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Extraordinary Income Streams 101: Different Sources of Income becomeanonlinetutor.com/2018/03/12/different-sources-of-income/ March 12, 2018

When I first started tutoring online, I began learning about the idea of having different sources of income and several streams of income. I had been previously programmed to get a job. The problem is, what happens if you lose that job? Big problems. No money! Can’t pay the bills! Depression! Fear of losing your one job causes stress and anxiety. That same stress and anxiety can revisit you when a student no longer needs your tutoring services. To alleviate that kind of pain, it is a good idea to set up other streams of income. This post is going to explore two kinds of income. Passive and Active. I know that some of you are visual, so I have a video that goes through the explanation in an incredibly easy way.

What Are Different Sources of Income There are two different sources of income. One is active income and the other is called passive. Active Income is money that you earn by trading time for money and passive money is often referred to as making money while you sleep. However, both kinds of income have pros and cons. Take a look to see how I have used different sources of income to support myself over the past 8 years.

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Active Income Streams Active income streams are ones where you still have to trade time for money. However, there are some that are really easy to take on because they don’t really cause any additional hassle to you. Online Tutoring We will start with the most enjoyable one first. Online tutoring allows you have the flexibility to choose the hours that you work and there are a ton of people willing to pay top dollar for people that can get results. You can choose to tutor any area that you are most passionate about. There are tutors for math, reading, science, foreign language, ESL, writing, and test prep just to name a few. Before and After School kid care When my daughter was 4 years old there was another mom that asked if anyone would be able to watch her child before school. Her son was in the same class as my daughter and having a playmate for her would make it easier for me to get some work done once in a while. I said yes to watching her son and have been watching kids before school now for 7 years. It doesn’t bring in a ton of extra money, but I am home anyways and have kids the same age, so it is really easy to do. Mentor other Tutors As many of you know I not only tutor kids online, but I help other teachers, tutors and homeschool parents set up their own online tutoring business. I have a free group on Facebook called the Ultimate Support Group for Online Tutors. I also do paid coaching sessions to help tutors focus on the right actions when starting their online tutoring business. Jazzercise instructor During my first year of tutoring online, I began gaining weight because of the lack of activity I was getting. I joined jazzercise and was a member for 5 years. Then I decided to become an instructor and get paid to exercise instead of paying them to exercise. I now work out harder than I have ever worked before, am able to maintain my weight, and earn a few extra dollars. Eggroll.info I have never had the interest to work for another tutoring company, but for some, who want to just try out tutoring online and get comfortable with it first, it is a great option. In fact, there are companies like eggroll.info that will train you and get you students. For those getting started it is a really great option. You have opportunity to get experience and make money. You teach kids from China English as a Second Language and earn an income doing what you love doing. Pros of Multiple Active Income Streams 2/5


1. If you lose one job, you still have income coming in from another 2. Other people usually find clients for you 3. Low risk

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Cons of Active Income Streams 1. 2. 3. 4.

Trading time for money – only get paid when you work If you are sick, you don’t get paid. The amount of money you can earn is limited because there are only 24 hours in a day Can be difficult to schedule multiple active income streams

Passive Income Streams With passive income streams you often put in massive amounts of work in the front end, but there is an even bigger pay off on the back end. In our video you saw that it took Pablo years to create the pipes to deliver water. It was not a get rich quick scheme. He knew that he would get paid later and that there was the potential to get paid even more than he did if he would have continued to carry buckets every day. Creating Courses One way to create this passive income is to create courses that your students can go through. This is a great way for students who cannot afford your services to still get some help. It takes a ton of time and effort to create these courses, but there is the potential to make more money than ever before. Affiliate Marketing Affiliate marketing takes the hassle out of creating your own products and allows you to get a commission from selling other people’s products or services. For instance, people that refer people to the Insider’s Secrets Club get a 30% commission just for referring them. You can learn more about affiliate marketing in this video.

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Writing Books Back in 2010 I wanted to think of ways to get paid to advertise my services instead of always having to pay to advertise. I decided to become a self-published author. When I had students that missed their tutoring times or were late, I worked on writing each of my books in separate blog posts. This allowed me to have content that advertised my tutoring services and it would allow me to get on one of the biggest platforms in the world, Amazon. I used Createspace to create my books and today I still have people that find my books and hire me to tutor their children online. Check out my book Job Security for Life in Teaching: How to Become an Online Tutor. Creating Tutoring Materials and Selling it On Teachers Pay Teachers As a tutor you are constantly creating resources for your students. Why not get paid for the tools that you are already creating? Teachers Pay Teachers is a wonderful source to sell these resources. If you have never checked it out, you can do so here. Subscription Sites Another way to earn passive income is to create a site where people pay a monthly membership. For instance, the Insider’s Secrets Club is a place where you can get access to videos that teach you step by step how to start your own online tutoring business. Members get access to weekly group calls, free access to all of the conferences held each month and question answer calls. To learn more about the Insider’s Secrets Club and how it can you learn more about getting students, click the link. 3 Secrets to Getting Online Tutoring Students

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Pros of Passive Income 1. It can make you an income for the rest of your life 2. Make money while you sleep 3. If a tutoring student drops out you still have money flowing in Cons of Passive Income 1. No guarantee that it will make you money 2. You must market your tools you have created or no one will find them 3. People may not always support you when you are creating it What’s Next? This month on March 26 th to the 29th the Insider’s Secrets Club is hosting a conference called Extraordinary Income Streams 101: How to guarantee making money online even when student drops out. This conference will go into depth on 4 areas of active and passive income that could help you make more money while building your dream online tutoring business. The best part is, you can get access to the entire conference for just $1 until the end of the week. If this intrigues you, then sign up today. Extraordinary Income Streams 101_ (1) Have you thought of addititional ways to make additional income while getting your online tutoring business started? If so, list them below.

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Extraordinary income streams 101: Different sources of income  

Do you have online tutoring students, but you are worried about how the income will come in when a student drops out? Check out this pdf to...

Extraordinary income streams 101: Different sources of income  

Do you have online tutoring students, but you are worried about how the income will come in when a student drops out? Check out this pdf to...

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