The following article is from Melanie, our staff writer. Melanie is in the beginning phase of her journey to Financial Freedom and she’ll offer a refreshing point of view for us. She recently quit her day job to freelance full-time. Melanie is a great writer so I think it will work out just fine for her.
Why I Love Having Diverse Streams of Income
For many people, the idea of working in the same place for 30 or 40 years is no longer relevant. Long gone are the days of sticking with one company from graduation to retirement.
People, especially Millennials, are job-hopping more than ever. In some ways, I think it’s because we’re always looking for something better and we have a hard time staying still. But I also think that we have become savvy with different ways to make money, outside of our day job. If the recession taught us anything, it’s how to be creative and make money in different ways.
Instead of working one and one job only as your sole source of income, I’m talking about making money in a lot of different ways.
Enter the side hustle.
One thing that I firmly believe in is that you should diversify your streams of income.
I’ve been an avid side hustler for years and recently decided to take my side hustles full-time as a fledgling entrepreneur pursuing freelance writing and virtual assisting. In addition to my online work, I still work events as a brand ambassador and as an event assistant for a local organization, which helps me get away from the glare of the computer. I love it all!
In the past, I’ve done a variety of things to make extra money including: cleaning houses, pet sitting, selling water at a rave, babysitting, working as a mother’s helper, writing copy for newsletters, editing webinar scripts and writing seo (search engine optimization) descriptions. I’ll try just about anything if it involves making money in a new way. More often than not, it’s proven to be a great, unique experience and has led to more work.
But why am I so passionate about this seemingly fragmented type of work?
Because career monogamy can be so stale and also so risky. Imagine if you got let go from your job today. What would you do? How would you survive? Sure, you might get a severance package and be able to apply for unemployment. But what would you do in the interim?
I love side hustling because it forces me to be creative. It allows me to feel confident that should one stream of income go away, I have another one to keep me afloat.
I believe that everyone should have multiple streams of income as part of their financial picture. It strengthens your financial security and provides a type of insurance to job insecurity.
Here are some additional benefits of having diverse streams of income through side hustling:
- Learn new skills
- Expand your network
- Try new things in a low-risk environment (win!)
- Make extra money to _____________ (pay off debt, save for a down payment, travel?)
- Start a side business
- Make new friends
- Explore your passion
- Use your time productively instead of on “bad” habits (watching TV, excessive social media, eating mindlessly, indolence)
For me, side hustling has changed my life and has become a way of life, in addition to changing my outlook on making money.
I enjoy the challenge and hunt for new opportunities. It feels incredibly empowering to make money on the side and diversify your income. For me, side hustling has become one of my greatest assets in helping me strengthen my financial situation.
If you are interested in diversifying your streams of income, start with your skill set. Can you work as a contractor or consultant? In addition, start discussing your prospective work within your network. Just telling people you are looking for extra work can make a world of difference.
The key is to find where your passion and skill set meet and overlap with what people are willing to pay for. From there, you can start a side hustle doing just about anything and diversify your income streams for a balanced financial picture.
Do you have multiple streams of income? If so, how many? If not, what is holding you back?
Photo credit: flickr kosmolaut