to a diversified income entrepreneur. Earning over $189,000 last year through seven income streams, including a successful YouTube channel and Amazon store, Josh emphasizes the value of time over money. His story is a testament to the power of side hustles, the importance of work-life balance, and the pursuit of personal fulfillment.

Takeaways

• 🎓 Josh Elwood, at 28, earns over $189,000 annually, with 43% from YouTube alone.
• 🕒 He works a flexible schedule, Monday to Wednesday full days, and half day on Friday, with weekends off.
• 💼 Josh's income streams include YouTube, Amazon store, Patreon, Fiverr, affiliate marketing, rental property, and dividend payments.
• 🤝 He initially pursued engineering to gain societal success but later shifted his values towards family and personal fulfillment.
• 🏠 Josh's dream is to become a father and devote himself to family, influenced by his father's early passing and the value of time.
• 🚀 He started side hustles to accelerate debt payoff, with an initial investment in knockoff headphones on Amazon.
• 📈 After several failed attempts, he found success with iPhone cases and sports equipment, leading to debt repayment and business growth.
• 🌐 In 2020, he began YouTube to teach financial freedom through side hustles, which became a significant income source.
• 🍳 Josh enjoys cooking, seeing it as a way to bring joy to his family, and it reflects his newfound time freedom.
• 💭 He struggles with balancing business growth and personal time, aiming not to work excessive hours and maintain a fulfilling life.
• 🚀 Josh encourages others to bet on themselves and learn from failures, as his success was built on overcoming initial setbacks.

Q & A

What was Josh Elwood's primary motivation for shifting his focus from engineering to family?

Josh Elwood's primary motivation for shifting his focus from engineering to family was his realization of the importance of family time and his dream to become a father and devote himself to his family.

How many days a week does Josh Elwood work, and what are his working hours?

Josh Elwood works Monday through Wednesday, and half a day on Friday. He takes off Thursday, Saturday, and Sunday. He usually starts work at 8 a.m. and puts in between 4 to 6 hours a day on his working days.

What percentage of Josh's income comes from YouTube, and how much does it amount to annually?

43% of Josh's income comes from YouTube, which amounts to about $83,000 a year.

What are the other sources of income that Josh Elwood has mentioned?

Josh Elwood has mentioned several sources of income including an Amazon store, Patreon, Fiverr, affiliate marketing, rental property, and dividend payments.

How did Josh Elwood's work schedule change when he was working offshore?

When Josh Elwood was working offshore, he would work 12-hour days and seven days a week, which was a nonstop schedule.

What was the turning point for Josh to realize the importance of family time over work?

The turning point for Josh was when he worked offshore in the Gulf of Mexico and saw colleagues who lacked family time, expressing regret for missing out on their lives.

What was the initial investment Josh made in his Amazon business, and how did it start?

Josh's initial investment in his Amazon business was a little over $1,000 in knockoff headphones that came from overseas.

How did Josh Elwood pay off his debt and what was the role of his Amazon store in it?

Josh Elwood paid off his debt by focusing on his Amazon store, which started to profit from selling sports and outdoors equipment, leading to the payoff of all his debt.

Why did Josh decide to start a YouTube channel, and what is the content focus of his channel?

Josh decided to start a YouTube channel to share his knowledge and experiences with side hustles to teach others how to gain financial freedom and pay off debts.

What was the financial threshold Josh needed to reach in order to quit his job, and how much was it?

The financial threshold Josh needed to reach in order to quit his job was $3,400 after tax, which was the amount needed to sustain his lifestyle.

How does Josh Elwood view the balance between growing his businesses and maintaining his personal time?

Josh Elwood views the balance between growing his businesses and maintaining his personal time as crucial. He is cautious about not wanting to sacrifice his time and work excessive hours, aiming to understand when enough is enough.