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These Income Streams Allowed Josh Ellwood to Quit His Job
Josh Ellwood quit his $98,500 per year Engineering job at an oil company in 2021 to fully focus on his side hustles. He now works for only 22 hours per week.
In 2018, Josh Elwood started experimenting with side hustles. He set a goal to make $3,450 per month (after taxes) from his hustles to allow him to support his lifestyle.
As soon as he achieved that, he decided to quit his full-time engineering job.
Here are 7 income streams that allowed Josh Ellwood to quit his full-time engineering job and make over $189,000 in one year.
YOUTUBE (GOOGLE ADSENSE)
Josh launched a YouTube channel called Debt To Dollars, in February 2020. On this channel, he shares insights to help his audience turn their side hustles into financial freedom.
In order to grow his channel, Josh committed to posting at least two videos per week at first. Over the next eight months, he gained 14,000 subscribers and 871,000 channel views.
YouTube was his major income stream in 2021 contributing 43.4% to his earnings that year.
While growing his audience on YouTube, Josh realized that he wanted to connect more with his subscribers and build a real community.
So in October of 2020, he began mentoring students one-on-one for $50 a month on how to make money selling products on Amazon.
From this project, he made $33,114. This income stream contributed 17.4% of his total earnings that year. His coaching services are hosted in Patreon.
Josh earned $29,496 from affiliate marketing by partnering with Jungle Scout. This contributed 15.5% to his earnings in 2021.
Jungle Scout is the leading all-in-one platform for selling on Amazon, with the mission of providing data and insights to help entrepreneurs and brands grow their businesses.
Affiliate marketing is a performance-driven partnership where you, the affiliate, earn a commission by promoting someone else’s products or services.
Jungle Scout fits well with Josh’s audience since most of his content is about selling on Amazon.
FIVERR (PRODUCT RESEARCH)
In February 2021, Josh started offering Product Research service on Fiverr.
This project allowed customers to pay him to find high-demand, low-competition products that they could sell on Amazon.
Josh was able to make $29,014 from this Fiverr side hustle. This income stream contributed 15.3% to his overall earnings for 2021.
FULFILLED BY AMAZON
Josh made $13,886 selling products on Amazon, using the Fulfillment by Amazon (FBA) service. He made this money by selling headphones, iPhone cases, and sports equipment.
Running an Amazon store was among his earliest side hustles. After achieving success with this side hustle, he wanted to share his knowledge and experience, thus, he started a YouTube channel.
Rental property contributed $1,272, translating to 0.7% of his earnings. Rental property is a great investment that brings in passive income.
Josh invests in a variety of stocks and shares, and some of the companies he invests in pay dividends.
From these dividend payments, he made a total of $639, which translates to 0.3% of his 2021 earnings.
When asked for advice, this is what Josh said
” I invest in business models that require as little of my time as possible. It is the only way I am able to work 22 hours per week and still grow multiple income streams.
But remember that automating things, and creating the most effective systems, can take time at first.”
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