29-year-old Destiny Adams has built nearly a $160K annual income. She did so by adding a couple of “side hustles” to her main career. She says it’s not easy, but you can do it too. Here’s how to make money from side hustles!
Destiny told CNBC that she doesn’t believe in “days off.” The millennial entrepreneur’s schedule is always jam-packed, from producing YouTube videos in the mornings to taking inventory for her salon in Grand Rapids, Michigan, in the afternoons. At 6 p.m., she begins her shift as a child welfare specialist for the state of Michigan, working until 2:30 a.m five days a week.
How did she do it?
She says, “It’s a lot to manage,” but Adams revels in the hustle. As of December 2020, Adams had three main income streams: the full-time job with the state, which pays around $60,000, plus benefits; the Despite Hair Collection, her small business selling wigs and hair extensions and running a salon, which netted her $86,000 in 2020; and a YouTube business consulting channel, which brought in an additional $12,000.
“You should have multiple streams of income because it helps you live the life that you want to live,” Adams says. “If something happens with my state of Michigan employment, I also have the salon. If something happens with the salon, then I have my YouTube income. And if something happens with my YouTube income, then I have my personal brand.”
Overcoming her hardships
Her side hustles provide the financial peace of mind she didn’t have growing up. Adams’ father was killed when she was less than a year old. Her mother, Wilhelmina Phillips, worked a graveyard shift at a factory while raising three kids on her own.
Adams says she didn’t have a financial role model growing up. Instead, she saw her grandmother struggle in retirement without enough savings to live on. Her mother didn’t have an investment account at all. Though money wasn’t discussed in her household, Adams didn’t want to struggle the same way.
It wasn’t until she joined the Michigan National Guard in 2012 that Adams learned about budgeting, saving, and investing for retirement. She stresses that by being open to new opportunities and putting in a lot of hard work, it’s possible to build a different life.
“Growing up in low-income housing, being in a single-parent household — you can overcome all of that,” she says. “I was still able to go to college, start my businesses [and] become successful.”
Her job with the state provides her stability, but Adams wants to grow her side hustles. She is particularly passionate about teaching others how to build their own businesses. She already offers free lessons to other Black women in her community.
Her advice?
“I had a business mentor who would always say, ‘Once you find the thing that you will do for free, then that’s the thing that you’re going to end up doing for a lifetime,’” she says. “I feel so fulfilled” helping others with their businesses.
In the next few years, Adams hopes to settle down in the area and focus on building up her savings and retirement accounts. One day, she hopes to make enough money from her side hustles to be able to quit her state job and be an entrepreneur full-time.
“Working a 9-to-5, it really restricts your income,” she says. But as an entrepreneur, there is always the possibility of earning more money if you increase your output. “I like having that control.”