Having multiple streams of income has become a trend that has helped many to survive, and I believe it will help many more in 2023.
Whether you see the need to join the train or not, a side hustle will always be personally and financially beneficial to everyone.
With the increasing rate of inflation, many turnovers of jobs, and an increase in the population rate; having a lot to fall back on in such times gives peace of mind.
Many people don’t realize how much they need multiple streams of income until everywhere is dangerously red. You could be earning a big salary at your dream job or enjoying the will of your loved one, remember no one ever hates the sound of extra money and the extra will always be the spice.
You don’t have to experience this before knowing what to do. We can’t keep trying to solve the crisis from all angles with money from just one source. That’s the foundation of abject bankruptcy.
With multiple streams of income, paying off debts, saving money, and living little without financial anxiety are possible.
One thing rich people don’t tell us often is how many streams of income they have. You’ll be surprised at how many businesses they run to maintain their positions on the wealth ladder. If the billionaires you look up to have different sources of getting money, you should definitely follow in their footsteps.
Your favorite celebrities aren’t left out either. They get into what they love or what brings the most money, get money out of it, and invest heavily in their side hustle, and boom, they become richer than they thought.
Beyoncé’s empire wasn’t just built through music. She has a clothing line: Ivy Park, diversified investments with her husband, and recently, her Parkwood entertainment produces movies.
Famous Tennis legend, Venus Williams has done interior decoration for a lot of high-end residential properties and hotels.
Also, Music mogul Jay-Z isn’t left off the list. He has a lot of businesses that bring in money. From Rocawear, D’Usse, Jetsmarter, TIDAL, and New Jersey Nets, amongst others. He knows the benefits of having multiple streams of income and that’s exactly what he’s been doing.
Below are some facts about having multiple streams of income:
- It boosts your confidence knowing you can do a lot. Everyone loves the idea of being called Jack of all trades.
- Most successful entrepreneurs of today started their big businesses as side-hustle. You can join their train too.
- The experience and soft skills you get from running your side hustle will definitely be useful in your normal office job.
- The side hustle has sustained a lot of households, we don’t just hear about it.
- You can turn what you love into a side hustle. You do what you love while making money from it.
- It guarantees financial security even more than your business.
Below are some jobs you should consider for more streams of income:
- Selling or renting properties
- Teaching or Consulting
- Affiliate marketing
- Amazon shopping
- Babysitting and Caregiving
- Hosting duties
- Research and project assignment
- Running of errands
Having multiple streams of income is stressful, no doubt. Actually, what’s stressful is thinking about how to pay bills and debts overnight and every time.
Starting won’t be an easy thing, but it will be worth it. Pick a side hustle that interests you, research it and make money from it.