Let’s be serious for a second. You’re one person. You have only so many hours in a day to work. So eventually working only one role and having one stream of income is going to render you at your limit. But you don’t have to be. Let’s take a look at a couple of examples I’ve put together below.
Let’s look at these 3 examples, chances are one of them resonates with you already or maybe one of them seems really appealing (no guesses on which one!)
Example One – this may have been you, may still be you. You could be working a job, weekly wage and thinking about starting your own business. But your game plan isn’t looking too good. Your income is covering your bills your time is spent working. You don’t have a back up plan and your reliance on your income is HIGH. What happens if your employer shuts down overnight? Liquidates. Kaput. What happens if you fall ill and you can’t go to work? And your sick leave is already used up? You might have a problem.
Example Two – you might still be working your day-to-day job, have a side hustle business on the go, but you’re using all of your available money constantly reinvesting in the business and you feel like you’re stuck on the hamster wheel. Time poor, cash poor = miserable. You’re burning the candle at both ends you’re exhausted. The risk to your income is high because you aren’t working smart. You are working stretched and this may even be causing you personal issues with relationships and how you are generally feeling. You might have a problem.
Example Three – let’s address the most obvious difference and this little stick figure is wearing the crown, you see he’s a clever cookie and he’s got multiple income streams. And this my friend, could be you too. If you ask anyone who’s really financially successful they’ll probably tell you it’s a result of multiple income streams. And yes, they all work differently and they all have their own risks. But if you’re wanting to mitigate your reliance on your sole income stream and ensure that there is money coming in regularly then it’s time to pay attention and get savvy.