A YOUNG woman has revealed that she is just 24 years old but is a millionaire.
The university dropout was called a “dumb a**” for quitting her job to sell leggings online, but now, thanks to her ‘lazy girl’ side hustle, she makes more than £78,000 a month.
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Maddy Glynn dropped out of her communications degree and went on to take a “soul-crushing” 9-5 job as an estate agent.
But after watching a YouTube video on dropshipping, Maddy decided she wanted to give that a go.
She described dropshipping as “owning an online business without owning stock or packing it”.
Dropshippers act as the middleman between a business and a customer by marketing products and processing orders without ever seeing the stock.
The business model means you can start an online store and sell a wide range of products without ever having a physical shop or warehouse.
Maddy revealed that people called it a “dumb business idea”, but she doesn’t care, as it allowed her to retire her husband from work and buy a house near the beach in Florida, US.
Not only this, but Maddy only has to work two hours a day – yes, you heard that correctly.
Posting on TikTok, the mum-to-be explained that she’d started a business where she doesn’t need to be actively working to have money coming in – instead, she’s focusing on finding a way to generate passive income.
In the clip, Maddy claimed that she typically earns ”thousands” every day – and all whilst she’s either chilling in her bed, catching up on her favourite TV shows or even shopping for her baby.
She shared: “I make on average over $100,000 [£78,680] a month.
“I started a business where I do not have to be actively working to have revenue flowing in – instead, my business makes me passive income.
“I started by learning a side hustle, for me this was dropshipping. I learned the ins and outs of this business model and I spent two years perfecting my strategies and making a full-time income.”
Maddy revealed that she sells leggings online for £47, which she can get for around £9, making her a hefty profit.
Not only does she flog leggings online, but she’s also made an online course too.
She added: “Then I took the strategies I had learned while building this business and made an online course, teaching others how to do it too.
“In the first year of launching this online course, I made just under $1.8 million [£1.4 million], with over 90% of that being profit.”
What is dropshopping?
Dropshipping is an online business model where the seller doesn’t keep inventory on hand.
Instead, they purchase items from a third-party wholesaler or manufacturer.
You still get the profit and financial benefit of owning an online store without many of the upfront costs that manufacturing and shipping entail.
The work is predominantly work from your laptop at home, and you can constantly add items to your portfolio without paying more to sell them.
However, there is still a risk of difficult supplier relationships and your profit margins becoming lower if your supply chain is too long.
You also have low control over customer experience.
SOCIAL MEDIA REACTS
The TikTok clip, which was posted under the username @maddyglynn_, has left many open-mouthed as it has quickly gone viral and has since amassed a jaw-dropping 3.9 million views.
Social media users were stunned by Maddy’s earnings and many took to the comments to share their thoughts.
One person said: “Sounds great, you go girl.”
I started a business where I do not have to be actively working to have revenue flowing in – instead, my business makes me passive income
Maddy Glynn
Another added: “Love this, well done.”
A third commented: “I need this in my life.”
Meanwhile, someone else expressed: “I want to learn.”
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Do I need to pay tax on my side hustle income?
MANY people feeling strapped for cash are boosting their bank balance with a side hustle.
The good news is, there are plenty of simple ways to earn some additional income – but you need to know the rules.
When you’re employed the company you work for takes the tax from your earnings and pays HMRC so you don’t have to.
But anyone earning extra cash, for example from selling things online or dog walking, may have to do it themselves.
Stephen Moor, head of employment at law firm Ashfords, said: “Caution should be taken if you’re earning an additional income, as this is likely to be taxable.
“The side hustle could be treated as taxable trading income, which can include providing services or selling products.”
You can make a gross income of up to £1,000 a year tax-free via the trading allowance, but over this and you’ll usually need to pay tax.
Stephen added: “You need to register for a self-assessment at HMRC to ensure you are paying the correct amount of tax.
“The applicable tax bands and the amount of tax you need to pay will depend on your income.”
If you fail to file a tax return you could end up with a surprise bill from HMRC later on asking you to pay the tax you owe – plus extra fees on top.