Hello beautiful people from across the lands. Let’s get right into it! This post should have been listed as one of my expensive lessons. Not having multiple streams of income is so expensive to recover from. It is very risky and a scary place to be when life decides to be a bully and chin check ya! Understanding that there are a variety of ways to creating multiple streams of income and not all require you to start a business.
Short Term Streams
With short term streams of income, this allows you to meet immediate needs or basic savings goals. Some of the suggested income streams could turn into long term streams depending on your focus and dedication to that particular type of income. The following, in my opinion, would be considered short term streams of income to consider:
Side Hustles– This stream of income can vary in a variety of things from being an Uber driver, dog walker, transcriptionist, scooter charger, blogger and many others. These hustles can transition into something long term if you decide to go full time.
Employment– I listed employment because of the weekly or bi-weekly pay received that often meet our immediate needs. With having a job you are expecting to be able to meet your survival needs as far as food, clothing, and shelter. Depending on the payment you may have some leftover to put toward your long term streams of income.
Long Term Streams
Retirement Accounts– With retirement accounts, money is put away for a later time for future finances. The type of accounts you can place this money in are called IRA’s 401K and/or 403B. There is a strong sparked movement called F.I.R.E which stands for Financial Independence Retire Early. Individuals are seeking to aggressively obtain financial independence and retire much early than what’s the average age of retire which is around age 65. Who really wants to work that long? Now retiring can have different meaning depending on the person’s focus. We’ll get into that another post.
Investments– Investments can include stock, bonds, real estate, retirement accounts and others. Again this is the idea of putting aside money to double sometimes triple its worth over time meeting needs in the future. With investments, there are risks of loss from the impact of markets going up and down. Having this stream of income creates a safety net and forward planning for your financial future.
Whether your stream is short term or long it is important to have more than one. We all know the saying to not have your eggs all in one basket. Many of us may have a job and a retirement account and that’s it. The average millionaire has 7 streams of income. How many streams do you have?
Until next time dream, believe and achieve.
