A bunch of my friends just found out they will be losing their jobs at the end of March as Symantec cuts 500 jobs in the area. It’s got to be disheartening to put decades into a career with a company only to have them get rid of you because of “restructuring.” But, as any heartless mofo will tell you: “business is business.” When it comes to your finances, you need to think like a money-grubbing exec. The most stable corporations have several revenue streams, and you can ensure your stability by securing multiple income streams.
Why You Should Cross the Streams
Off the top of my head, I could come up with six reasons why you should have multiple income streams:
- Security – Executives care about one thing: the next quarter’s profits. They have no loyalty toward their employees. As one of these workers, you need to have backup plans in place in case you are suddenly “cut loose.”
- Get out of Debt – When you have other sources of income outside of your primary job, you generally have more money coming in. You can use this money to buy candy, baseball cards, and pay off debt. Getting out of debt will contribute to your overall security.
- Try Something New – Whether you love or hate or you don’t have extreme emotions about your job, it’s important to taste other opportunities. Who knows? Maybe you’ll find that you’re an excellent exotic dancer.
- Do More of What You Love – As you try new income streams and find options you enjoy more, you will slowly start to do more of what you love while dropping income streams that you dislike.
- Diversity – When you just do one job, it can get boring. That’s why I’m not a major league pitcher. It’s boring to just throw a ball. With variety, you start to like all of your occupations.
- Control – When you are working a diverse array of jobs, you don’t feel like you are stuck in a single position. You might be more willing to take risks because you know you have a safety net.
How to Develop Multiple Income Streams
By now, you should’ve somehow realized what you gotta do: develop multiple income streams. Here are some ways you can get to that oasis:
- Take on Side Gigs – If you have a job that lends itself easily to freelance work, then try to pick up some clients on the side of your primary job. Of course, you will still want other income streams as well since a disaster that affects your ability to do your primary work could affect your side gigs as well.
- Monetize Your Hobby – Do you love basketball? Why not officiate rec league or high school ball in your free time? Or, you could start your own basketball website where you talk about your favorite basketball shapes. Over time, you might be able to get advertisers.
- Get a Part-Time Job – Find a part-time job that has nothing to do with your current work. For instance, if you are president of a telecom corporation, deliver pizzas on the weekends.
- Rental Property – If you can buy a rental property with cash and this is something that interests you, landlording can be an excellent revenue source, especially if you live in an area where owning a home is ridiculously expensive. Airbnb is also an excellent option that we’ve personally enjoyed until we found out that our landlords refused to believe that we had liability insurance.
- Drive People Around and Give Them Water – Lyft is uber-popular these days and can be quite lucrative.
- Multi-Level Marketing – If you’re going to go with a pyramid scheme, make sure you get in early and don’t mind losing all of your friends and family. It depresses us every time we see someone fall prey to LuLaRoe, Herbalife, The Pampered Chef, Isagenix, Arbonne and so on.
The World Is Your Oyster
Keep in mind, the more scalable your income streams are, the better. For instance, if you get kicked to the curb by your primary job, it’s nice to have a part-time job that allows you take on more work or hours. Also, always keep your eyes on the want ads. You never know when there will be an opening at your dream job.
Now, go out there and start working on your streams! If you have any questions, leave a comment below.