This sounds pretty self explanatory, I know. “Multiple Income Streams? Who wouldn’t want that?” Exactly. I’m not sure I know very many people who would be upset by getting money from multiple places. However, it can be a lot of extra work, and on top of a full time job, pets, marriages, kids, etc. it can be extremely tiring.
I won’t lie to you, it’s not easy – you have to be motivated. When I say in my blog’s title that ‘nothing is free, but everything is worth it’, I mean it. You have to be motivated and you have to be willing to sacrifice something now, so that you can have what you want later.
Multiple income streams can be something as big as having a side hustle that makes you $50,000 a year, or something as small as using receipt apps to make an extra $10 here and there. The point of it is that you never have every penny of your income coming from one source.
Since the start of the 2008 recession, 8.8 million people lost their jobs, according to the Bureau of Labor Statistics. If these people did not have additional income streams, they were – to be frank – S.O.L. There were little to no new jobs being created and competition for positions was fierce, so what were people supposed to do? This is why multiple income streams are important.
Having multiple income streams will make it so that even if you lost your job, depending on how committed you are, you’d likely be okay…or at the very least have something coming in to help you not become destitute.
Frugal people have multiple income streams to that they are able to protect themselves. Their income streams are essentially a form of ‘insurance’ that you don’t have to pay someone else to have – they give up time for money so that they do not have to incur debt or homelessness because a job has been lost.
Do you have any side hustles? How long have you had them?