There was once a time when people sniffed at having multiple side gigs. Not too long ago, most people equated them with insufficient income from one’s day job. Well, that’s not the case anymore.
These days, who doesn’t have a side gig? For millennials like yours truly, second jobs or side hustles are lifelines in this economy. After coming of age during the last global economic crisis, we all know better than to take job security for granted.
But I’m getting ahead of myself here. First, let’s discuss the idea of multiple income streams. Basically, it just pertains to more than one source of income, at least. For instance, if you have a day job AND sell hand-knitted sweaters on Etsy or IG, then you’ve got two income streams.
Want more examples? Okay, take investing in the stock market. Done correctly, this activity can grow your capital, which qualifies as income as well. Other common side hustles include creating stock photos, tutoring, uploading Youtube videos (provided they generate enough views), and even looking after other people’s pets.
As you can imagine, maintaining a day job or business and running multiple side hustles can be quite demanding. Such endeavors require a considerable amount of time, effort, and commitment. However, you just can’t beat having several sources of income, and here’s why:
- Financial Stability.
- An Expanded Skill Set.
- Network Growth.
- Increased Resilience.
This is perhaps the most obvious benefit. Unless you invent an app that takes over the world or something, a single-income lifestyle will not bring you financial security. Industry wages simply haven’t caught up with inflation over the years. Plus, even if your job gives you a six-figure paycheck monthly, that goes out the window once you hit retirement age.
Multiple income streams, on the other hand, make for a great safety net. They’re especially handy if your main business goes through peaks and valleys, or if one income stream dries up.
Lastly, if you’re careful with money, you can parlay your extra earnings into substantial savings or investments.
In contrast to the previous item, this benefit is criminally underrated. Whichever side hustle/s you choose to go with, you’re likely to wear different hats throughout the course of the day. Some will call for an analytical mindset, others might require you to flex your creativity muscles, and so on.
As a result, you can bet on developing a whole new set of skills. Not only can this be extremely gratifying, but they also provide you with an extra layer of security should AI render your job obsolete.
Sometimes, side hustles can lead to unexpected partnerships. Your day job or business probably gained you some pretty useful contacts, so venturing into other fields or industries can only add to that.
And in the age of social media, opportunities to collaborate with big brands or personalities are as abundant as ever. Thus, don’t underestimate the power of good, useful content. You never know who might be watching or listening.
Okay, time for some real talk. It’s pretty common to stumble when you start working on multiple income streams. There is a learning curve to all this, so don’t feel too bad if, say, your first attempt to sell stuff online didn’t go too well. Learn what you can from inevitable mistakes, and keep pushing forwards.
In my case, my first-ever customer for my initial e-commerce gig was a dud. I remember taking the train all the way to this remote location for our 3 PM meet-up, expecting that she’d show up, pick up the shirts, and render payment. Instead, her line went dead, I waited for an hour, and she never showed up.
It was a painful lesson, to be sure, but it taught me a few things. After that incident, I never agreed to meet-ups unless the customer settled their payments beforehand. Eventually, I shifted to a shipping-only policy and eschewed meet-ups altogether. These changes certainly made things easier and safer for me, but I wouldn’t have known to implement them if everything was smooth-sailing from the beginning.
As a parting note, there is one universal first step to building your multiple income streams, and it’s this: START TODAY.
Chances are, you already have a few ideas tucked away anyway. So, get cracking. Do your research, chat up potential suppliers and customers, and just move. Your bank account and your brain will thank you for it later.