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Saturday, July 5, 2025

Managing multiple streams of income

by

JMMB
2424 days ago
20181117

Con­ven­tion­al think­ing prompts us to think about mon­ey very nar­row­ly.

Many times we think about our salary and as­sume the on­ly way to in­crease our fi­nan­cial out­look is to get a pro­mo­tion or maybe win a cash prize. Those are not the on­ly so­lu­tions.

You can cre­ate mul­ti­ple streams of in­come —which sim­ply means “ex­tra, le­gal ac­tiv­i­ties that gen­er­ate ad­di­tion­al in­come.” Re­mem­ber your em­ploy­er de­ter­mines your salary but you de­ter­mine your in­come.

How­ev­er, you might say, “I want to do some­thing else for ex­tra mon­ey, but I just don’t have the time.” But are you re­al­ly that pressed for time?

Think about it this way, the pres­i­dents, kings and CEOs of the world have the same 24 hours as you do.

They have a lot more de­ci­sions to make than the av­er­age per­son and they have less time to ex­e­cute their tasks. So time should not be an is­sue for you.

1 The first things you need to do is stop mak­ing ex­cus­es. Ex­cus­es paral­yse you and in­hib­it you from tak­ing the nec­es­sary steps to cre­ate change in your life. Ex­cus­es fos­ter lim­it­ing be­liefs with­in you that put a cap on your po­ten­tial and your abil­i­ty to achieve. Rid­ding your­self of ex­cus­es and tak­ing per­son­al re­spon­si­bil­i­ty for the out­comes in your life is nec­es­sary if you want to cre­ate mul­ti­ple streams of in­come.

How do you stop mak­ing ex­cus­es and start tak­ing per­son­al re­spon­si­bil­i­ty?

You need to be hon­est with your­self. Be­ing hon­est with your­self com­pris­es ask­ing your­self hard ques­tions, such as: why am I re­al­ly say­ing I have no time? You be­gin to re­alise that it prob­a­bly was not the is­sue of you hav­ing “enough time”, but how long you think a project will take to ac­com­plish, how dif­fi­cult the process will be to suc­ceed at a ven­ture, or it can be that you are sim­ply afraid of fail­ing at your new en­deav­our.

The beau­ty of telling the truth to your­self is that it frees you to ask oth­er ques­tions that can be geared at find­ing a so­lu­tion and not con­tin­u­ing the prob­lem. When you dis­cov­er that your in­abil­i­ty to start a new project has to do with your pre-oc­cu­pa­tion with how many peo­ple have failed; maybe you need to ask the ques­tion “How did oth­ers suc­ceed?” But you will not get to that so­lu­tion if you hide be­hind the ex­cuse: I don’t have time.

2 You need to ask your­self the ques­tion: what am I good at?

Are you good at pho­to-edit­ing? Pro­gram­ming? De­sign­ing? You must lo­cate your strengths and pas­sions be­fore you de­cide to mon­e­tise them. Peo­ple will on­ly pay you for your mas­tery of a sub­ject.

When you have lo­cat­ed your strengths, search the in­ter­net or ask friends if there is a de­mand for the ser­vices that you can pro­vide and be­gin to mar­ket and sup­ply your ser­vices.

3 Stay away from get-rich-quick think­ing. A lot of peo­ple be­gin a part-time in­come gen­er­at­ing job out­side of their dai­ly work and be­lieve that every­thing is go­ing to hap­pen im­me­di­ate­ly with­out a lot of work and ef­fort; that is not so. Many of the suc­cess sto­ries that you have heard about have been the re­sult of years of pas­sion along­side un­seen pain and per­se­ver­ance that cre­ate the suc­cess you wit­ness. Cre­at­ing mas­sive wealth will take some time.

4 Don’t let the cre­ation of mul­ti­ple streams of in­come hin­der your day job.

Jon Acuff in his book Quit­ter tells the sto­ry of Leonar­do Da Vin­ci, who was re­gard­ed as one of the great­est artists of all time. Ac­cord­ing to Acuff, Da Vin­ci still had a day job while he pur­sued his pas­sion, which made him a lot of ex­tra mon­ey.

You may not be the next Da Vin­ci, but if you are, you should still fol­low his mod­el.

Pro­tect the job you have by work­ing hard dur­ing your shift and max­imise the rest of time you have avail­able to gen­er­ate ex­tra in­come.

Make the de­ci­sion to cre­ate mul­ti­ple streams of in­come to­day and se­cure your fi­nan­cial fu­ture.


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