Yes, girl, you should have multiple income streams. If your goal is to have a brighter, more lucrative financial future, multiple income streams should be in your sights.
Having multiple income streams simply means having a variety of sources of money coming in independently. That way you’re not relying on a single source to pay your bills, save for your future and live the way you want to.
For those of us that want to be truly financially independent, multiple income streams really is the way you want to go.
The benefit of having multiple income streams
For me, the benefits of having multiple income streams hinge on security. Back when I was working full-time jobs, I was constantly worried about getting let go and having no income stream, just like that.
I had no real reason to think that I would or even could lose my job in a second, but the feeling always stuck with me. I felt trapped depending on one source of income to meet all of my needs.
Having multiple income streams helps create more financial security. If something happens to your regular gig, you need to leave for some unseen reason or you simply can’t take any more (read: this guy a year ago), then another income stream can help you through that transition.
Beyond the financial security, there are a number of other benefits to having multiple income streams:
- It can be easier to make money this way. One single larger income stream is much harder to create than a few smaller ones.
- Multiple income streams can add a little variety to your work-life.
- You could potentially make money from something you’re generally interested in, talented at or passionate about.
- In the long run, having multiple income streams could give you more time.
I truly believe that if you want to become financially independent and fiscally secure, then multiple income streams is the way to go.
The downside to having a varied income
It’s not necessarily all hunky-dory with having multiple income streams to look at. When it comes down to it, it can be a balancing act to manage. Similarly, especially when you’re starting up, you can get caught up in managing the different tasks associated with their upkeep.
The last real downside to building varied income streams is that, depending on what you choose to go with, it can take a while to actually make money from them. So, if you’re not a particularly patient person, you might have some challenges.
So, yes or no?
It’s this Single Girl’s honest opinion that when it comes to the benefits and drawbacks of creating multiple income streams, the benefits win out. Every time.
And by no means does having multiple income streams mean that you have to quit that 9-to-5 dream job you have. Nor should you, especially if you’re just starting out. There are plenty of people who have income streams that are an addition to their regular salaried job income.
Multiple income streams serve to add more time to your day in the long-term and more money in your pocket for a rainy day — or even any day. It’s simply there when you need or want it.
How do you create multiple income streams?
Creating multiple income streams is all about finding different opportunities that can create you money with somewhat-limited effort. And by “somewhat limited” I mean you have the time to work on all of them to ensure they keep going.
As they go on, they will (hopefully) become less taxing and time-consuming, but you’ll still have to do something for anything that you make money from.
What about passive income streams?
A lot of people want ideas for passive income streams, but the only one that I’ve ever truly come across is investments—real estate, stocks. Everything else has a “work component” to it.
However, there are a number of streams that can become passive income once you’ve done the initial setup. Things like:
- Affiliate marketing—though you’ll have to continue to create content to keep your Google’s optimization up to par.
- Online course sales—this depends on what type of teaching and course you develop, as long as your students can study independently then that should work, though you will have to keep marketing.
- Rent out a room on a platform like AirBnB—but you’ll still have to do some upfront work.
The truth is, regardless of what the “online gurus” say, nothing comes for free. You’ll have to manage or administrate any kind of income you have going on. But, that doesn’t mean that it’s not a great idea to try!
What am I working on?
I am a Single Girl with many, and I mean many, balls in the air. I’m always working on something new and exciting — pursuing passions, making things happen, building my dream.
If I’m being completely honest, I might be one of those people that has too many things on the go. But I’m a firm believer that any effort, real effort, that I put out there will eventually come back to me in a positive way. Plus, I’m a proponent of ranking my pursuits to make sure I’m working on what I’m most passionate about.
So what am I working on?
The Lady Dicks Podcast
The Lady Dicks Podcast is my pride and joy. It’s both a podcast and a brand that I’m currently building with my two best friends. We started podcasting in January of 2018, and since then we’ve had periods of amazing growth… and a few of less-than.
The Lady Dicks Podcast is a paranormal and true crime comedy podcast. We focus on sharing the stories of historical places that you can visit that have a paranormal or true crime aspect to them.
While I would list this as the top priority when it comes to my multiple income streams, we admittedly make limited money. And we’ve made further decisions this year to shut down the platform where we did make a little money because it was time-consuming and, most importantly, not what our audience wanted.
That said, this project of mine is getting a serious expansion later this year as we pursue the travel aspect of the brand. What we’re hearing from listener feedback is that one of their favourite parts of the podcast, so we’re currently building something for the brand that long-term will provide what we hope will be a genuine income stream.
Out of the multiple income streams that I’m currently building, Medium is the one that actually pays. It doesn’t pay a ton right now, but the more content I put up there, the more money I make.
I actually first made money on Medium by fluke. I wanted an outlet to write about my podcasting endeavours and decided to publish a piece called 9 things I learned in my first year of podcasting and a few weeks later Medium paid me about $30, which was pretty good for someone who wasn’t expecting anything.
I currently dedicated a little bit of time each day to grow my Medium presence, as one of my current goals is to create a steady income of $1,000 a month via Medium.
Because I love writing so much, Medium is the perfect place for me to focus some of my efforts due to the fact that there is a rhyme and rhythm to how you get paid. I would never put my full effort behind making a full-time income through Medium (though there are definitely people that do) but it is a great basket for me to throw a few eggs.
The Legal Rebel
My background is in professional services marketing—think lawyers and accountants—and over a year ago I started the Legal Rebel to help up-and-coming lawyers, solopreneurs and small-sized law firms improve their marketing. The Legal Rebel is a do-it-yourself marketing platform that currently offers written articles on marketing topics.
This year, I plan to expand that service to include eBooks and online courses, actual products of my own that I can actually share.
The Single Girl’s Guide to Real Adulting
The Single Girl’s Guide to Real Adulting, a.k.a. the blog you’re currently reading, is one of my future income streams and I haven’t quite figured out how I’m going to do it yet. Right now I have a few affiliate links on this website, but only for specific products that I’ve used and talk about. So the money that comes in is pretty much zilch.
But I do hope and plan to make money from it sometime in the future.
Do you have multiple income streams? Share your favourite one in the comments below!