If there is one thing that’s certain in a constantly changing and evolving market, it’s that it is a smart idea to have multiple and varied streams of income. Not only is it a way, obviously, to make more money, but more income streams typically mean more opportunities. This week, Hallie and I discuss why having multiple streams of income is a good idea and how to find the right ones to fit into your life seamlessly. And we also talk about why multiple streams of income isn’t just for entrepreneurs and how to add more streams of income wherever you are in your business and life.
In this episode, you will learn about:
- With so many ways to earn extra income, how to narrow it down to the best ones
- How to create a world with many income opportunities, and ideas on how your employer can help you
- How creating multiple streams of income is a natural byproduct of you investing in yourself
Take a listen and let us know what you think with a comment below! If you like what you hear, make sure to subscribe and share with a friend.
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Timestamps
[2:59] Most organizations can help their team create multiple streams of income, as long as it doesn’t interfere with the results of the organization.
[3:51] Hallie discusses her five different streams of income
[4:37] While it’s great to have one income stream that gives us a foundational salary we can count on, it’s not the responsibility of the employers to get us everything. It’s up to you, hopefully with the help of your employers, to create a world of more income opportunities.
[5:31] First, you want to make sure you are being compensated fairly for your actual job. From there, you can tap into what you want and what you enjoy doing, and WHY you want to do it.
[7:45] Part of creating multiple streams of income is a natural byproduct of you investing in yourself.
[7:58] Hallie talks about an example where she was an Executive Assistant at a high school and created another stream of income from blogging and running their social media.
[10:19] Hallie and I discuss whether you have to have an entrepreneurial mindset to have multiple streams of income. A true entrepreneur is one that takes financial risk, while this is usually first just an investment of time, at first.
[12:55] You don’t have to be an entrepreneur to go out and create multiple streams of income.
[14:51] You should be building reserves while building up that foundational set of money.
[18:19] We discuss the flywheel effect of creating streams to pay for what you actually need, and how it can spin off areas of profit instead of being an expense. Amazon is a great example of this, and their Amazon Web Solutions came up with a way to profit instead of being a cost to them.
[21:41] Whether you have three or 100 employees, chances are you can create a world large enough for your employees to profit share and create multiple streams of income.
[22:58] If you are an employee and this isn’t already available, you can ask your leader to create such opportunities.
[25:59] Typically, the main sources of income should be around 50% of what you are bringing in total.
