Why You Need Multiple Income Streams
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Gone are the days of working one job forever and retiring with a nice pension. It just doesn’t happen for us millennials. Our reality is that most salary jobs don’t cover cost of living with our debt.
But, we also can’t rely on one job to always be there. Our world is changing so fast that it no longer is enough to be a good employee. Companies grow and fail at alarming rates now. We can’t count on our jobs to always be around, like our parents did.
That’s why we need multiple income streams. This gives us piece of mind and money coming in. It also gives us some nice flexibility in our work and our location.
I personally have 5 income streams I can count on regularly with a variable income. On top of that, I have countless other income streams that randomly bring in money.
1. You aren’t relying on one income source with multiple income streams.
Having only one source of income is risky to me. Even if you’re in a job that you consider super secure. You just never know what will happen. You can be doing an amazing job, and still lose your job. That’s just the way the world works.
I just experienced this with my teaching job. I’ve been at my school for 4 years and just got a non-renewal letter. I was told that it wasn’t because of my lack of knowledge, or my teaching, or how I work with the kids. They just don’t think I fit there.
Luckily, it’s for next school year. So, I have time to plan and prepare for next school year. By having multiple income streams, I’m not concerned about money though.
When you have multiple income streams, it allows you to still have money coming in.
2. It allows you to have more flexibility when you have more income streams.
Having only one income stream really forces you to stay in that position. It may be more difficult to leave a job you don’t enjoy or force you to stay somewhere that isn’t allowing you to grow professionally. Either of these situations are not ideal.
This is especially true if you are a millennial. We are young and have a lot of our lives ahead of us. This means we should be at jobs that allow us to grow and is a place we enjoy being at.
By having multiple income streams, it makes it much easier to take the time and find somewhere that is a good fit. We can easily beef up our other income streams, if we need to make a change.
For example, I normally work summer school. This year with me leaving my current district and starting in a new school, I won’t be. It’s okay though. I can easily work a lot more in my other income streams to bring in enough income throughout the summer.
3. You have more control over how much income you bring in.
The greatest luxury of having multiple income streams is that you can make more money when needed. If you can work more and make more, then you can easily make more money when you want.
For example, I have more time in the summer, since I am not teaching. I’m also not getting my salary though (For now, my new job pays 12 months!). This means I have all the time to focus on my side jobs. I can easily open more slots with VIPKid, babysit, tutor, or work on my blog more.
This is the same during the school year. If I feel like really making some money, I can easily work more to do so. That’s why I love side jobs. I have total control over it and can easily make a lot more money, if I want.
This does get tricky though. With side jobs you do need to be disciplined to actually work them, if you want the money. I find it is easier to work them when I remind myself of my goals. My side jobs allow me to reach my goals a lot faster.
That’s why side jobs are so great, they allow you to reach your goals faster and you have the control over it.
4. You can do work that you actually enjoy.
Let’s be real. Not all of us love our full time job. It’s just the reality for a lot of people. If you’re someone that enjoys the hustle, you can add more income streams that you actually enjoy. Wouldn’t it be awesome to leave your full time job to work your side jobs.
We should enjoy our work and we live in a world where that can be done, if you want to work at it. So, why not try. Create income streams that you absolutely love. Work on them whenever you have down time. See what you can make of it.
When you have income streams you absolutely love working on, it makes it easier to work on them. The work doesn’t actually feel like work. It really is a wonderful feeling to make money doing things you really love.
Think of the things you truly enjoy and love. Start brainstorming ways you can make money doing it. There are so many possibilities out there. And so many more opportunities to be made. We live in a constantly changing world, there is always room for more.
More income streams mean more flexibility, freedom, and peace of mind.
I love having more income streams. But, I’m also someone that likes to be doing something constantly. This won’t be the case for everyone. More income streams for me mean I can reach my goals faster and know I have money coming in always.
For me, that’s worth it. I enjoy the peace of mind it brings and the work I do. This definitely makes it easier. Find the things you love to do and figure out a way to make money doing it. There is nothing better than doing work you love. Do you have multiple income streams, what do you do?