I’ve learned the hard way that having a backup or multiple streams of income is better than relying on one. I’m a piano teacher and I have many students that I teach weekly. Therefore, if one student quits, I have the safety of still having the rest of my students. I doubt that they would all leave me at the same time, so I think i’m pretty safe for now. And if one student quits, I would be on the lookout to fill that spot. I am also blogging on the side. I have four blogs that I’m currently building up. And they take almost all of my free time. I believe in having multiple streams of income. I remember the days where I only had one student and it was devastating when that one student quit. I also remember the days where I was flat out broke and had no money. It’s not that money is everything, but I can’t afford to have zero income right now. And I think it’s better to be safe than sorry.
Why do I have four blogs? Well, in the future, i’m hoping to monetize all of them. I know that blogging takes a long time, so i’m in no rush to do this. I think that it’s better to have lots of backups rather than relying on just one blog.
The reason why I brought this topic up was to discuss how it feels when one of my students decides to quit. It’s a horrible feeling, and the stress of having to fill that spot is even more horrible. And if I was solely relying on that student’s lesson fee for my income, I would be at a loss. Don’t do this. Make sure that if your boat sinks, you have another way of staying afloat.
What I’m about to introduce to you is something that you probably haven’t considered before: diversifying your income. When you are thinking about becoming financially stable, you have to consider the idea that you have to have multiple streams of income. For example, many youtubers have income coming from brand deals, regular video views, their blog, affiliate links, and etc. When one platform shuts down, such as youtube, they are not out of a job.
Now, consider how many streams of income you have… Most people only have one and that’s from their full time job. If you don’t show up for your job, they’re going to fire you and your main stream of income disappears. Then the panic comes in. However, if you plan ahead and make sure that you have a life boat in case of emergency, you will be better off than most. And think about it. When you are making two streams of income, your lifestyle will also change.
Wow, you must be thinking that this sounds great, but how do you even start? Of course, setting up a second stream of income takes time and work. And if you are already working a full time job, there’s almost no way that you can take on another one. I’ll give you a picture of how people make time for this: they have a job that is VERY flexible. They are able to work hours whenever they want and they can basically call in sick whenever. There’s no boss to tell them what to do, so they have ultimate freedom in their day. THAT is when you can add multiple streams of income. It’s when you work at a job that gives you extra time to live or work on other things.
I’m not trying to push you down, I’m trying to do the opposite. I want you to be inspired! I want you to reevaluate what you’re doing and to know that you are capable of working your own hours. And your lifeboat is in reach. You just have to grab onto it.