One thing I’ve heard from individuals, especially those who are successful, is to create different streams of income. Creating different streams of income allows you to diversify your income streams.
I remember when I worked for a non-profit organization about 8 years ago. Our Workforce Development Director talked with the staff about not relying heavily on funding from one entity and diversifying our income streams as an organization. This really worked in her favor, because there was one funding source that had decreased drastically. Now there were a lot of changes made and she had to lay off some staff. However, she brought those individuals back once she had the opportunity.
This is your main source of income. This income should allow you to pay the majority of your bills. This source should, but doesn’t necessarily have to, allow you to obtain health insurance, life insurance, and meet your basic needs in life. This also should be a job you enjoy. Have you heard the saying from Winston Churchill? “If you find a job you love, you’ll never work again.” This is true.
The side hustle should be something you love to do to generate additional income. Whether it’s creating and selling books, baking and selling cookies, or creating marketing material for companies and individuals. Now a side hustle can definitely turn into permanent work. It just depends on you, your market, and the needs of your customer. Once you figure out if there’s a market for what you’re selling, you’ll be able to determine your next steps.
This allows you to sit back and let your money work for you. Now there is some work involved, such as researching companies, selecting a great investment, and continuing to watch the market and what’s going on in the news, and reallocating your investments if needed. Work on finding a strategy that works for you and your pocket.
~Work, Hustle, and Invest