Most of us have heard the proverb, “don’t put all of your eggs in one basket” right? The true meaning of it is to not risk everything on the success of one venture. As entrepreneurs, it is imperative that we understand this and set ourselves up with multiple streams or multiple baskets, so we aren’t relying on one source.
I read that the average millionaire has at least seven streams of income, which is something that is a pattern for those who have obtained wealth. Maybe you are not aspiring to become a millionaire, that’s fine, but learning this valuable lesson can save many of us from falling into financial crisis. Though you may not make all your money from all seven streams, it is great to have a cushion.
Entrepreneurs are innovators, and I associate the word creativity with us because we are creative in our approaches. Since we are creative, we need to build different streams for ourselves using what we currently have and have access to. As we begin to stretch our wings into various ventures, we can rest in knowing that if one plan doesn’t work, we have others that can work in our favor.
I have found seven ways to create income in my current life, and I am always looking for more. The more, the merrier, right? Many financial experts speak of several areas where you should create your streams of income; Primary Salary, Secondary Salary, Investment, Rental Property, Online Business/Hobby Business, and Miscellaneous. Mine can fit into some of these categories, but I still have some growing to do. I want to focus on the above areas and share some of the what I have done that can help you on your journey.
Many of us still have full-time jobs, which is a great way to pay off our debts and pay our expenses while we continue our business and dreams. Some of us If you have had two jobs or two areas that provide the most in our lives, which this would be considered primary and secondary; if you’re married, your spouse’s income can be viewed as secondary as well. I currently do non-traditional work in marketing as an independent contractor, which is my primary source of income. It’s not the 9-5 lifestyle that I dreaded, and the flexibility has allowed me to venture into new ideas and areas to create more revenue. Please understand that your primary and secondary can change at any moment, so it’s important to develop other baskets.
Investments & Rental Property
These can come in different forms whether it’s stocks, properties, other businesses, etc. Many people don’t invest because they’re either not familiar with it or believe they don’t have enough money, which is wrong. I’ve invested in some stock by researching the company and bought 144 shares, which I have as a form of savings. I’ve seen my stock rise, and I continue to invest in it. All 144 shares weren’t purchased at the same time, but each month or so I’d deposit into my Ameritrade account and then purchase when it got low. Every little bit counts, even if it’s $20 a month, that can turn into $2000, you never know. I would suggest you research how and what stocks to purchase and begin there, it is never too late to learn something new.
The same thing goes for rental properties, many people do it, but learning is critical. A great way to create another income basket if you’re not ready to do the rental process is becoming an Airbnb host. I know many people who have open rooms in their houses or apartments that they use as another source of income, especially if they are always traveling and on the go. There is money to be made my friends, just let those wheels turn. Exercise wisdom of course if deciding to go this route and do research in your state, city, and leasing company regarding any stipulations there may be should you choose to do this.
Online Business/Hobby Business
Find your craft, get busy, and start creating! If you don’t have a “craft,” find something that works for you. My friend and I began selling items on eBay a few months ago. We started with the Goodwill, then cleaned out or closets and garage, then started getting clothes from friends and family! We have been earning income with these items, imagine how much money you have hiding in are walking pass at your home or even tucked in the garage.
Another income I have is selling banana pudding, it’s something that I know I am good at and people love, so why not make something extra from it!? It takes some work to get started, but once you get going, it’ll flow. What craft are you sitting on that can potentially add some extra coins in your pocket? It doesn’t have to be a new business idea, but something you can do in the meantime in between time if needed.
These are different opportunities that can help you earn money! Two things that I do are driving Uber and donating plasma. Of course, there are other opportunities out there, but these are two that I have found that works for me. Driving for Uber is hugely beneficial because it allows you to network, which is where I have met many people and earn income. Same with donating plasma; it’s easy, it pays, and I can get other things done while I do it. #WinWin Find what works for you and work it, create some new baskets.
One of the most significant risks we take as entrepreneurs aren’t the ventures we decide to do, it’s putting all our trust into one area without securing ourselves anywhere else. We’ve all heard of job security, well financial safety is just as important. To secure ourselves, we need to remain open to other ideas and opportunities because if not, we run the risk of becoming broke, stressed, and struggling. Those are words that we need to leave in the past and embrace the greatness of our future.
Have more questions? Let’s connect