If you have spoken to anyone around you, they probably recommend putting all your eggs in one basket and making as much money.
In other words, get a job, and grind to get as far up the ladder.
Whether it’s with that company, or with another.
However, let me you a little secret.
This world around us, well it’s done a little bit of changing.
In fact, the ways in which would set us up for the most successful years ago.
These are no longer the best ways.
So what is the solution?
Well, quite simply you need to diversify your income streams.
So in this post, we are going to delve right into this topic and discuss not only the importance but how you can do that.
Table of Contents
Diversification Isn’t Just for Wall Street
Now when you hear of diversifying, you may think about stocks or trading.
You know that idea of putting some money in this stock or maybe putting a bit of money into a new crypto that is the new thing.
This is of course diversifying and something I recommend.
However, diversifying your income is way more than that.
It’s not just those suited-up guys who walk the streets of London and New York bickering about stocks.
I am talking about setting yourself up through various avenues.
So if one income stream that you set up fails you.
Guess what it doesn’t matter.
As you have others to rely on.
This is why this old fashioned way of thinking, where you’re told to focus on just making lots of money with your current job may not be the way.
Has if for whatever reason you can’t work that job anymore.
Maybe illness.
Maybe redundancy.
You will need to start again from scratch.
Why You Should Give a Damn About Diversifying Your Income
Now while I have let you in a little on diversifying your income, I think it would be a good idea for me to get into why it is so important.
Don’t worry I am not going to rap it or anything.
I am just going to list them as points.
Each of which is very close knit with each other.
Cover Your Assets
Now as I touched upon in the previous section.
The world is changing, so you must do to.
You may have heard sayings, maybe even from shows where you hear, ‘You could have a job for life here’.
While that could be the case.
Let’s be honest there aren’t guarantees.
You could have a job one day and be spit out by it the next day.
So setting up multiple income streams, will help you just like Captain America’s shield.
Stack More Paper
What better way to earn money than diversifying.
Think about it.
If you have 5 income streams coming in, instead of 1 you have all this new money to work with.
Now the world your oyster in that you can truly play the game, whether that be saving it, investing or just putting it into your life, so you can get the most out of it.
Trust me when I say this but when you start acting these ways, it will honestly open up your mind.
You may even become obsessed with building more income streams to the point where you’re joining the 29 percent of millionaires who at least 5.
Live Life on Your Terms
I can’t say this enough, but this isn’t just doing it for the sake.
It’s doing it for yourself.
Ask yourself, you don’t want to be held up like strings, like in a puppet show.
You want to be free and able to move your arms and legs freely.
Well, this is why income diversification is so important, it’s a sense of achievement and purpose too.
Not only are you able to make more money to the point where nothing can hit you.
But along this journey, which I think is even more valuable you will gain skills and learn about new passions, that will also make your life more fulfilling.
Now granted there is a chance you are in a job right now, that you enjoy.
However, if you had time to think about what you’d like to do.
Would you still choose your current job over your number 1 passion?
The Real Talk on Diversifying Your Income
Here’s the thing I won’t get you carried away by saying diversifying your income is super easy peasy.
No in fact it takes some real effort, as at the end of the day it’s going to be you who will be setting each of these.
So you can probably start to see why not only are most people ‘satisfied’ with their current situation.
But are okay with just working their current job, and focusing on giving their most to their main job.
However I no that’s not you at heart.
Why?
Because you wouldn’t be here right now if you weren’t interested in pushing the boundaries and achieving more.
So let’s get right into how you can start income diversification play by play:
Investments
Now your first step is to dabble with investing.
This isn’t to say you should just follow some influencer who is recommending ‘tothemoon coin’ or anything like this.
You want to do your research and learn more about investing.
If you have some capital already in the bank, you could look into real estate which is a great way to earn passive income.
You have stocks with apps like MoneyBox.
There are also bonds and mutual funds, like a lot of people do already encourage to do, which are great places to put money so it isn’t sitting around.
Just make sure you’re spreading that corn all across the field.
Real Estate
Don’t just look at your house as somewhere you sleep, eat a bit of food, and binge Netflix.
Look at it as a huge opportunity to make a second income.
The majority of people with any kind of substantial savings look into real estate and for good reason.
Not only can you get great returns every month, but can blow a full-time income from a job out the window.
But it’s here to stay.
As long as humans are living, real estate will continue to be a huge market.
Oh and did I forget to mention, once you have set this up, it can for the most part be very passive.
Peer-to-Peer Lending
Now this won’t be for any of you.
But if you can stomach giving others money to profit.
This is by lending companies or people cash, for them to give you an extra cut for lending it.
Why this may be tricky is because it can be risky.
I am sure you have heard or even seen a show, where someone has lent someone lots of money only to get nothing back.
It’s for this reason, that you want to be careful and do your research not only on peer-to-peer lending, but to those you are lending money.
With that said though, just like your money lending organizations such as Wonga and 118 118, you can make a killing.
Side Hustles
It seems like everyone nowadays has a side hustle.
Even if the definition of it is somewhat misconstrued.
But what I see as a side hustle, is a way in which you can earn some extra money on the side.
So if you’re working just a full-time job, which I hope won’t be the case after reading this.
You can use a skill of yours, whether that be freelancing or selling a service online, to bring in extra money.
Not only going down this route is diversifying your income.
But by choosing a side hustle to focus some of your time on, you will be able to learn more about it.
That way your also expanding your knowledge which will be just as beneficial to you.
Passive Income
Oh sweet passive income, the sweetest of money you can earn.
There are multiple reasons why this is my favorite type of money to earn.
Firstly you don’t have to work hard to keep it going, although it may investment to start.
The second reason is it will free up your time to focus on other income streams.
So if we refer back to the real estate income stream option above.
If you were to set that up, to the point where your getting an extra 1-2k at least a month.
Well, now you have all your hours in the day to set up further passive income streams.
Since your income isn’t directly correlated to your time the sky is the limit.
Business Ventures
This can be a hard venture to get into if you’re working a demanding job.
However, if you can make those sacrifices of that one extra Netflix show or weekend social gathering, you can put it into a rewarding online business.
Starting up one of these can set you up for years to come, while also once reached a certain point buying your time back.
The only issue with online businesses is.
Which isn’t to do with the potential earning.
Funnily enough the amount of business ventures out there.
Even up until recently, I have struggled to focus on one venture because there are so many avenues to go down.
So whether you want to delve into e-commerce, blogging, or YouTube, put all your time in one.
Scale it up to the point where you can make it more passive, before investing in other business opportunities.
I would even actually argue, that if you are not running some kind of business with your spare time, you are wasting your time.
There is simply far too much potential out there, especially nowadays with what the internet has created.
Franchise Ownership
If racking your brains together on starting a business from scratch, seems like too much leg work for now.
Then you have other options.
After all, I can perfectly understand, if your current job is taking all your brain power.
So what you can do is take the realms of a franchise, that is currently successful.
Whether that be some local shop or even a Subway, you can make money from a proven model that is working, while eliminating all those headaches.
The Bottom Line
In a world that is evolving at a rapid rate, it’s almost imperative that you therefore keep up.
It no longer is a great idea, to coast with one income stream, no matter how stable it may seem.
Real success (along with freedom) comes with building multiple income streams.
Of which you can see there are plenty you can start implementing into your life.
There isn’t really any excuse, and if there is then you need to prioritize your time to make way for what is going to be better.
As at the end of the day, it’s not just keeping on the right lines for the sake of it.
It’s putting more control of your life, while also attacking it in a way that is going to lead to you getting the most out of it.
So don’t just dip your toes in.
Immerse yourself.
Who knows you may just get hooked on this path to success and freedom.
