So I have been blessed to recently pay off my car loan, which was originally $14,500, 4 years ago. Super happy to get over with that.
Now onto the bigger elephant, my student loans.
I have my full-time income, but I also have a side business that brings in extra income. I might try to add a third source of income, to help me pay down this debt quicker.
My side business is mostly passive, and averages, $1,700 a month of income.
But I’m trying to think of ideas, to add more income, just for a short time.
Here’s what I’m contemplating:
- Selling a product on Etsy or my own store
- Offering personal finance consulting
- Creating an online course
Etsy idea. So I have a 3d printer coming to my house in a month. But I already have some product ideas that I would like to offer on Etsy, or my own personal shop. I could outsource the prints, but prices are too high, so profit margins would be slim, and not worth the effort. I will wait until the 3d printer comes in, so I can make it myself. Until then, this idea is on the back burner.
Personal finance consulting. I like this idea, because I believe I know a few people that could benefit from looks over the finances. I will try to reach out to maybe three, and see if I could help them. Moving forward with this idea.
Creating an online course. I love passive income, and this would pretty passive. I would teach others how to build their own side business, since I already have a successful one myself. It will take a lot of front end work, but could pay off pretty significantly. I may start on Udemy first, just to get some experience and some sales. Maybe, how to find your first profitable business idea.
I will write another post updating you on how all this goes, hopefully.