George Kamel - 7 Income Streams To Build Wealth with Jade Warshaw

Episode Date: May 13, 2024

💵 Sign up for EveryDollar today. Create a free budget!  If you’ve got a full-time job, finding the time for a side hustle can feel impossible. In today’s video, Jade Warshaw and I share our favorite ways to make some extra money so you can create a new income stream without losing your current one.  Next Steps  Take The Side Hustle Quiz 📺 Watch: 5 Side Hustles I Used to Build Wealth Get Jade's Book: Money’s Not a Math Problem 💸 Open a high-yield savings account and make your savings work harder for you. Check it out here: https://www.laurelroad.com/george Offers From Today's Sponsors  This episode is sponsored by Tello, a mobile service plan designed to save you money. Go to tello.com/George for $5 off your first month of Tello’s unlimited data plan. 🙌    🎙️ The Ramsey Show    🍸 Smart Money Happy Hour  💡 The Rachel Cruze Show  💸 The Ramsey Show Highlights  🧠 The Dr. John Delony Show  💼 The Ken Coleman Show  📈 The EntreLeadership Podcast     Ramsey Solutions Privacy Policy  Learn more about your ad choices. Visit megaphone.fm/adchoices

I found a side hustle that made me over $23,000 in one year. That's right, I'm George Camel, and I hear from people all the time who are looking for ways to make additional income. They want a little boost to help them pay off debt quicker or save for something big, like a home-down payment or a mint-green Stanley Tumblr, even though you already have it in eucalyptus. Is it really that different? But a lot of side hustles require so much time and effort, and if you've already got a full-time job, they can seem downright impossible. Like licking your elbow. Try it.

You can't do it. So today, I've invited Ramsey personality and side hustle expert, Jade Warshaw, to the studio, and we're going to share some of our favorite ways to make some extra money while still being an employee so that you can create a new income stream without losing your current one. But before we get started, hit those like, subscribe, and share buttons while I attempt one last time to lick my elbow. Okay, no, just pull the muscle, though. Let's get to it. Jade, welcome back.

What do you think? When you smile at me like that, George, I... Is it charming or creepy? It's a little of both. It's a little arming and disarming at the same time. You're on guard, but also disarmed. It's a little menacing. Well, you are back by popular demand.

People loved your story that when you were on this show last, and I thought, let's bring her back to talk about side hustles. I'm honored. So we're talking about creating additional income streams while still having a full-time job. That's most people. They've got the job, but they need more money. So we're going to talk about ways that make money. without taking up a huge amount of time. And Jade, you're no stranger to side hustles.

This is a big part of your story. That's right. I mean, my husband and I, we had a couple of factors going in. First, we were starting with $30,000 of income, which is like chump change when you're looking at that amount of debt. And so we knew we had to attack it from two angles. One, we had to get our core income up, which, for most of us, that's over time. Like, that's a journey over time to get your core income up.

But we knew in the meantime, we could also embrace side hustles to help fill the gaps in the meantime. And I mean, we did everything that you can think of. We trained dogs. Do you remember when Caesar Milan was like popping off? Oh, yeah. Yeah, man. We like went to the library and got all the books, learned how to train dogs. You just became your own Caesar? Yes. Caesar's way. Petting the dog is one of the most relaxing things you can possibly do. Well, we're going to get into some of the interesting side hustles you did and get your takes on some of these. So I've got a bunch of side hustles in the fish bowl and we're just going to talk about it. So pull one out? You do the honors. All right. This is a big one. What's first up? All right. Ooh.

freelance consulting. Okay, love this. So it's just the idea of whatever you do professionally, you can take those skills and use them on the side, which is great. I did this when I was getting out of debt. What'd you do? What did you consult about? We're in entertainment.

And so our company started offering consultation for people who wanted to create live shows and live events. Because you're like, we do this all the time. We can help you. That's amazing. It's a lot of money to be. And I did this on the marketing side. So I did marketing professionally here at Ramsey for a while.

And so my buddy started his own agency. I started helping other people start podcasts, build their websites, launch their book. And so that was a great side gig for me that I think I made, you know, 23 grand in a year just doing that, which helped me get out of debt, get the emergency fund, and start to build wealth. Very resourceful. I know building websites on Squarespace, you can charge a lot. My husband did that, again, as a side hustle while we were getting out of debt. Charging up to $1,500 per site. Yeah.

That sounds about right. That's what I was charging personally. I'm sure people do much more, but I'm not even like a software engineer. And so you don't have to be an insane expert. You just have to be willing to do the work and better than that person is at it. Yeah. Whether you're in debt or just trying to get ahead and move faster, side hustles are great.

Listen, I used to teach lessons. I taught voice lessons, piano lessons, just finding things that you're good at and offering it to people, you know, at a rate. At a rate. Charge what you're worth. I need full benefits in 12 weeks of vacation. Here we go. Create an online store. Hey.

I like this one. So this is great. You can do physical products like Etsy. You can do digital products. So think things like printables, downloadable with PDFs. Okay. And Shopify is a great way to create these online stores. You can even use a print on demand provider like Printful or Printify.

Oh, yes. So you're not having all the stock. It's, hey, Jade orders a sweatshirt with this logo on it from my site. Well, they will on demand make that item and ship it. That's a good way to start small to test an item, I think. I like it. This is great. It doesn't have to be something crazy.

It could be a little debt-free chart that you sell on Etsy as a printable. Oh, yeah, those are great. Something you can make once and just constantly sell. So make money while you sleep right there. Cool. Let me pull another one out of here. That's a good one. Making money while I sleep.

Dog training and dog sitting. There it is. There it is. Caesar's way. So what could you charge for a training session? Oh, boy. I got to think back. So the way we did it was you had to buy a package deal.

Smart. So that we get money three times, right? And you need time to train the dog. Can't just be one session. Your dog's magic. Well, you need the consultation. Like, you go in there, check out the house, see how these people are. Then it's like, now we take the dog.

And then you do a session with the dog and you and the owners to make sure they understand. So that's how we did it. So breaking it up into sessions is a little hack there. And how much can you expect to make? Gosh, I feel like by the time it was all set and done, it was like a $1,500 deal. Nice. Per dog. All I do is we and wheel.

Per household. And I pay dog sitter. and doggy daycare. I've got an old neighborhood friend, and so we take the dogs there twice a week, and she charges, I think, like, you know, $35. And, you know, we have multiple dogs there. And you're working from home and you're hanging out with dogs,

that's a good way to make some extra coin. Stop and shut up! Walking dogs? You could do that? Yes. And the going rate, what can you charge these days for dogs sitting? 50 a night. 50 a night, easily.

50 a night? Yeah. That's great. Wait, can I tell you? So someone's gone for a week. And they say, hey, can you watch our dog? All right, that's $350, $400 right there. I think my dog sitter only charges like $10 a day.

I hope they're not watching this going. I got to charge the warshares more. She's also 16. Okay, that does make a difference. I like that. All right. Next up on the side hustle list, write e-books and make online courses. So this is a great one in this digital space where you don't really need to be, like,

I got to be an expert with seven degrees. If you have knowledge on any topic, like you love cooking. Yes, that's right. You don't need to have a degree in nutrition to make a great cookbook for vegans, for example. 100%. So these are great things you can do, online courses as well. You can use your iPhone and film these courses now. And there's all kinds of sites you can use to upload these.

Amazon has a great publishing platform. That's right. Qajabi can be used to upload your courses. And so if you have any expertise or passion about a topic, put it into a nice, concise form and sell it. It's a great passive income because you create it once and then you continue to sell it over time. And you can stack that with another. Once you figured out how to do that, then you can consult and help someone else do it.

I'm going to write that down. I like that. I like that. I like that. Now, that one, it's not something I can just go whip up, but I think if you can put your mind to it over a weekend, you can come up with a simple ebook. It doesn't have to be a novel. That's right. That's very good.

A quick read, if you will. And you have one. Money's not a math problem. A great read. Well, thank you, George. All right. How about this one? Baking.

Yes. You know what? Baking is one of those. It can really be a great one, especially if you've got a community around, a big friend group, people who are willing to buy it from you directly so you don't have to get into all the online and stuff like that. Oh, yeah. You know what I'm saying? Like keep it local and it's easier. Keeping it local, it's easier.

When you start shipping cookies, it becomes a little more difficult. Yes. Or if you can kind of like get hooked up with a coffee shop that's willing to like sell your baked goods, that right there. Oh, yeah. Especially, I think there's a lot of room in the niches too. You get into like a vegan muffin, a gluten-free muffin. because now you can charge more. That's right.

And the coffee shop's like, we don't want to sit here and try to make gluten-free stuff. That's right. We'll just get it from somewhere else and sell it. That's exactly it, George. I used to do this. I made wedding cakes for friends,

and I made cupcakes, and it was just a fun season of life. I liked that. I liked it. I liked it. It was something I already liked doing, and you'd be surprised what you can charge for a cake or here.

If you already love bacon, you're already making the stuff, and you can't eat, you know, an entire cake by yourself. Don't underestimate me. And the ingredients are cheap when you buy them in bulk, flour, sugar, that kind of stuff is so cheap when you go to Costco, your favorite place. I do love, you know me, Kirkland King.

Yeah. All right. Here we go. I love the surprise element here. Ooh, babysitting. This one I feel like is underrated. People think, well, I'm above this. I'm not going to do this.

This is for teenagers. But listen, I'm now paying for babysitting as a new dad. And I am shocked at what people can charge and what. I am willing to pay for a trusted adult to watch my kid. Doesn't feel good? Ah. So what is the, I'm going to just guess the number. You tell me if I'm wrong.

The going rate for babysitters these days, maybe 15, upwards of 30, depending on how many kids you have. I don't think you can get $15 an hour anymore. It would have to be like a teenager watching one kid. Oh, it's like 15 bucks an hour. Or like a younger person. If you're watching three, I know you got some kids, Jade. I've got two. You got two kids, George.

But they're like up and out. You know, my baby is like, she's stuck. She can't go anywhere. But it's more expensive for infants because they're delicate. Like, you can't drop them, right? You've got to change them and feed them more. Yeah, they can't just sit them in front of the TV. Yeah, you got to keep eyes on them.

For my two kids, I've got a four-year-old and a six-year-old today. Today's his birthday. Oh, happy birthday? It costs me $25 to $30 an hour for them. If you're on the other side of that and you're a trusted adult, especially if you have like CPR training and you actually enjoy being around kids, this is a great sidehouse. also for you, and you can make more than you would retail while being more flexible. And if you're willing to do a little extra on the side, like put the load of laundry in,

you know, get dinner started, like little things like that, you can charge like $40 an hour. Yes. And while there's a lot of apps like Wendy or Care.com for this, you can also just go in your neighborhood Facebook group or your work forums and go, hey, I'm available. Yeah. Babysitting, here's some references. And all of a sudden, word of mouth. If you're a consistent sitter that shows up on time does a good job, it'll go around town. All of a sudden, you'll have too many gigs. That's true. So that's a great one.

I got the last one. Finish the strong. All right. Oh, not really a side hustle, but open. This has got you written all over it, George. Open a high yield savings account. This is just making money while I sleep again. It's an interesting one because people don't think of it as a side hustle.

But when you think of passive income and things I don't have to do to make money, just literally storing your money in the right place can make all the difference. A lazy man's side hustle. I love it. And as you get more and more money in there, it's amazing how much money you will make by doing nothing. And so we've got a new sponsor for the YouTube channel, Laurel Road. And they've got a great high-yield savings account, 5% APY, no fees, no cost to open, no minimum balance. And so they do a great job. And so it's a great place. When you think about $10,000 even at 5%, that's $500 a year that you didn't work for. Listen, at this stage in my life, this is the side hustle I want. This is the only side hustle I want.

The lazy man's side hustle. Just put the money away for the rainy day and watch it grow. Yes. I love any lazy way to make money. Same. And I like lazy ways to save money, too. Even better. And you know, we're always trying to help people cut expenses in their budget,

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So you get to keep your same phone and phone number, and if you're rocking that LG chocolate phone from 2006, you do you. You can keep it, Jade. Can you? No shame. Best part, though, here's where the saving money part comes into play. Their plans start as low as $5 a month, up to $25 a month, for the unlimited everything plan.

That's amazing. That's really cheap. Because some people are out here paying $125, we're telling you could save $100 a month by switching. The best part is you're in control, no contracts, No blood oaths, no nothing. You can upgrade, downgrade whenever you feel like it. So go to tello.com slash George or click the link in the description,

and you'll get five bucks off that unlimited plan for your first month. That's tello.com slash George. All right, Jade, any parting words for those that are about to embark on a side hustle journey? You know, I would say that if you come across a side hustle that you don't like, you don't have to keep it. You can switch it for another one. So it's not like forever. Like don't do something that's just pure misery.

Yeah, you don't have to be miserable when you side hustle. There might be some that you like more than others. and that's fine. Lean into that. Yeah, lean into that. That's very good. Well, Jade, it's been so fun. I know you got a book that I want everyone to go check out.

It's called Money's Not a Math Problem. We will link that in the show notes. Where can people find you if they want to connect? Instagram. I'm on all the socials, but if you really want to get into the, you know, into the comments, go on Instagram. That's where she likes that. Jade Warshaw on Instagram. Jade, always a pleasure.

Thanks for having me, D.K. Absolutely. All right. Always fun hanging out with my friend, Jade Warshaw. And there's another important thing that we should mention here. As you start to make extra income, do not forget to set aside money for taxes. As a general rule, I set aside 25% of my side hustle earnings for taxes so that I'm not surprised by Uncle Sam on April 15th. And bonus point, if you do

estimated quarterly taxes to avoid penalties and fees. And if you want even more ideas for new income streams and what side hustle is right for you, check out my free quiz that helps you find side hustles based on your skills, your goals, and how much time you have. You can find it at georgecamel.com slash side hustle, or just click the link in the description. And if you want to hear more about the specific side hustles I've done over the years, I made a whole video on it where I give you the dirty deets about how much I made and how to get started. Be sure to check that out. Thanks for watching.

We'll see you guys next time.