If you can earn through more than one income stream, it’s well worth considering it. You shouldn’t put all of your (income) eggs in one basket. When you have multiple streams of income, there is a level of financial security. If you lose your main job or income, you aren’t completely lost.
Most households have a primary source of income and, if you live with another adult, you might have another stream of income that either brings in the same amount of money or less. But you can have multiple sources of income per person, and it can be helpful to have the extra money on hand to do this.
This blog post suggests a few ways to earn more money without sacrificing too much of your time or energy.
Ideas to Help You Earn Multiple Streams of Income –Start a Side Hustle From Your Hobbies
One great way to earn a bit of extra money is to start a side hustle. A side hustle is pretty much what it sounds like, it’s a way to earn money on the side. Generally, it takes the form of a small business that you can work on a few hours a week for some extra money.
Side hustles can take pretty much any form you can think of. The most common way to start a side hustle is to monetise your hobbies. Hobbies can also be defined as skills, and what you do to relax could turn into a service for someone else. For example, art might be something you consider a hobby, but there are often freelance illustration or graphic design jobs advertised. You could turn your skill into an income.
The downside to this is that your hobby might not be something you find relaxing anymore. When you work for clients, you don’t get to play around and explore different options. It’s possible to find a balance between enjoying your hobby and earning money if you plan your time and energy carefully.
Pick Up a Part-Time Job
Another option is to pick up a part-time job that has hours that are different from your primary job. For example, delivery drivers can often pick their hours or they work in the evenings, which can mesh nicely with a job where you work during the day.
Explore different options and focus on the hours you will have to work as well as what you can earn. Make sure that the secondary job can’t interfere with your main job, so give yourself time to travel between them.
The biggest downside to this is time and energy. You’re essentially using up your free time to work some more and, even if you time things well, this means you might neglect your personal life as well as your family.
Try to find a balance between your jobs and your lifestyle. Temporary jobs might be helpful to get through a difficult financial situation, then you can drop the extra job or reduce your hours. If you work weekends, try to get the evenings free. If you work evenings, make sure you have a couple of days off a week so you can relax.
Some people find that two part-time jobs earn more than one full-time job, but bear in mind that you won’t have the same benefits like sick pay, health insurance, and holiday time.
Passive Income – Ideas to Help You Earn Multiple Streams of Income
One of the best ways to earn another stream of income is through passive income. As the name suggests, once you set up the income stream, you don’t have to do much other than maintain it. You don’t have to sacrifice a lot of time, so you can still have a personal life.
The best forms of passive income may require investing some money. For example, investing in real estate allows you to rent out homes and earn money over time. Once you’ve purchased a home and made sure it’s appropriate for someone to rent it, you just need to contact some letting agents to connect you with tenants.
A letting agent will help you to find tenants for your property, so you can simply set it up and earn your income. As a landlord, you do have responsibilities towards your tenants, so it’s important to research what rights and responsibilities both parties have before you rent out your property.
Multiple Streams of Income
Whether you’re thinking of multiple streams of income for a short-term increase in earnings or longer-term financial security, make sure that you research these options thoroughly before committing to anything.