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Creating Streams of Income & How to Manage it

After discussing the art of budgeting, it is now time to decipher how you can enhance the amount of money you are making and how to manage it. Before you can save, we need to make money. This may sound like a scary adventure, but I promise I am here to go through all of it with you. You are not alone in this journey and in order to keep you from feeling overwhelmed, I have simplified everything to the best of my ability. So, when taking control of your financial future, it is imperative that you consider the plethora of jobs and which one best fits your skills and financial goals. Following this, it is important to understand how to properly manage money so that you can avoid debt. Now, let’s discuss ways we can earn money!

Step One: Examining the Types of Jobs 

In order to create streams of income, you must find a job. Luckily for us, we live in the year 2023 where jobs can range from coding to cooking. I have created a breakdown below to show the different kinds of jobs and examples. 

Type of Job



W-2 Employee

W-2 is a tax form that allows workers to report their earnings and taxes withheld. These employees are hired by an employer, or company, who manage working hours, store location, etc. 

Put simply, this is a common or “normal” job. 






Passive Income 

Passive income is money earned either automatically or without much effort. However, passive income is meant to take time, thus it provides long-term wealth and commitment. 

Affiliate Marketing 

Drop Shipping

Selling Photography Online

Digital Product

Side Hustle 

A side hustle is flexible with your schedule and offers immediate income. This type of job can support you at the moment, but may require more outreach—marketing yourself to your family, friends, and neighbors. 


Lawn Care 

Car Washing 



In order to obtain a job, you must be willing to put yourself out there. Find a company with products that you like and find out whether they are hiring or not. Apply for an interview and prepare yourself to ensure you make a good first impression. Learning about people skills will not only benefit you at 17, but also at 4o and so on. In addition to this, consider doing research on passive income; find opportunities that best fit your talents and provide you with enjoyment. Same thing for side hustles, but find out, for example, if your neighborhood has a Facebook page and have your guardian make a post that introduces you, provides your services, and includes contact information. By creating good first impressions, making connections, and acquiring streams of income, you will soon be ready to save, invest, and plan for your financial future. 

Handling Your Income

Now that you have all of this income, what do you do with it? Well, as I have mentioned before, budgeting is imperative to ensure that you aren’t going into debt. So, consider trying the different rules:

40 40 20

This rule encourages you to set aside 40% of your income to taxes, 40% to savings, and 20% to spending. 

50 30 20 

Take 50% of your money and put it towards your needs, 30% towards your wants, and 20% towards your savings. 

70 20 10

70% goes towards living expenses, 20% goes to paying off debt, and 10% goes towards wants. 

As you can see, there are different forms of rules for splitting up your money. The important thing to consider is what fits you and your financial goals; you could make your own rule! For me, I split my money up between car payments, investing, and spending. With the more important financial goals like car payments and investing, I put a bigger portion of money within those categories. Find what works best for you and make it fun! 

To conclude, explore the different streams of income and find the one(s) that excite you and enhance your skills. By learning how to find these jobs and what to do with the income, we can now proceed into future blog posts concerning how to plan out your financial goals, act on these goals, what investing is, and a more in-depth look at the different forms of investing. All of these lessons will work towards an end goal: financially preparing you for college and life beyond. 

Ava Wieczorek 

Grade 11


Works Cited

“Budgeting Basics - The 50 30 20 Rule : United Nations Federal Credit Union.” UNFCU, Accessed 8 November 2023.

“Passive Income Definition.” Britannica, Accessed 8 November 2023.

Severance, Kimber. “What is a W2 Employee?” Check City, 10 October 2023, Accessed 8 November 2023.

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