After hosting more than 1,000 episodes of her podcast, "So Money," Farnoosh Torabi says one piece of advice has been transformative in her life.
Torabi's "light bulb moment" happened over the course of interviewing scores of people for her award-winning show, she says, and delving into how they earn, invest, save, and spend. "I realized I'm leaving a lot of money on the table," she says. "I have skills, there are things that I know, that I don't just do, that I can share and people will pay for that."
Torabi has made a name for herself in personal finance by hosting the podcast, writing books like the bestseller "When She Makes More," and doing public speaking. And once she realized she could make money from what she's learned, 25% more in her case, she began to seek out opportunities to share that information with others by offering courses and workshops about how to create a podcast, write a book, or navigate media interviews.
"There's two ways you can make money: You can make money from what you do, which is on your business card or on your LinkedIn page profile, and then there's a way to make money from what you know," explains Torabi. "There's so many things you can do with your talents that may not be utilized at your 9-to-5, so think about that."
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Here are three proven ways you can make extra money from the skills and knowledge you already have.
A favorite hobby could lend itself to a lucrative side hustle. Nearly a third, or 27%, of working adults have turned a hobby into a side hustle, according to a 2019 study of 2,000 employed adults commissioned by Vistaprint, an online provider of marketing products and services to small businesses.
The two most popular categories for side hustles are beauty, health, and wellness, followed by art, music, and entertainment, according to data from Vistaprint. On average, survey respondents reported side hustle earnings of $14,705 per year.
Looking for inspiration? Check out some recent Grow success stories of people who've turned their passion into profit:
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Some people ease into entrepreneurship with a side hustle while others dive into their idea and go full time.
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Rather than selling a tangible product, these trailblazers identified used their skills to create a service-oriented business around what they know:
Realizing that all the information she'd learned from her primary job could be monetized was "eye-opening" for Torabi, and led to her secondary income stream of leading workshops and courses. She says she has learned from a lot of listeners who have built on what they know by starting a side hustle or business, creating courses online, or becoming Instagram influencers.
Regardless of the route you take, Torabi recommends finding ways to diversify your income so that you're not relying on one paycheck from a job.
"I want everyone to optimize their earnings potential," she adds. "Sometimes it's not enough to just get the raise at work. Sometimes you've got to find external income streams."
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