In just one year, I was able to double my income and surpass six-figure earnings for the year. Here's how I did it and how you can do the same!
00:00 - Intro
0:56 - My 2021 Income Sources
4:46 - Steps that Doubled My Income
4:52 - 1. Build Multiple Income Streams
5:52 - 2. Outsourcing
6:42 - 3. Repeat/Expand
7:48 - My 2021 Expenses
10:29 - Watch Next
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I never expected to be able to say this at 25 years old, but I just brought in a six-figure income for the year. This was a major achievement for me because last year I made $54,842 before taxes, which means I approximately doubled my income in just one year.
I’m not making this video to brag, but because I took specific and repeatable steps to make this possible, and by sharing my progress, I’m hoping that I can pass on some knowledge to help others increase their income, as well.
So in this video, I’m breaking down exactly how I managed to double my income in just one year. I’ll start with going through all of my income sources and how much they made me in 2021. Then I’ll go in-depth with the 3 specific steps I took to make significantly more money fast, so that you can apply them yourself and achieve similar growth. Of course, earning money is only one half of the equation. I’ll be wrapping up with where I’ve spent a lot of my earnings this year so you can see how I’m carrying this momentum into 2022 to keep my income growing.
So how did I achieve this? I think there are three specific steps that perfectly map out my income growth for the year.
The first was building multiple streams of income, specifically with side hustles. In 2020, I only did my full-time job and freelance writing, so building out extra streams of income beyond that definitely made a difference in 2021, and I’m still surprised at how quickly it produced such massive results.
Step number 2 is outsourcing. With any active side hustle, your earning potential will be limited by how much time you’re available to work, which might not be much if you have a full-time job. However, if you are able to master your side hustle, you can outsource it to a freelancer to continue making money on the side while doing as little work as possible.
Step number 3 is repeat and/or expand. First, you could find more side hustles and repeat the process. This is where I started, as I built out my own KZread channel and then other projects on the side. Afterwards, I moved into the expansion phase of this step. I’m gradually outsourcing more and more of my work so that I can focus on areas that will grow my income even further.
Doubling my income didn’t come without struggles this year, as I had a really hard time learning to ease off and let myself enjoy life. Fortunately, with a combination of skillfully outsourcing tasks and lowering the pressure I put on myself, I finished 2021 with a healthy work-life balance and some impressive income growth. I’m eager to take these lessons and this momentum into 2022 and see how much I grow from here.
I know I covered a lot in this video, so if there’s anything you’d like me to discuss in more detail, leave me a comment below.
#Finance #Money #Income
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This video is meant for informational purposes only, and is not a recommendation to buy or sell any security or cryptocurrency. It is also not a research report and should not serve as the basis for any investment decision. Additionally, I earn commissions for purchases and sign-ups made through the links above.