A friend of mine sent me a Business Insider article titled, “I have 15 streams of income and here’s why you should, too” and I immediately screamed. I screamed because, I KNOW for a fact I’ve said the same thing for YEARS (but ya’ll dont pay me any mind). But, I also screamed because I should of been the one writing the article. But better late than never, right?
Friends and associates are usually never surprised to learn when I tell them about a new gig, business, or hustle that I’m involved with – well because I’m always ON MY GRIND. I learned a long time ago that you can ‘never put all your eggs in one basket’ and that a job is always just a JOB.
On a first date, While some people are easily impressed when their date mentions their “comfy corporate job”, I’m the girl wondering, “So what other streams of revenue do you have outside of your job?” [blame my Mama] I’m never asking because I’m “counting your coins”. I am asking because I want to know what your mindset is. If your job was to lay you off today – how would you maintain your standard of living? How would you pay rent with no income from that GOOD JOB?
If you’re like some people – you probably have no idea what you would do. If you’re like me, you would do nothing because you would survive due to having multiple streams of income.
So, Here are a few ways to add revenue to your monthly income:
- freelance a service (writing, accounts, design, editing, computer tech etc)
- start your own business
- rental income from purchased real estate
- renting property on AirBnb or Homeway
- dividends from stocks
- interest from savings account
- tutoring or teaching a class
- coach or referee
- owning revenue generating websites
- Sell DIY crafts on Etsy
- Become a driver (Uber or Lyft)
- Wait tables or bartend on weekends
- Brand Ambassador/Event Staff
- babysit
- Play an instrument via paid gigs
- Delivery person (paper, food, flowers etc)
- Promo/Street Team
Even with this list, I’m sure you’re thinking: okay so how I manage work/life balance doing all of this? Realistically you may only start with adding one or two at a time. Think about the amount of time you spend on social media or on the couch watching TV. If it’s not making you money, supplement that time with money generating activities. The idea is find ways to make money, doing the things that you love and already do well. I am never an advocate of having 3+ JOBS that you have to report to daily. That’s not the life I want for myself or you.
So let me give you an example of how I personally have created multiple streams of revenue:
My 9-5 (Job)
Motivation apparel line: GrindMatch.com (shameless plug)
Stock Dividends
Tutoring
Freelance writing services
Brand Amabassador
This is 6 so far; 6 things that I actually really enjoy! My goal is to double that in the next 18 months. WHY? Because I want to be in control of my own destiny and you can too!
I would also suggest spending less, because lets be honest – it would do us all some good to spend less money. But after spending less there are necessities and at some point you’ll interrupt and sacrifice your standard of living.
But guess what – there’s NO LIMIT to increasing your income *cues music & Diddy bops*
Excerpt from Business Insider:
But if you can find one client, willing to pay you $50 per week for a two hour lesson (what worked for me was tutoring, French classes and piano lessons. You can teach anything you are good at) or a freelance project, you have made another $200 this month. Find a couple more clients, and you are now making $500 more every month.
You have learned to live on $2,000, so your savings rate is now a whopping 33%. Assuming a safe withdrawal rate of 4%, you need a nest egg of $600,000 to retire on $2,000 a month.
Keep earning $3,000 and living on $2,000, and invest your savings at 8% annually, after 20 years, you will have $592,947.22 in the bank.
Financial independence is just 20 years away. If you keep living on $2,000 and making $2,500 however, it will take just over 27 years to reach financial independence. Still good news if you are a young professional in your mid 20s, you could retire in your early 50s.
But if you are in your mid 30s already, and don’t want to work past 60, you need to boost your savings rate. And nothing will help you do that better than having several income streams.
“Make that money… don’t let it make you!”
Follow me on Twitter: @JadaD_
As always, Shut Up Keep Grinding®
