Toronto finance creator Reni Odetoyinbo is spilling all her secrets on how she managed to make $44,000 in one month alone with social media at her fingertips.
Odetoyinbo spoke with Now Toronto and said that having different streams of income is the ultimate key to her success.
But what does that mean exactly? We asked her.
Now Toronto: You made thousands of dollars through multiple income streams, how did you do it?
Reni Odetoyinbo: I made $44,000 through brand partnerships, speaking engagements, affiliate income, social media marketing consulting services, Google AdSense, and digital product sales. I was able to do this because I have cultivated an engaged community of followers who love to learn from me, and trust what I say. Due to this, brands want to work with me to share their products and services with my audience.
Here is a breakdown of Odetoyinbo’s income streams from the month of April:
- Brand Deals
- Revenue: $38,000 ( Odetoyinbo partners with multinational corporations to share information about their business with their audience via TikTok, YouTube & Instagram)
- Speaking Engagements
- Revenue: $2,850 (She spoke at two different events in April)
- LinkedIn Revamps
- Revenue: $290 (Although a great way to make extra money, Reni said it was time consuming and would no longer be doing this service)
- Affiliate Income
- Revenue: $1,562 (She shares her favorite brands with her followers and gets a commission when they purchase using her link)
- Revenue: $825 (She has an “ask me anything session” where people ask about content strategy, finance questions and more. Odetoyinbo is already fully booked for May)
- Google AdSense
- Revenue: $714 (She gets up to 50,000 views monthly on her YouTube channel even if she doesn’t post. This is considered passive income)
Revenue: $13 (She started selling her financial tracker for $7.99 on Etsy)
NT: Would you say there’s a world out there that people have yet to tap into online and that there is money to be made in more ways than one?
RO: Yes, there are definitely a lot of untapped potential income streams that people are sleeping on. Many people believe there is only one way to make money and that is through their full time job. The reality is that having only one source of income is incredibly close to having no sources of income.
Active income (income that you trade time for money) is great, but there are also passive forms of income that can be developed on the internet where you will continue to generate income even if you don’t work month over month.
NT: How has your experience been being a social media influencer/game changer? Do you feel represented in the space?
RO: My experience as a social media influencer has been great so far! My growth has been slow but steady and my audience is something that I really value. I love being able to do what I love, get paid for it, and help people all in one. I don’t necessarily feel represented in the finance niche that I operate in as there aren’t many people who look like me in the space.
It is pretty white, male dominated. However, I am helping to pave the way for other Black women who want to get into finance, and being one of the only in this space lets me know that my work is needed.
NT: What advice would you give to anyone who would want to get started in this business?
RO: I would tell them [not to] get into it just for the money. I have been actively creating content since I was in highschool in 2010, I switched gears to finance content in 2020 and I made my first $100 in September 2020.
If you don’t genuinely enjoy the process of creating content, you won’t last because the lack of money will disappoint you. Also, to make this much money online isn’t the norm, and I don’t make this every month so don’t use this as a benchmark. Always add value with whatever content you are creating. Give onto others and it will pay off eventually!