Generation Y, Personal İnvesting, Grand Rapids

Generation Y, Personal İnvesting

How a 29-year-old built a career and 2 side hustles that earn her $158,000 a year

Destiny Adams has big plans to grow her business consulting YouTube channel into an empire.

1/24/2021 9:07:00 AM

How a 29-year-old built a career and 2 side hustles that earn her $158,000 a year. (via CNBCMakeIt)

Destiny Adams has big plans to grow her business consulting YouTube channel into an empire.

Destiny Adams doesn't believe in "off" days.The 29-year-old 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.

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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 Destite 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.

Destiny Adams, 29, hopes to grow her YouTube consulting business.CNBC Make It"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."

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, and her mother, Wilhelmina Phillips, worked a graveyard shift at a factory while raising three kids on her own.

The family lived in income-based housing in Grand Rapids, and while her mother did her best to provide for her children, 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 and 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.

Destiny Adams joined the National Guard in 2012.Courtesy of Destiny AdamsIt 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."Finding fulfillmentAdams decided to launch her hair brand because she saw the opportunity to meet a need in Grand Rapids. While attending Grand Valley State University from 2009 to 2013, she routinely traveled 150 miles each way to Detroit to get her hair done and buy wigs and hair extensions that weren't available locally. Soon, she realized that there was money to be made in bringing the Detroit salon experience and products closer to home.

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She began sourcing hair and selling wigs and extensions online in 2016. In the beginning, Adams hand-delivered the products to her clients. But by 2018, she made enough in sales to open a salon that doubles as a physical storefront for the wigs and extensions. Adams leases the space for $685 per month, and two hair stylists pay her a flat fee to rent out a chair to cut and style hair.

Destiny Adams and her mother, Wilhelmina Phillips, at her college graduation.Courtesy of Destiny AdamsHowever, as of January 2021, Adams announced that she is transferring the salon lease to someone else and rebranding her hair line. She will still sell wigs and extensions online.

"I remember in 2017, for New Year's Eve, I was in my car pretty much all day just delivering hair," she says. "I told myself if I met a certain income ... OK, I'm going to open up a storefront."Starting Destite Hair Collection inspired even more money-making ideas for Adams. Soon after, she launched an eponymous

YouTube channelwhich currently has around 10,000 subscribers and offers business and branding consultations to other fledgling entrepreneurs. Her popular videos include how to write a business plan, how to build credit and how to brand a business. She also sells branded t-shirts.

Destiny Adams operates an eponymous YouTube channel that gives business advice to other entrepreneurs.CNBC Make It"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."

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 and already offers free lessons to other Black women in her community."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.

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