Self-made millionaire who makes $14K/month in passive income—my best advice for a successful side hustle

Five years ago, I quit my unfulfilling 9-to-5 job as a higher education administrator and began selling digital products on Etsy.

Today, I make an average of $14,000 per month in passive income from seven income streams, including my Etsy store, my blog, real estate investments and stock appreciation. I also recently became a self-made millionaire.

It wasn’t an easy road, and I definitely had a few missteps along the way. But I learned how to find my niche, run a business and build the life I want doing what I love.

Here’s my best advice for starting a successful side hustle:

1. Don’t spread yourself too thin

One common mistake people make is trying to juggle so many income streams that they start to lose focus. But most people I know who’ve built a profitable business didn’t start out creating their income streams all at the same time.

I’ve met many new side hustlers who start dabbling in stocks, launch a Shopify store and then look at real estate — all at the same time. This usually results in burnout, overwhelm and even debt.

Instead, build one solid stream, master it, then move to the next.

2. Don’t quit too soon

I started my side hustle in 2010. I made a few bucks here and there, but nothing to write home about.

It wasn’t until nine months after my launch that my Etsy store started making thousands of dollars a month and eventually allowed me to quit my full-time job.

Success doesn’t happen in a single viral post or overnight launch. It comes from showing up, adjusting and staying in the game long enough to see your knowledge and efforts compound.

3. Don’t be afraid to invest in the right educational resources

When I started learning about business, I tried to DIY everything myself. I would watch free content on YouTube and Instagram, and read books from the library. But after I bought a course about how to sell on Etsy, things started to shift.

Looking back and knowing myself more, I think “learning the hard way” took too long. I would try to learn, struggle alone, not see any progress, then lose motivation. I didn’t want to keep learning because I wasn’t seeing any results.

But when I invested a small amount of money into a course and a community of people working on the same thing, I was able to learn, struggle, get help and achieve small wins. My motivation would go up, and I would want to repeat the cycle.

4. Don’t live to work, work to live

I’ve met many business owners who have a lot of money, but they don’t have time. It’s important to be strategic in creating the life you want.

For example, you can sell goods at local farmers’ markets on the weekends. But before setting up that side hustle, it’s important to figure out when those markets are open and ask yourself if you’re willing to give up weekends to sell your products.

Of course, you can hire employees to help you eventually. But that will also cut into your profits, and might not be possible in the beginning.

5. Don’t be afraid of the unknown

The most successful people I know have a growth mindset. They believe that their abilities can be developed through dedication and hard work.

Because of this foundational belief, they aren’t afraid to step into unknown territories and learn. On the other hand, people with a fixed mindset don’t believe in their ability to grow and learn, so they never try, which leaves them feeling stuck.

Building multiple income streams and becoming a millionaire isn’t about doing everything perfectly. It’s about staying focused, learning as you go, and not giving up.

You’ll make mistakes (I’ve made plenty), but with the right mindset, each mistake teaches you something that gets you closer to your goals. Keep going, tweak what’s not working, celebrate the wins, even the small ones, and remember: Progress beats perfection every time.

Rachel Jimenez is an entrepreneur, professor and mom of two. She has a passion for helping others achieve their personal, professional and passive income goals. She runs an Etsy store and a blog, Money Hacking Mama, where she shares financial wisdom and practical advice for women navigating their careers, businesses and life.

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Senate’s tax plan for Trump’s spending package would permanently extend TCJA cuts

This week, the Senate Finance Committee released details on its version of President Donald Trump’s “big, beautiful” budget bill.

The committee’s text reveals some departures from the version of the legislation that passed the House last month, including differences in Medicaid rules, state and local tax deduction limits and clean energy tax credits.

The differences could set up the two chambers to duke it out over the details as they approach a self-imposed July 4 deadline to get the legislation on Trump’s desk.

If you’re wondering if your taxes are likely to go down next year, the answer is almost certainly, “yes.”

That’s because both versions of the bill permanently extend the tax cuts introduced in the 2017 Tax Cuts and Jobs Act, while also introducing a new slate of breaks for filers.

“It’s a continuation of tax policy in place right now, plus additional tax cuts on top of that,” says Erica York, vice president of federal tax policy at the Tax Foundation. “On net, most taxpayers will see a tax cut, and on average, all income groups would see a tax cut.”

What to expect on your taxes in 2026

The 2017 bill brought about sweeping, albeit temporary, changes to the tax code. Provisions which nearly doubled the standard deduction, upped the monetary thresholds for tax brackets, lowered the top tax rate and bumped up the child tax credit are set to expire at the end of 2025.

If Congress lets that happen, 62% of taxpayers will see an increase in what they pay Uncle Sam, according to Tax Foundation estimates.

“Lawmakers across the board, and I would say even across the aisle, agree that they don’t want to see those tax increases happen for the vast majority of Americans,” says York.

Whether the final version of the budget bill looks more like the House or Senate version, Americans are getting continuity: the same tax rates, the same brackets and a standard deduction that’s high enough to keep taxes simple for the vast majority of Americans; just 9% of taxpayers itemized in 2022, compared with 31% in 2017, according to data released by Congress. Both versions of the bill call for an increase in the standard deduction beginning after tax year 2025.

However, some tax breaks look different in the Senate and House versions of the legislation.

The Senate bill, for instance, raises the nonrefundable Child Tax Credit to $2,200 starting in 2025, $300 lower than what the House proposed. Both versions make good on Trump’s campaign promise to do away with taxes on tipped income, but the Senate legislation caps the deduction at $25,000 a year, with different rules about who can claim the break based on income.

Regardless of what the bill looks like in its final form, it’s worth keeping track of exactly how it affects what you owe come tax time, says York.

To figure out what kind of tax break you got, focus on what you pay next year versus what you paid this year, she says — not the difference in any refund you might receive.

“Your refund doesn’t really reflect how much you actually pay. It just reflects whether your withholding matched up with what your tax liability was supposed to be,” she says. “Whether or not you get a refund [is] not related to what Congress is doing with tax law.”

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Gold is near an all-time high—here’s how much a Costco bar bought a year ago is worth today

Costco’s gold bars are worth a lot more than they were a year ago — and demand is soaring.

The bars have been a steady draw since Costco began selling them in 2023, and a sharp rise in spot gold prices seems to have boosted their appeal. In May, the retailer tightened purchase restrictions, limiting members to one transaction, capped at a maximum of two bars, per day.

As of Tuesday morning, gold traded around $3,390 per ounce — near a recent record high and roughly 45% higher than it was at this time last year.

Historically, investors tend to flock to gold during periods of geopolitical instability, inflation and concern over the strength of the U.S. dollar.

Here’s how much more a 1-ounce gold bar purchased at Costco in June 2024 could be worth today, based on the listed purchase price and Tuesday’s opening spot price.

Purchase price in June 2024: $2,399.99
Spot price for June 17, 2025: $3,390
Unrealized gain: $990
Percentage increase: 41.3%

What to know about selling Costco gold bars

If you bought gold from Costco a year ago, you may be considering selling at a profit. But offloading a gold bar isn’t as simple as checking the spot price and pocketing the difference.

The spot price offers a benchmark for negotiating prices, but sellers typically receive about 5% to 10% less, depending on where and how they sell, says Jon Ulin, a certified financial planner based in Boca Raton, Florida.

DON’T MISS: A step-by-step guide to buying your first home—and avoiding costly mistakes

Brick-and-mortar bullion dealers typically offer in-person evaluations and immediate payment, and may pay 1% to 5% below the spot price for a standard 1-ounce gold bar — often more than pawn shops, The Wall Street Journal reported on April 19, 2024. Online buyers may advertise competitive rates, often with the added convenience of insured shipping.

In either case, vetting potential buyers on platforms like Yelp, Google or the Better Business Bureau can help you avoid lowball offers, hidden fees or scams.

“I would avoid private buyers or marketplaces like eBay or Facebook Marketplace,” says Ulin. “You’re dealing with a high-value item and there’s a risk of encountering less-than-reputable individuals.”

Don’t forget the tax bill

Any profits you make from selling gold can be taxed at a higher rate than other investments, such as stocks or bonds.

The IRS generally classifies physical gold — such as bars, coins or jewelry — as a collectible for tax purposes, Troy Lewis, a certified public accountant and professor of accounting and tax at Brigham Young University, told CNBC on April 30.

The “collectible” classification means that federal long-term capital gains on gold can be taxed at a rate of up to 28%, compared to a maximum of 20% for stocks or real estate. If the gold is sold within one year, any profit is taxed as ordinary income, which could mean an even higher rate, depending on the seller’s tax bracket.

By selling gold, you might unexpectedly “be adding up the tax bill you pay to Uncle Sam,” says Bill Shafransky, a New Canaan, Connecticut-based financial advisor.

CEO: When I meet someone with these 4 traits, I try to hire them ‘on the spot’

Think you know what bosses are looking for? Think again.

Getting hired and promoted used to hinge on traditional leadership traits like executive presence and vision. But in today’s world, those aren’t enough. As a CEO, board member and MBA professor, my research shows that a sharper, more relevant set of criteria is rising to the top. And it’s long overdue.

At NYU’s Stern School of Business, I teach a popular class called “Becoming You.” Students start by identifying their values using a tool called The Values Bridge, then explore careers that match their aptitudes and emotional, intellectual and economic needs. Finally, and critically, they assess their leadership capacity.

I used to rely on old-school aptitude tests for that last part (think: the kind your college counselor used). But over time, I saw that those tools were built for a world that no longer exists. Today’s professionals face nonstop change, geopolitical chaos and ambiguity about, well, everything.

So I set out to identify the traits that actually matter now — and tested them through consulting projects with a dozen companies across industries. Focus groups and manager surveys refined the list. And now, I use these four traits in every hiring decision I make.

When I see all four in one person? I try to hire them on the spot.

1. Nerve

The business environment today is fast, unforgiving and always on. Leaders need uncommon levels of physical and mental stamina — and not in short bursts, but continuously. Nerve means making fast, high-stakes decisions with incomplete or conflicting information. That takes real confidence.

It also means having the courage to deliver tough truths with empathy. People who combine candor with kindness are rare — but invaluable. Nerve is courage, clarity, speed, transparency and an unrelenting bias for action.

2. Elasticity

According to LinkedIn, professionals needed to update 25% of their skills every 18 months from 2015 to 2020. That “skill churn” is expected to hit 65% in the years ahead. So yes, adaptability has always mattered. But today, it’s mission-critical.

Elasticity isn’t just tolerating change — it’s actually enjoying reinvention. It’s a mindset that says, “Bring on the new.” I often look for what I call “irregular relationships”: friendships, mentorships or collaborations with people very different from oneself. They signal flexibility, openness and the social curiosity that underpins comfort with change.

3. Soundness

It’s always been important to be steady at work. What’s changed is how rare it’s become. Managers tell me their best people are anxious, withdrawn or just worn out. The pace and pressure of work today are real — and intense.

That’s why managers are putting a premium on soundness: a bundle of traits that includes positivity, accountability, resilience and self-awareness. You can ask colleagues for feedback on the first three. But self-awareness? That’s the only trait on this list you can — and should — test for. If you’re job searching or feeling stalled in your career, start there.

4. Wonderment

In a world that’s always changing, your currency is your currency. In other words, how “current” you are (on trends, technology, culture and ideas) directly affects how valuable you are to your organization.

Gone are the days when you could stay informed just by talking to colleagues or skimming a few news platforms. The most successful people don’t just absorb what’s next — they share it in-house, sparking fresh thinking across teams. Wonderment is intellectual curiosity, cultural fluency, peer around corners and the proactive instinct to bring the outside in.

Wondering how you would rate on all of these traits? You can find out for free using The Career Traits Compass, which I designed to help both my MBA students — and professionals seeking career growth.

Now, obviously, every role has its own must-haves. Values matter. Skills matter. But these four traits? They’re what every leader is quietly scanning for. And if you’ve got them all, trust me: Someone is already plotting how to hire you, even if they’re not hiring.

Suzy Welch is an award-winning NYU Stern School of Business professor, acclaimed researcher, popular podcaster and three-time NYT best-selling author, most recently with ”Becoming You: A Proven Method for Crafting Your Authentic Life and Career.” A graduate of Harvard University and Harvard Business School, Dr. Welch is a frequent guest of the Today Show and an op-ed contributor to the Wall Street Journal. She serves on the boards of public and private companies, and is the Director of the NYU | Stern Initiative on Purpose and Flourishing.

I supercommute 5 hours door-to-door from LA to SF: It’s ‘one of the best career decisions I’ve made’

My commute might look pretty unusual to most people: I usually catch a 7 a.m. flight from Los Angeles to San Francisco every Wednesday and fly home every Friday night — traveling about five hours door-to-door each way.

I never planned on becoming a supercommuter. But an unexpected conversation turned into a job offer, and I found myself splitting my life between two cities.

I live in Los Angeles, but I lead sales and marketing as Head of GTM (go-to-market) at the AI startup daydream. In addition to two flights, my weekly commute also consists of too many Ubers and more 4:30 a.m. alarms than I care to count.

A year into my supercommute, though, I can say that what started out as exhausting — and honestly a little unhinged — turned into one of the best career decisions I’ve made.

Here’s why I chose this path, and what I’ve learned from it.

I needed to be in the room

The biggest driver behind my decision was access. San Francisco’s AI scene has a concentration of builders, thinkers, and off-the-record conversations that Los Angeles just could not match.

It’s easy to underestimate the power of proximity these days, but being in the room changes everything. You meet someone at a panel, grab coffee after, and suddenly, you’re part of the conversation.

That’s how I landed this role. I connected with someone in San Francisco over a shared interest in search engine optimization (SEO), which is the process of adapting your website to reach more users through search. A few chats later, they said, “Is it crazy if we brought you on?” I had no sales background, but I said yes and figured it out as I went.

These kinds of doors don’t usually open over Zoom. The last three roles I’ve landed all came from face-to-face interactions.

I didn’t want to give up what either city had to offer, so I chose both.

Being in the room helped me get my bearings and succeed as I pivoted to a new industry and a new job function. It meant I could solve problems shoulder-to-shoulder with colleagues, bounce ideas around in real-time, build trust with clients, and boost team morale. That’s hard to replicate from a screen.

I wasn’t willing to choose between ambition and roots

San Francisco offered a chance to step into a bigger role. At daydream, I lead all our go-to-market efforts. It’s high-stakes, fast-paced work that pushes me to learn constantly.

But Los Angeles is home. My family is here. So are my closest friends, some since the 2nd grade. It’s where I reset and feel like myself again, whether that’s through dance classes, quiet walks, or simply being around people who know me beyond my job title.

It’s also where I run my personal finance coaching business, Doing Well, in the evenings and on weekends. I started it after building a money management system to overcome my own financial anxiety, and now we help others do the same.

Juggling a business and a full-time job is exhausting, and being in Los Angeles — near my support system and many of my earliest clients — helps me stay grounded and motivated to keep my side hustle going.

I didn’t want to give up what either city had to offer, so I chose both, even though it meant living out of a suitcase.

I weathered short-term discomfort for long-term growth

Despite the wins you might see now, the first few months were hard. I left a stable job. I’ve cried in Ubers and eaten solo dinners at the office. And I bounced between short-term rentals, often in sketchy neighborhoods, to save money.

Typically, daydream encourages people to relocate. Since I made the choice to supercommute, the travel costs are on me. So I pay for every flight and hotel out of pocket, averaging around $450 per week.

At first, I didn’t feel grounded in either city. I work remotely from Los Angeles on Mondays and Tuesdays, then in San Francisco Wednesday through Friday. In the early months, I hadn’t built community in San Francisco yet. And even though I had deep roots in Los Angeles, the constant travel made it hard to be fully present.

I still pack bags, hop flights, and juggle multiple projects, but now it feels like momentum, not chaos.

I started doing affirmations and reminding myself every morning why I was doing this: to level up my career and take on bigger responsibilities that push me to grow. Discomfort wasn’t a sign to quit. It was part of the process. Eventually, it became proof that I was building my skills, expanding my network, gaining confidence, and opening new doors for myself.

A year into this commute, things are finally clicking. I still pack bags, hop flights, and juggle multiple projects, but now it feels like momentum, not chaos. I’ve built deeper relationships, shined in my new role, and stayed connected to the life I love in Los Angeles.

Some opportunities are earned that way — by showing up again and again, even if it means flying five hours to do it.

Janet Lee is the Head of GTM at daydream, an AI startup that helps companies grow by building and managing their end-to-end organic growth engine, from SEO to generative engine optimization (GEO). She also founded Doing Well, a personal finance company that offers monthly coaching and bookkeeping to help people manage their money, build better habits, and make informed financial decisions. She regularly shares personal finance and career insights on her socials @startdoingwell. Find her on Linkedin.