I’m a huge believer in having multiple streams of income, regardless of whether you have a high paying job that you really enjoy.
The truth is that most of us could benefit from having more funds, whether we want to enjoy new experiences with friends and/or loved ones, we want a little more free-time or just want to be able to help our favourite charities.
Why is this important?
- Let’s face it, the job market isn’t what it used to be and neither is job security, so I believe we should all be working towards attaining multiple streams of income.
- Also we are living much longer lives and if we want to ensure that we can retire without having financial concerns, it can be hugely beneficial to learn how to generate other streams of income.
How do we get started with multiple streams of income?
- Firstly, you need to spend some time and energy reflecting on what other interests you have. Or what areas you could envision yourself being successful in.
It could be an extension of a hobby, like selling baked goods or teaching someone to play a musical instrument. You could learn a completely new skill like becoming a realtor or join a multi-level marketing company. If you enjoy working from home, you could consider working on your computer as a virtual assistant. The possibilities are endless!
- Once you have some ideas, you are going to have to invest time and money into this new enterprise. All businesses or side hustles require a little bit of money to get started. The money you spend on learning a new skill or the equipment required to generate the income should be considered an investment in yourself.
- Where to get the initial funding. While you may be taking money out of your savings account or even borrowing the money to fund these expenses, think of the expense as an investment in yourself and don’t be afraid to spend a little money to make money.
- Consider the future potential. Of course you want to make sure that you recoup the costs within an acceptable time-frame, but you also need to consider that with your new skill or tools you’ll be able to generate income potentially for many years if you choose.