Perhaps the number one question I’ve received since starting my blog is “OK, so how do you actually make money?” because I’m not just a traditional 9-5er. I’ll admit that this is a very taboo topic in our culture so I’ve hesitated writing about it. Will it appear ostentatious? That’s not my intention, but maybe… Please excuse me if it does. This is honestly just a means to teach you to do the same and I hope you do!
What is an “octopus income,” you ask? It’s a way to generate income that is not dependent on one single stream. Just as an octopus has many tentacles that can do different things, I have a few different income streams. Anyway, I hope this explanation helps.
I’ve always been ambitious and have loved the idea of being in a financially stable position. And I’m almost never in a place where I’m like, “OK, I’m good now. I can lay off on my business endeavors.” I am always looking for new ways to generate more income by doing things that I’m passionate about.
Since I’m asked this question so frequently, I thought I would shed some light on my “octopus income,” which is frequently the method of my fellow ambitious millennials. Gone are the days of only working 9-5s and expecting to ever get ahead. Need one (of many) way to start an octopus income? Look no futher.
I give my all to my 9-5 so I am seen as valuable enough to earn a good raise every year.
My 9-5 is my biggest income earner and my #1 priority, hands down. When I’m working, I know it’s extremely important to give it my all so that when raise time comes around, I can justify a pay increase. Another important aspect of my job is that I also make commission, so it’s worthwhile for me to do well because it will also pay off financially. It doesn’t hurt that I deeply care about the mission so my work doesn’t always feel like work :).
I don’t spend money on stupid shit.
While this isn’t an income earner per se, taking a deep dive in to my monthly expenses really helped me “earn” more by freeing up automatic payments that were quickly adding up. For example, I realized I don’t use Prime enough to justify the expense. I also recently slashed Barre 3 online workouts because I had signed up for Beach Body and didn’t need both. When things go back to normal from COVID, I’ll also not be going back to OrangeTheory because it’s $200/month and I can get just as good of a workout at Planet Fitness for $10/month. While these little expenses might not seem like much, they add up quickly.
I utilize my Master of Education.
While getting another degree is rarely the answer to increasing your income, it makes sense to utilize what you already have, especially if you’re not using it for your 9-5. What do I do? I meet with students 1:1 after work hours for online reading intervention. It’s a win/win because they get excellent, personalized attention and I get to meet with students now that I’m no longer in the classroom.
Don’t have an education degree? Try to sell services from your expertise. You’ll be amazed at how many opportunities are out there if you just look!
I sell Arbonne.
I’ve said it once and I’ll say it again: if you have an online presence, it’s stupid to not represent some direct sales company whose products you genuinely use and love. I’ve used Arbonne products for over 20 years and loooove them. I would have mentioned it on social media even if I wasn’t a consultant, so why not fork over the $49, become a consultant, talk about it and get paid for it? I’m telling you, it’s great situation.
I blog.
Remember those “this post contains affiliate links” that you sometimes see on my posts? Well, that means I’m getting paid to tell you about the products I like. I would never, ever recommend anything I don’t genuinely use and love, but it’s nice to know that the companies I promote value my telling you about it and give me a piece of the pie without charging you a penny more.
I am never, ever on sale.
When I was first meeting with reading clients, I would tell them my rate in an apologetic tone, almost inviting them to haggle with me. What happened when they did? I resented them, did not enjoy meeting with their children and phased them out as soon as I could. It did not serve anyone well. Now I confidentially tell people my rate and if it’s too expensive for someone, I know it’s not a good fit.
Things I’ve phased out:
I used to have more side hustles that I’ve phased out because the timing, etc. didn’t work. Let me explain…
Wag Walking
I used to walk for Wag, which is an on-demand app in which you go walk peoples’ dogs as needed. It’s the “Uber of dog walks,” if you will. While it was nice to get paid to exercise, I did not find the time spent driving to the dogs’ houses, getting started, picking up poop, etc. to be worth it especially after I adopted a second dog myself and started working twice a week in Annapolis.
Uber Eats
I only drove for Uber Eats a few times, mainly for blog research, and quickly realized it was not for me. Also, I have a nice-ish car now and did not feel like amount of driving was all that worth it for the money you can make on it. I also have learned that Eats takes a HUGE cut from restaurants and as the daughter of a restauranteur, I didn’t feel right supporting them.
Things I’m working on:
Like I said, I am always on the hunt for new ways to earn more income and now is no exception. I have a few things in the hopper that I thought I’d share.
Income Property
Don’t worry, you’ll be hearing a TON more about this in the months ahead, but I am in the process of purchasing an income property! It won’t start generating cash until next year but I’m putting things in order to do it soon.
Etsy Printables Shop
I joined a Facebook group and am considering starting a printables shop. Details are still to be hammered out, but I’ve been researching the best way to go about it. I hope to have it up and running by the end of the summer. These are great because you don’t have to fill orders; people are just given access to a file when they order. Since I have some decent graphic design skills, I thought it might be fun!
Branded tea towels
I received a Cricut for Christmas and was thinking about doing a very niche tea towel business. If nothing else, they’ll make fun Christmas gifts for my friends. I thought it would be a fun creative outlet and have a whole slew of designs in my head.
Do you “octopus income?” I would love to know what you do to make money in the comments below!
Happy Tuesday, everybody!
