Multiple Streams of Income
The importance of Multiple Streams
In the culture in “America” today having multiple streams of income is important. The employment culture from years ago where a person would join a company and work there until retirement has changed. Cost of living has not kept pace with inflation. It costs us more today proportionately to buy the same things than it did when we were growing up. Housing, automobiles, taxes, insurance, food, travel, these things all take a bigger chunk out of our paychecks than they used to.
Having multiple streams of income helps because often at work there are seasons of busy times and slow times. Having a side job or passive income helps to keep your income at a stable level when work is slow. If you work in a contract job it helps when you don’t have contracts. Other streams of income can be used to pay off debt or build savings.
What different options are there
What you chose to do for additional income is up to you. New start-ups like Uber or Lyft, have been great ways for some people who like driving to earn some extra income. Pizza delivery (or meal delivery) is still a great option too especially during evenings and weekends. There are temp agencies where you can go to get daily, weekly, or monthly options for work. If you have certain skills you can always contract those out too: welding, handy-man, child care, pet-sitting,…
The above options are all active streams. Passive streams are good ways to add income and build wealth too. As we all have a limited number of hours, why not make time work in your favor instead of you working all of your time? Real estate investments, or selling on Amazon, are some of the best ways to add passive income streams to your portfolio.
The important thing to keep in mind is that to get where you want to be financially you need to be in control. Your company and your boss do not care about your financial goals. As always if you need some coaching implementing multiple streams of income in your life schedule a coaching appointment with me today (425) 205-8810