FIRE Financial Independence, Retire Early,  Side Gigs,  Teaching and Coachig,  working from home,  writing

Money Mindset Makeover Challenge-Day 20-Multiple Streams of Income

Plan for the future with multiple streams of income.

You’ve heard the saying about not putting all your eggs in one basket. Some people apply that to their investments which is a great idea. Diversifying where your hard earned money is placed. For some that’s stocks, bonds, real estate, and commodities. If one market goes down, chances are the others will be strong and protect a portion of your assets.

Another thing this saying can be applied to is how you make money. If all your money is coming from your full time job and you lose it, then what happens? 2020 taught us that things can change and change quickly. Sometimes we have no control over the change and what happens to us.

People who have large fortunes have one thing in common and that’s they have multiple streams of income. Just like the asset diversification element, they also make sure the money that’s coming into their accounts is from lots of different sources. Often from anywhere from 5-7 different streams of income.

This week think about at least one other stream of income you can generate and start from there.

How about the side gigs I listed this past week? How about finally getting serious about your hobby and brainstorming ways to turn it into income.

Look at various industries and sectors too. Don’t have all your streams of income in any one sector or product, just in case it goes out of fashion or the need for it is no longer there.

As always, think ahead. Think about all the products and services people will need in the coming months and even years.

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