This article was published on Leaders in Heels.
Now more than ever we are told to diversify our income sources, however, when you are busy and already have a job, it can seem unmanageable to make it happen. I personally find that a single income is not enough to sustain a living where you not only survive but truly thrive. With this in mind, have you thought about creating multiple income streams? So your job isn’t the sole source of your income? Let’s explore some options.
Using smart investments when creating multiple income streams
Investing your money can be risky for first-time investors. We’ve all heard horror stories of investments gone wrong, which can be daunting and overwhelming. However, one bad experience shouldn’t put you off from investing. Many successful investors will even tell you that you must be willing to lose money, in order to be successful.
The most important thing to remember is that you don’t have to go big, especially not at first. Investing isn’t just about the stock market. Start small and focus on lower risk investments that you’re comfortable with, before investing larger amounts.
When considering a potential investment opportunity, ask yourself, “What can I invest my money in that would allow it to grow?”.
Embrace your side hustle
The modern-day woman has so much on her plate and the idea of turning a side hustle into a business can seem counter-intuitive. However, it doesn’t have to be. Many successful businesses have been created by people juggling multiple commitments.
Creating a part-time business can be done with only a little bit of your time, providing you are willing to jump all in and commit. Start by writing down all your different ideas, no matter how crazy they seem! The more ideas and choices you have to look at, the more opportunities you have available. Don’t just decide on your first idea as this limits your options.
When you’re happy with your business idea (or your first of many), look at what daily action is required. No doubt you’ll be juggling many priorities, so instead of working until your breaking point, take a few small steps each day.
Putting you on the list of those that receive
When looking to create extra income, one of the major pieces we forget is to put ourselves first. We like to provide for our families and come up with millions of reasons for where the newfound money should be spent. However, when you don’t put yourself first on that list, you are sending a message that everything else comes before you and you are your last priority. Have you looked at where you are on your list of priorities?
One of the greatest ways to start prioritising you is to put away 10% of everything you earn. You will find that once you have accumulated a certain amount, you have a sense of ease around money. Another side effect if you put this amount away in a bank account is that financially, you will start to look better on paper and be exposed to more investment opportunities.
Your day job doesn’t have to be the sole source of your income. There are many income streams waiting for you. Money is an ongoing possibility, available if you are willing to go out and choose it.