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When you’re budgeting, it gets to the point where you just can’t cut anymore expenses. Well, you could, but it may compromise something important to you. This is where multiple income streams comes in.
That’s why I love earning more money. You can always earn more, but you can’t always cut out expenses. I personally had 5 income streams I regularly relied on the last 4 years. The more streams the better!
It also is good practice to not rely on only one source of income. This is a risky game to play. Even if you think your job is a reliable source of income, you just never know. Things change so fast in our society, including your job.
By having more sources of income it allows you to be flexible in where your income comes from. If one source of income is lost, you can move your efforts to other sources.
There also is a never ending amount of money that can be earned by having multiple sources of income. This is especially true if you create more passive income streams. Passive income streams allow you to do the heavy work in the beginning and then continue to make money with little to no work.
Here are some of the things I have learned to create my many income streams.
1. Use your skillset to immediately add more income streams.
The first way to make more money is to utilize the skills you already have. This is a quick way to make money because there is no learning involved before you make money.
For example, as a teacher, I immediately started tutoring and babysitting. This allowed me to use the skills I already had to add more income streams. I was able to get these income streams up and running as fast as I found clients.
Try to think about the skills you have right now and how to turn them into additional income for you. The great part about the Internet is that there are tons of people looking for freelancers to complete small projects. If you have a skill that is one for hire, get yourself out there and find some quick jobs!
2. Be aware of your full time job and your schedule.
The great part about additional income streams is the extra money you have coming in obviously. The bad part is that they sometimes take a lot of time to do. When adding additional income streams, you need to be mindful of what you can realistically do.
If your additional income stream is going to impact your full time job, I would say it’s a bad idea. Make sure that you have time and energy for everything.
To figure this out, I would suggest slowly adding income streams. This will allow you to see if you can handle the additional work in the beginning. If it gets to be too much, scale back, or find a different way to make more money.
Some income streams are more taxing on us, figure out what works for you.
3. Be organized.
When you have multiple income streams, you need to be organized. There is no way to do this if you’re all over the place. I personally love creating systems and procedures to do things. This is used in my work, but also my tasks I need to complete for myself.
For example, I keep my schedule in Google Calendar so it is always with me on my phone. This allows me to easily schedule jobs as soon as they come in. By having my calendar on me at all times, it ensures I don’t double book myself or miss jobs by forgetting to add it to my calendar.
Also, I keep a spreadsheet for all of my income streams. This allows me to track my income easily. It also makes it very easy to figure out taxes for my side hustles. I automatically pull my taxes and update my spreadsheet when my payments clear my account.
4. Create passive income streams.
This is something that I am currently working on more. Passive income streams does not mean no work. It usually means that you do the work up front and then continue to earn money from it.
This can be done in so many ways, but is a great source of income. Especially when you have multiple passive income streams. This is usually when a product is created and then people continue to buy the product. It takes work and time to create, but then continues to earn you money.
I’m currently working on this type of income and building more of it.
There are so many ways to make more money, it’s just a matter of figuring out what is right for you.
There are so many different ways to make more money. Whether you decide to work for another company, create your own side business, or create products, there are plenty of ways to make more money. Figure out what you want to do and start making money doing it.
The great part about additional income streams is that you can monetize your hobbies. This is something that I love doing. If you can find a way to monetize the things you love to do, you’re set!
Personally for me, I love teaching and personal finance. What I especially love is teaching personal finance and helping others with their finances. It’s a work in progress for me, but I’m committed to doing the work by creating many different income streams. What are your income streams and how did they start?