Anyone going from a regular nine to five job to self-employment is always a boom or bust when leaving a stable job.
Earning passive income from a side hustle is a great way to boost your personal finances.
Passive income refers to money earned without requiring continuous effort or time investment. By establishing a passive income stream from a side hustle, you can generate additional income while also working full-time or pursuing other activities.
Earlier this month, Jasmine McCall, a personal finance expert, entrepreneur, and YouTuber, took to CNBC to share her story behind a side hustle that involves creating personal finance content.
In 2021, McCall started her YouTube channel while working as a resource manager at Amazon. In a video, she shared how she had gone from a credit score of 495 to 820 by simply disputing inaccurate information on her credit report.
“At the time, making videos was just a way to bring in $1,000 monthly to help pay for childcare expenses. But six months later, that video went viral. By May 2022, I was earning enough to quit my Amazon job to work on my side hustle,” she recalled.
McCall wrote that she earned a monthly average of $105,000 in passive income from December 2022 to March 2023, primarily from digital product sales and YouTube ad revenue.
“Over the last five years, everything I’ve put on my vision board, getting married, becoming a mom, making six figures a month has come true. It’s where I get to be creative and think big like one day having lunch with Mark Cuban,” she wrote.
“The best part is that I work just two hours a day. I start working by 11 a.m. and stop working at 1 p.m. Working in the same environment where my son grows up is a blessing. I’m also proud that my business has made it possible for my parents to retire early,” she added.
McCall wrote that walking away from the stability of a 9-to-5 job was scary especially when she didn’t know what would be on the other side.
“But choosing this life has been a bigger blessing than we ever could have imagined,” she concluded.
The 31-year-old produce content on how to generate passive income, pay off debt and build wealth. She also teaches her audience about credit-building, career-building and home-buying.
In her business, she talks about having a balance in her finances when it comes to credit score, student loans, and obligations to having a debt free life.
McCall founded a business called Next Level Financial Services where she was able to help clients understand the situations when it came to credit score. Using her personal experience when she was at the lowest point in her life, she was able to inform and help those that needed her services.
Produced in association with Benzinga