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.

Outlines

00:00

🔧 Shifting Priorities: From Engineering to Family and Side Hustles

Josh Elwood, a 28-year-old with an engineering background, shares his journey of realizing the importance of family over his demanding job. He details his transition from a traditional 40-hour workweek to a more flexible schedule, allowing him to pursue multiple income streams. Josh's income is diversified through YouTube, Amazon store, Patreon, Fiverr, affiliate marketing, rental property, and dividend payments, with YouTube being his primary source. He reflects on the sacrifices he made in his early career, including the physical and emotional toll of offshore work, which led him to value time with family over a high-income career. His motivation for starting side hustles was to accelerate debt payoff, and he shares his initial struggles and eventual success with his Amazon business, which helped him become debt-free.

05:00

🚀 Embracing Risk and Pursuing Passions

Josh discusses his decision to leave his secure engineering job to focus on his side hustles, despite the doubts and risks involved. He emphasizes the importance of betting on oneself and the value of learning from failures. In 2022, he decided to focus more on YouTube and content creation, finding fulfillment in teaching and helping others achieve financial freedom. Josh also explores his newfound love for cooking, which has become a way to strengthen family bonds. He contemplates the idea of opening a brick and mortar store for more direct community impact. Josh grapples with the balance between business growth and personal time, advocating for the importance of knowing when 'enough is enough.' He concludes with advice for those seeking freedom and success, encouraging them to take risks and learn from failures.

Keywords

💡Engineering job

An engineering job typically refers to a profession where an individual applies scientific and mathematical principles to design, develop, and maintain various structures, systems, and processes. In the context of the video, the speaker initially pursued an engineering job post-college with the expectation of societal success and financial rewards. However, over time, the speaker's priorities shifted towards family and personal fulfillment, leading to a change in career focus.

💡Shift in values

A shift in values refers to a change in one's principles, priorities, or the things that are considered important in life. The speaker in the video discusses how his values evolved from seeking professional success to valuing family time and personal fulfillment. This shift was a driving force behind his decision to change his work-life balance and pursue multiple income streams.

💡Side hustles

Side hustles are additional jobs or ventures outside of one's primary occupation, often pursued to earn extra income or to explore new interests. The speaker used side hustles as a means to accelerate his debt payoff and eventually transitioned to focusing on them full-time. Examples from the script include starting an Amazon store, creating content on YouTube, and engaging in affiliate marketing.

💡Financial freedom

Financial freedom is the state of having sufficient personal wealth to live comfortably without having to work actively for basic necessities. It is a central theme in the video, as the speaker's pursuit of multiple income streams was driven by the desire for financial independence, which would allow him to prioritize his family and personal life over a traditional 9-to-5 job.

💡Debt payoff

Debt payoff refers to the process of clearing all outstanding debts, which can provide financial relief and freedom. The speaker had $40,000 in debt, which he aimed to pay off before investing in his businesses. This was a significant step in his journey towards financial independence and is a common goal for many individuals seeking to improve their financial stability.

💡Amazon store

An Amazon store is an online retail presence on the Amazon platform where sellers can list and sell their products. The speaker's Amazon store was one of his initial side hustles, through which he learned about product demand and eventually turned a profit. It exemplifies the entrepreneurial spirit and the challenges of e-commerce within the narrative of the video.

💡Patreon

Patreon is a crowdfunding platform where creators can offer exclusive content to subscribers, or 'patrons,' who pay a monthly fee. The speaker earned over $33,000 on Patreon, which highlights the potential for content creators to generate income through community support and the value of cultivating a loyal audience.

💡Fiverr

Fiverr is an online marketplace where freelancers offer services in various categories, such as writing, design, and programming. The speaker made just over $29,000 on Fiverr, illustrating the platform's role in enabling individuals to monetize their skills and talents through freelance work.

💡Affiliate marketing

Affiliate marketing is a performance-based marketing strategy where affiliates earn a commission for promoting and driving sales to a company's products or services. The speaker's $29,000 income from affiliate marketing demonstrates the potential for passive income generation through strategic partnerships and online promotion.

💡Rental property

A rental property is real estate that is purchased with the intention of generating income from renting it out. The speaker's rental property provided a steady cash flow of over $1,200, showcasing the potential of real estate investments to provide passive income and contribute to financial security.

💡Dividend payments

Dividend payments are the distributions of a portion of a company's earnings, paid out to its shareholders. The speaker made $639 from dividend payments, indicating that he diversified his income streams to include investment income, which can provide a reliable and recurring source of earnings.

Highlights

Josh Elwood's shift in values from career success to family time

Josh's dream of becoming a father and devoting himself to family

Josh's income streams: earning over $189,000 from seven sources in the previous year

Work schedule: Monday to Wednesday, half-day on Friday, with weekends off

43% of income from YouTube, totaling around $83,000 annually

Profits from Amazon store, Patreon, Fiverr, affiliate marketing, rental property, and dividends

Josh's initial motivation for success was to impress peers and gain societal approval

Experience of long work hours both onshore and offshore in the Gulf of Mexico

Realization of the importance of family time over work

Influence of Josh's father's passing on his perspective on the value of time

Initiation of side hustles to accelerate debt payoff

Initial investment in Amazon business with knockoff headphones

Learning from failures in product selection on Amazon

Shift to selling sports and outdoors equipment on Amazon

Paying off all debt with profits from the Amazon store

Exploration of additional income streams beyond Amazon

Starting a YouTube channel to teach financial freedom through side hustles

Decision to quit the engineering job in February 2021

Internal struggle with the decision to leave a stable job for side hustles

Balancing multiple income streams and the value of time

Transition from Amazon and rental properties to focus on YouTube and content creation

Josh's newfound love for cooking and the joy it brings to his family

Desire to create a local business for direct community impact

Struggle with managing time versus business growth

Finding the right balance between financial goals and personal time

Advice to others: bet on yourself and learn from failures

Transcripts

When I received my first engineering job out of

college, there was a lot of excitement.

Over time, I think my job and my values started to

shift towards the time and towards family.

I realized that, you know, my dream is to become a

father one day. My dream is to have a family and to

devote myself to that, because at the end of the

day, that's all that truly matters.

My name is Josh Elwood.

I am 28 years old and I brought in over $189,000

through seven streams of income last year.

I work Monday through Wednesday. I take off

Thursday, Saturday, Sunday, and I also work a half a day

on Friday. As far as my work schedule, I usually get

up around 7 a.m.

and I don't start work until 8 a.m.

and I typically put in anywhere between 4 to 6

hours a day on those days that I'm working.

43% of my income comes from YouTube alone, which amounts

to about $83,000 a year.

My Amazon store brought in just under $14,000 last

year profit. I made just over $33,000 on Patreon.

Just over $29,000 on Fiverr .

$29,000 from affiliate marketing.

My cash flow for my rental property was just over

$1,200 and I made $639 from dividend payments.

Throughout college. I wanted to be successful

mainly for my peers. It wasn't really what I wanted

to do, but I knew that if I was an engineer, I'd be

successful in society's eyes.

I would make a lot of money. I'd have a good life

and grow old with a nice pension.

When I was working onshore, I'd work a normal 40 to 45

hour week, and then when I was working offshore,

there'd be 12 hour days and you'd work seven days a

week. It was really nonstop.

I was working offshore in the Gulf of Mexico, and so

there were some individuals that I worked directly with

out there that their family time was lacking.

And they even told me that that they really missed out

on their life. I think that was the moment when I

realized what this leadership role that I'd

eventually progress to, I would be in a very similar

situation. I would be traveling a lot more, I'd be

spending more time at work versus with my family.

It just came down to that emotional value of my time.

That's what I need to chase after. Unfortunately, when I

was three years old, my father passed away due to a

sudden heart attack.

So it was something that I grew up with and I

understood how valuable that time aspect actually is

instead of just money.

The largest factor of why I wanted to start these side

hustles, other than just the fulfillment that I

gained from it, was to accelerate my debt payoff.

So in total, I had about $40,000 in debt to pay off

before I could really start investing into my

businesses. My first investment in my Amazon

business were these knockoff headphones I would

call them at the time.

They would come from overseas, and I invested a

little over $1,000 into them.

I tried to sell 7 to 8 different products.

All of them ended up failing. Selling on Amazon

is extremely difficult.

You spend hours and hours a day really looking through

all these different product niches to see what's in

demand and what's trending upward in consumer demand.

And that gave me that aha moment and that motivation

that I could turn this into something that actually can

produce income. After those iPhone cases, I focused on

selling sports and outdoors equipment.

Once I really started profiting off my Amazon

store, I actually ended up paying off all my debt.

I still wanted to create another side hustle because

I was having so much fun doing this.

So I started looking into other income streams, and

that's when I found out on YouTube in February of 2020,

I decided that it would be a good idea if I could

actually take all this knowledge and all of these

mistakes that I made throughout my journey with

my side hustles and to teach others how to actually

gain financial freedom and to pay off your debts using

side hustles. I'm looking for a consistent trend

upward to make sure that there's going to be a demand

and it can forecast future demand.

So I realized that I could quit my job in February of

2021. I was making, I think, $3,400 after tax, and

that was exactly the amount that I needed to sustain my

lifestyle as is.

At that moment I was only devoting maybe 10 hours a

week towards my side hustles, and if I could put

in an entire 40 hour week, I could just imagine what I

could actually grow that to. There's a lot of

questioning my decisions in my own internal self.

Is this the right move, Josh? You worked so hard for

this for years and years in college.

You've got a great job and now you're just going to

basically give it all away.

So there was that doubt in my mind, but at the same

time I was willing to bet on myself that I could make

this work. And being in my mid-twenties I thought that

this was the best time since I didn't have any

dependents. I did not have a family yet.

This was the best time to take this risk and if it

didn't work out, I could always jump back in.

Obviously with seven income streams, it can become a

lot. Throughout 2022, I realized that my time is

much more valuable if I can give that to my students and

people that I'm teaching, and I honestly gain a lot

more fulfillment in that.

So for 2022, I am straying a little bit away from

Amazon and through my rental properties and

focusing more on YouTube and content creation.

I just really started to love cooking ever since the

pandemic, and as I started to gain more time for my

businesses.

And what I love most about cooking, obviously the

food, but the second thing I'd have to say is just

being able to see the smile on my wife's face or my

mom's face when I cook her something great.

Just seeing that treasure and that value is just

awesome. Cheers to making it happen.

Cheers! Good ball.

Right. Nice and straight. All right.

Yep. Now I have an abundance of time that I can

devote to them and to really strengthen our family

relationships.

If I were able to create a brick and mortar store or a

local business here where I live, I think that would

give me that sense of fulfillment, of actually

seeing how I can help someone, one and one, versus

just doing everything online where I don't

necessarily see them unless it's through a digital

format. I'm really looking forward to that.

What I really struggle with now is battling my own time

versus that growth. I want to obviously grow in certain

areas, but I also do not want to sacrifice my time

and work 40 to 60 hour weeks.

I think it's very important to understand when enough is

enough, whether that's financially related or

related to your time.

I found that balance over the past year of my income

of where I wanted to be and also the growth in the

exposure that I have with my brand and my businesses.

I would say if you're looking to gain more freedom

and to really find that career or that side hustle

that ticks the box for you, I would say don't be afraid

to bet on yourself.

And also that success is always surrounded by

failure. The only way that I was able to make it here

is because of those failures and learning from

those mistakes.