Making extra money can seem hard to start doing. But it’s simpler than you may think to begin making money with these 9 ways. Join Me on IG: www.instagram.com/lootinglife/
We tend to think we need to make a lot of money with our salary or get a huge side business going to be financially successful. But in the beginning it’s important to get the start of several small trickles of cash into your bank account. Start small and grow into larger savings and investments.
In today’s video we go over the 9 ways and techniques I used to get to started when I was making an entry salary of $40,000 to help me create over $1,000,0000 in cash and equities before 30 years old.
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Left the job grind making $200,000+ a year at 27 years old and achieved a net worth of $1,000,000 by my 30th birthday.
I’m a simple surfer who dreamt of chasing waves instead of the paycheck. Saved excessively in my 20s and made a few key investments that allowed me to purchase seven acres of raw land. Instead of hiring a builder, I decided to solo build my own income shipping container home – mortgage free.
I consider myself a fancy and frugal minimalist and now live off expenses of roughly $900 a month. I’m in love with business and entrepreneurship, with my “expertise” being real estate, specifically rentals and land development.
I spend my days growing my property management business, surfing, training Brazilian Jiu jitsu, traveling and learning how to cook new dishes.
hey and welcome back now sometimes the hardest thing is just starting whether it be dieting exercise school work or even when it comes to money so today I'm literally gonna share with you the five ways that you can start today to start earning some extra money then the last four are gonna gear more towards the intermediate advanced side of stuff don't worry it's not too hard it's still geared for starters and beginners these last four can really generate you a few hundred to actually several thousands of dollars each month now if you don't know yet the name is Kai and I quit my day job at 27 I bought some land and built my own home and now I live mortgage debt free and spend most of my time making content and videos for beautiful people just like yourself the videos I make are generally geared towards creating income and going over financial stuff that our education system for some reason just decides not to teach us as kids and if that interests you you can get started and subscribe right here or that big red button just down below and you can check out all my other videos and content I've made going over those type of topics alright let's get into it slap hands bump this let's do it alright so first off let's just address the elephant in the room the first way is probably not what you exactly want to hear but I'm gonna say it it's a job nine-to-five a steady consistent paycheck now as you're starting off you need to really build a financial base and for most of us out there this is how we do it this way our paycheck can feed it next 8 ways I'm gonna list out here for you so whether you want to start off by pursuing a traditional job career or even starting your own business what we're really looking for here is consistent cash flow to obviously pay our bills but also just start putting into our savings investments and jump start these next eight ways eventually though you play your cards right you can quit this and get rid of it and then rely on your other income streams that's the hope and that's the goal now number two now remember we're still in the easy phase here that we should all be doing right off the bat cash rewards credit card you should be putting all of your purchases that you can onto your credit card and only putting things on the credit card that you can pay off each and every month we only carry a balance to month and we pay it off so we never pay interest or late fees now when you do this you're basically getting a 2 percent discount on everything that you buy this for me equates to a hundred to sometimes a couple hundred dollars a month for others it's 20 30 40 50 bucks which is actually a lot when you're first starting out I know and before you say it forget about points gift cards miles all that stuff is trash for the most of us out there you business travelers and such like that you guys are a different story but for the other 95 that may even 99 percent of us you want the cash back rewards nothing beats cash I personally use cities double cash back card because it gives me two percent is the best one I know of as of right now but depending on your credit score you may not be able to get this as you build your credit find the best cash back rewards card that you can find generally speaking you should have no problems getting at least a 1% cash back there's 1.5 and then obviously at the top right now is 2% fun fact you don't have to pay taxes on the cash rewards that you get from your credit card in the eyes of the IRS it's considered a discount not actual income so keep that in mind and obviously check with your tax professional all right number three again what we all should be doing and what I currently do right now is have a high yield savings account you should be putting a portion hopefully a significant portion of your income into a high-yield savings account even if you're using to pay up the credit card bills or whatever it should be sitting in a high-yield savings account and it should only be lending to one or two accounts I'm not a big fan of spreading all of your money across several different checking and savings account as of right now I've bounced back between wealthfront and allied bank but gives two point five two and two point one five percent at the time of this recording this for me spits out a couple hundred dollars each month just an interest which is obviously nice passive income but the lesson here never let your cash your money just sit in a checking account or a low interest savings account all right number four now we're starting to move into that gray area that gets a little bit more intermediate and a little bit more hands-on we're talking about app side jobs that's right leveraging our technology of using the internet cell phones apps we can find ways of creating additional income for a couple of extra hours of work each week now as we're taking our baby steps towards financial freedom and on our financial journey we want to consider everything that's possible for us to make those extra couple bucks that we could put into our savings account and really grow our potential investments and opportunities down the road so through apps like uber lyft door – Airbnb which I'll get to in a little bit it's a great way to spend a couple extra hours that you have during the evenings maybe on the weekends and you make between a hundred to three hundred dollars extra each month that you can put towards your savings now remember rich or poor you either can only spend time or money in the beginning all we can really afford is spending our time to make our money but as we progress and you'll also learn you can spend money to make more money all right number five now I haven't been a huge fan of this not because it's a bad business but just because I've seen a lot of people lose a lot of money over it when they don't know what they're doing flipping and I'm not talking about flipping homes I'm not a fan of that either but for most of us in the States we live within a 25 mile radius of Goodwill's garage sales and thrift stores these are excellent grounds to really get started in finding used secondhand third-hand supplies materials tools that are under priced and that you can easily flip on sites like eBay or Craigslist again a few hours at the end of each week during the weekends canet you $100 or maybe even more and also with smartphones and the internet now you no longer have to guess if something's better under price price well or overpriced which is the worse don't buy over price items it won't make you wealthy you're able to research things and check prices before you actually buy and flip them and then sometimes if you move fast enough and it's a really hot item you may be even be able to research it list it sell it before you even purchase it which is the ideal scenario now as you get more advanced you move beyond the garage sales and the good wheels and thrift stores and you'll find certain auctions or clearances or other avenues to find really good price stuff now I'm a huge fan of specializing in a specific niche when you're in a certain Lane you understand the ins and outs and it's easier for you to make money this can be shoes toys mugs hats board games of video games whatever it is consider specializing in what you understand and what you know by doing this you significantly reduce your down size and the risk of flipping items all right so that's the first five that we're starting off with I know the first one is kind of a throwaway because we've all kind of need jobs but I want to make sure that it's clear that having a job or nine-to-five paycheck whatever you want to call it is actually really critical when you're first starting off unless you come from family money or you're just a brilliant entrepreneur you can start something right off the get-go then a job is where most of us start but it doesn't mean we can't leverage it to our advantage even in the other four ways if you just average $25 a month which is definitely very easy and plausible to do that's an extra $100 that's going into your savings account and that savings account is kinda like a mo for future investments in the beginning doesn't seem like much but I promise you it will grow very very quickly now before we get into the intermediate to the more advanced side of things of how you can generate money as a beginner consider right-clicking right here and open this other video that I made in another tab and it's gonna go over how I personally manage money which is basically my bucket system it worked super well for me and I've got a lot of great feedback of other people using as a template for their own personal finances to some great results okay back to the list now talking about specialization a lot of us specialize in a certain type of job or career now you can also do this as a freelancer or contractor where you take on projects and jobs on the side on an individual basis and this is all done online you find random projects and individual jobs from anything from editing papers crunch numbers entering and data picking up phone calls or even analyzing spreadsheets there are tons of different options and hosts who are looking for contractors to help them out with their projects or their businesses and we'll gladly pay you for your part-time help great sites look into a freelancer calm up work calm in five or calm not sponsored but I totally wish they were so if your work for freelancer up work or Fiverr hit me up alright so number seven we're starting to get into the more advanced side of making money again it's more advanced for starters but you'll notice that it's still very much a beginner friendly arena this takes a little more time of doing the research and experimentation but you can also make money here a lot more we're talking about side hustles if you have a specific skillset which I highly recommend that you either figure out or you build if you haven't yet you can start your own side business outside of your day job this can be babysitting detailing cars or making and selling paintings on Etsy whatever it is it should be somewhat flexible so you don't have strict two hours where you have to work but you can do it on the side when you have the energy and you're away from your day job and as the side hustle or business grows you can then slowly start replacing other income streams like your job the only real serious thing I'll say about this is that the younger you are the more critical it is is it for you to dabble and figure out different type of side hustles unless you really love your career you want to be in your career forever alright number eight dividends there are tons of mutual funds and stocks that gives you something called a yield or dividend just for owning their stock or fund it's kind of like that high-yield savings account where it gives you about two percent but some stocks and some funds will actually pay you significantly more it's not uncommon to hear three four five even six percent now not only do you get these monthly or quarterly dividends but you also share in the appreciation of the value of the stock if and when it goes up now keep in mind when you go this route you also expose yourself to the downside which is if the stock goes down you lose that money but with a little bit of a research you can definitely find quote-unquote safe funds and stocks they'll spit out about three to four percent annually for you and the last of course is my favorite if you've watched this far you know me by now it's you house hacking or becoming a property manager and collecting rent now whether you own a home or you're leasing with a little bit of organization you easily make several hundreds dollars each month by renting out a room or rooms or space that you don't use to guess or to roommates and if you're feeling particularly confident you can actually rent or lease out an entire home and just sublease out the rooms and the spaces that either pay your entire rent or even help you cash flow it and this is exactly what I do my early twenties and it helps set me up really really well and fortunately it's still pretty much a very viable option today now I didn't just research and pull these nine ways off of Google or out of my rear end these are actually the nine ways that I use to get to where I'm at and I'm actually still using a large portion when I think I'm just over you doing six or seven of them however I really want to emphasize that the first three are super critical you just got to do it even when you're a multi-millionaire you're still gonna do it and then I would really highly recommend that you picked at least two or three of the other options to start implementing into your financial journey and your goals well I guess you don't really have to I just strongly encourage you if you really want to set yourself up well financially and start getting to financial independence or freedom or retire early or however you want to define it now don't forget to subscribe if you haven't yet you can join us on the discourse server and chat with me if you want and you can even follow me on Instagram if you like seeing photos all the links down in the description below now in a little bit if you haven't subscribed yet oh there's gonna be a big round photo that's gonna pop up right here that you can click on to subscribe and I'm gonna put two videos one right here and one right here that I think you might like if you watch this video you can click on them and jump right over to them let me know in the comment section if you have any questions or even any snarky comments just kidding I don't accept sass thanks for tuning in I'll see you in the next video love you all peace out