Hey everyone, welcome back.
Today we're gonna be doing a deep dive
into this YouTube video I found.
Oh yeah.
Yeah, it's by Rachel Howe.
And it's called, I built eight income streams in six months.
Here's what I learned.
Okay.
So we're gonna try to figure out,
can anyone really build multiple income streams?
Cool.
Like what can we learn from Rachel's journey?
You know?
Maybe even get inspired
and learn a little bit about diversifying income.
Yeah.
Especially these days.
I think a lot of people are thinking about that.
So this is gonna be a good deep dive.
Yeah, I think Rachel's story is,
it's especially relevant now
with the way things are changing so quickly.
Yeah, it's a good example of how to be adaptable.
Right, exactly.
Being adaptable, resourceful.
I was really interested in how she got started
during the pandemic lockdown.
Oh wow, okay.
And she had all this extra time.
Right.
And instead of just binge watching Netflix,
she decided to follow her curiosity and explore new things.
You know, I've heard that before.
Follow your curiosity, not your passion.
Right?
That's interesting.
Totally.
And look where it led her.
Eight income streams in just six months.
Wow.
So let's break down these eight streams.
Okay, first of all, her foundation is her full-time job.
Of course, yeah.
You know, that makes sense.
It's smart to have that stable base
while you're experimenting with other things.
I think so.
Especially if you're just starting out,
you know, thinking about multiple income streams,
having that full-time job to fall back on,
helps you experiment.
Gives you that security.
Okay, so that's one stream,
but here's where it gets really interesting.
She started freelancing as a UI UX designer.
Oh, cool.
And get this, in 2021 alone,
she worked on 19 projects for clients
in all sorts of industries.
Wow.
All around the world.
Yeah.
I mean, how does she even land 19 projects in a single year?
How did she find all these clients?
Well, you know, it sounds like she started out
just taking any design job she could find,
even if it meant not getting paid that much at first.
Just to build experience
and figure out what she really enjoyed doing.
Yeah, and it's interesting,
because she says in the video
that she didn't even know what UI UX design was
two years before that.
Yeah.
So it really shows you can learn new skills.
Yeah, absolutely, yeah.
And create new opportunities for yourself.
Okay, so she was strategic about building her portfolio,
getting her name out there.
For sure.
But wait, there's more.
Her freelance journey didn't stop there.
Oh.
She also learned webflow development
and started offering those services too.
So what is webflow development exactly?
So it's this website building platform
that's becoming super popular.
Instead of like writing code,
you can visually design and build websites.
And she found that a lot of people needed help,
like with small tweaks and updates to their webflow sites.
Oh, right, like just little things.
Yeah, so she started offering like hourly rates
for that kind of stuff.
Updating content, adding new sections,
fixing design elements.
That's a good idea.
Right.
It's amazing how she turned something she enjoyed
into another income stream.
Okay, now this next one I think is really fascinating.
Her YouTube channel.
And what's crazy is it blew up in just three months.
Oh, wow, that's quick.
She started it to, you know,
leave a legacy, share her knowledge.
But it actually became a source of income through AdSense.
Through AdSense.
So AdSense is basically how Google pays you
for running ads on your YouTube videos.
The more views you get,
the more you can potentially earn.
Interesting.
Right.
And she was actually very transparent
about the tax implications of AdSense income,
which I thought was important to mention,
you know, for anyone who's thinking about
starting a YouTube channel.
Right.
So are we all starting YouTube channels now?
I don't know.
Yeah.
But seriously, there's a valuable lesson there
about sharing what you know.
Okay, on to the next income stream digital products.
Okay.
This is where things get really interesting
in terms of scalability.
Right, right.
She talked about creating resume templates as an experiment.
Okay.
And selling them through Gumroad.
So tell me more about digital products.
Like what is that all about?
Well, digital products are a great way
to kind of leverage your effort.
You create something once, like a template,
an ebook, a course.
Right.
And then you sell it over and over again.
Passive income.
Exactly.
You can be sleeping and people are still buying it.
I like that.
Gumroad is a platform where you can sell
these digital products.
It takes care of the payments and delivery.
So Raituk started with resume templates.
Just as a simple way to try it out.
Yeah, tip or toes in.
Exactly.
See if she liked it.
Okay.
That makes sense.
So you're saying if I create a really awesome
resume template, then I could just sit back and relax.
Well, not exactly, but you know,
it can generate passive income.
Right.
And then you can do it over time,
which can be a game changer.
I like the sound of that.
Yeah.
Okay.
Now on to something a little different, affiliate income.
Okay.
So she mentioned earning commissions from Amazon
and Webflow.
It's interesting how one income stream can lead to another.
So how does that work?
So basically she recommends products that she uses
and enjoys on our YouTube channel and website.
And she includes these special links called affiliate links.
Oh, right.
To those products.
So she gets a link and buys something.
She gets a commission from the company.
So it's kind of a win-win-win.
Yeah, exactly.
She gets to share recommendations.
Her audience gets some good tips.
And the companies get sales.
Makes sense.
That's a smart strategy.
Okay.
We're on a roll.
What's next?
Let's see.
Next up is investment.
Okay.
Now, Rachel mentions in the video that she's pretty low risk.
She uses robo advisors mostly and a little bit of cryptocurrency.
Oh, interesting.
That's something I think a lot of people are curious about,
but maybe a little intimidated by.
Yeah, yeah.
So robo advisors, and what does she mean by dabbling in cryptocurrency?
So robo advisors are like these online platforms.
They use algorithms to manage your investments.
Okay.
You answer some questions about your goals and your risk tolerance.
And then it recommends a portfolio for you.
It's great for people who are new to investing.
Or maybe don't have a lot of time to manage it themselves.
Exactly.
As for the cryptocurrency, it sounds like she's just investing small amounts.
To kind of learn about it.
Yeah, just to get her feet wet.
Exactly, yeah.
Not trying to get rich quick.
Right, which is a good approach with something as volatile as crypto.
Okay, so that's seven income streams.
Each one is so different.
What's the last one?
The eighth one is selling pre-loved items.
Oh, okay.
She uses carousel, which is an app for buying and selling used stuff.
Oh, I love that.
It's a great way to declutter.
Yeah.
And make a little extra cash.
Exactly, yeah.
And it's environmentally friendly.
You're giving things a second life.
Right.
It's all about that circular economy, less waste.
Okay, so there you have it.
Eight income streams.
But it's not just about the number.
I'm really curious about the lessons she learned along the way.
That's the real gold.
Yeah, absolutely.
Building multiple income streams, it's not just about the money, right?
It's about the skills, the mindset, the freedom.
And that's what we're going to dive into next.
Okay, I'm ready.
It's amazing how Rachel doesn't just talk about systems.
You know?
Right.
She actually shows you the systems she uses to manage it all.
Yeah, she gets into the specifics, which I appreciate.
For example, she blocks out time for email.
Oh, smart.
So she's not constantly checking it all day long.
Yeah.
She even has templates for common replies.
Wow.
And she uses Notion to keep everything organized.
I love Notion.
Yeah, me too.
It's like my second brain.
Totally.
It's all about working smarter, not harder, right?
Right.
Your systems free up so much mental space.
Totally.
Like what could you systematize in your own work to be more productive?
Ooh, that's a good question.
You know what else really resonated with me?
The importance of diversifying income.
Yeah, that's huge.
It's easy to forget when you're comfortable.
Right.
But Rachel shared some stories about clients disappearing,
where people getting laid off unexpectedly.
Oof.
Yeah, that's scary.
It really highlights why you shouldn't rely on just one income source.
Definitely.
Like a safety net.
Right.
It's not just about the money.
It's the peace of mind.
Exactly.
Having options gives you freedom.
Totally.
Speaking of freedom, Rachel's story really shows
that everything is figureoutable.
That's so true.
She went from feeling lost financially
to building all these income streams.
You remember, she didn't even know what UIUX was.
I know.
It's amazing.
It really is inspiring.
It's all about resourcefulness and learning new things.
Exactly.
Right.
What's something you've always wanted to learn
but thought you couldn't?
Oh, that's a good one.
I'll have to think about that.
OK, so this next lesson is something
I struggle with for sure, busy work.
Oh, yeah.
It's so easy to get caught up in tasks that feel productive,
but aren't really moving you forward.
It's like the illusion of progress.
Yes, exactly.
Rachel's term for it is perfect.
So how do you combat that?
Well, she suggests delegating, if you can.
OK.
And batch scheduling.
So like grouping similar tasks together.
Right.
Minimize those context switches.
Oh, that makes sense.
I need to do that more.
I'm always bouncing between things.
It's a productivity killer.
It really is.
OK, and to bring it full circle, Rachel
emphasizes following your curiosity.
Which ties back to what we were saying before about not
stressing over finding your passion.
Right.
Just follow your interests and see where they lead.
Exactly.
And the financial success often follows naturally.
Because you're building credibility and providing value.
Right.
People want to invest in what you're offering.
So true.
OK, now Rachel leaves us with a really powerful message.
Oh, yeah.
Your voice matters.
It does.
It's easy to feel like what we have to say isn't important.
Right.
But she encourages us to share our knowledge and experiences.
Even if it just reaches one person.
Exactly.
And that's kind of what we're trying to do here, isn't it?
I think so.
Empowering people with knowledge.
Inspiring them to take action.
Sharing your journey can have a ripple effect.
That's beautiful.
I love that.
So what resonated most with you from Rachel's story?
That's a good question.
We've covered a lot.
I know, right.
It's important to let it all sink in.
Don't feel overwhelmed.
Yeah.
So we've really gone deep into Rachel's story, haven't we?
We have.
It's incredible.
Eight income streams in just six months.
It's amazing.
She really took action and turned curiosity into results.
Absolutely.
It shows what you can do with resourcefulness.
Right.
And a willingness to learn.
And some courage to try new things.
And what stood out to me were those lessons
she learned along the way.
Yeah, those are valuable.
It's not just about the specific income streams.
Right.
It's bigger than that.
It's about applying those lessons to anything you do.
Exactly.
Like building systems.
Yes.
Streamlining your workflow.
Freeing up mental space.
And of course, diversifying your income.
Right.
Having that safety net.
Having options and flexibility.
And that idea that everything is figureoutable.
Yes.
It's so empowering.
No matter where you're starting from.
You know?
She proved it right.
Went from not knowing anything about UIUX
to building a freelance career.
Exactly.
You don't need all the answers right away.
The journey reveals the path.
It's never too late to start exploring.
And opportunities can pop up in unexpected places.
Like her YouTube channel.
Blowing up in three months.
I know.
From sharing knowledge to a significant income stream.
Incredible.
And it all started with curiosity.
Following what interested her.
That's where the magic happens, right?
When you're genuinely interested, learning becomes fun.
And possibilities open up.
And when you're enthusiastic about your work, it shows.
It resonates with people.
So as we wrap up this deep dive into diversifying income.
What will you take away from it?
What's one small step you can take today inspired by Rachel?
It doesn't have to be huge.
Maybe research a new skill.
Brainstorm some income stream ideas.
Or even just declutter and sell some stuff.
Every journey starts with a single step.
And as we've seen, that step can lead to amazing things.
So stay curious.
Keep experimenting.
You might be surprised at the opportunities that
come your way.
That's it for this deep dive.
We hope you feel inspired.
And ready to take action.
Until next time, keep learning, keep exploring.
And keep diving deep.