How I Built 6 Income Sources That Generate Over $100,000 A Year

You know how much I spend living in Los Angeles, but what about how much I make? Today's video is about my 6 different sources of income that produce over $100,000 a year. Thanks for watching!!!

Find me on Instagram! @verstarr

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This video is not intended to boast how much money I make. The important part isn’t to focus too much on how much I make, but on the process and fundamentals it took for me to get where I am so you can potentially implement similar steps yourself, build out multiple income streams and make some money too!

1. Software Engineer: This is my main job making $107,000 gross before stock benefits and contributions.

2. IT Consultant/Part-Time Software Developer: I have two part time jobs making an additional $15,000. Full disclosure, this practice of working a part time job with a full time is known as ‘moon-lighting.’ There is no law against this but there are company policies that may or may not allow you to do this so what I did was review my employee handbook, inquired my manager, who then inquired his superiors, and then I received permission to work part time as long as there is no conflict of interest. If you do decide to try this, make sure it is allowed with permission and in writing.

3. Saving/Investing: I contribute to a taxable account, ROTH IRA, HSA and 401k through work generating an additional $4,000 a year on average but I just reinvest this.

4. Mortgage Equity: This is an odd one, but it makes sense. Instead of paying rent, my business partner and I pay our mortgage where most of it goes to interest, but then over time, we gain equity in our home. Right now we pay down the mortgage balance $9,600/year so that is $4,800 to me!

5. eCommerce (s/o to Life Hacker Couple!!!): I started an Etsy shop with print on demand service Printful. Basically I don't handle any inventory. I just have an Etsy store front online, people buy, and then the product gets sent directly to them. The margins are low but this has huge potential! I make an additional $600/yr on this

6. YouTube *: The reason I mention it is because 1. I enjoy making these videos to share knowledge with anyone willing to watch me and 2. Sure, there’s a possibility it can make money one day. I set a goal to grow to 1,000 subscribers so if you do enjoy the content, please OBLITERATE the like button and sub to the channel.

The overall lesson from this video isn’t the $131,400 figure, it is this: you should NOT rely on just ONE source of income. You should also learn to leverage your time to maximize what you can earn. Like I said at the beginning of this video, I thought life was just to get good grades, graduate, get a job and that was it. But now, I realize that anything can happen, a pandemic might hit and nothing is guaranteed so knowing these things is powerful and acts as a hedge to protect yourself and provide flexibility for your time as you desire. Notice how most of my six-figure salary comes from my main job, but as we have seen this year, many can lose their job at any time. Just food for thought in case something does happen. This wasn’t started overnight and took almost a decade to arrive at. I’ve only been working professionally for 6 years, but there are so many more individuals out there making way more than me from one job or multiple streams of income. They may have a college education or they might have dropped out and are doing a lot more! I still have goals to increase the number of income sources as well as the amount like with real estate investing, growing in the eCommerce space, growing in my career and YouTube. It takes time, but with consistency and patience, long term, these things have the potential to provide options in the future.

Thanks for watching my video! See Ver and his fiancee in the Millennial Mortgage Trilogy:
Millennial Mortgage: https://www.youtube.com/watch?v=hKLL5W4a4kY
Millionaire Reacts: https://www.youtube.com/watch?v=ElRQPMgxXE4
Confronting Ver and Jenelle: https://www.youtube.com/watch?v=4W5o1iA-CI0

NOTE: This description contains some affiliate links (at no additional cost to you).

Disclaimer: This is strictly for entertainment only and I am in no way shape or form a financial advisor. This video, and the ideas presented in it, should not be construed as financial advice.