Why I Could Never Live Without Multiple Income Streams

wpid-20140713_232643.jpgI’ve always wanted to have a side job. I remember when my best friend got a Saturday job to supplement her career income a few years ago wishing I could figure out a way to do something similar. The dreams I created about making additional money somehow over and above my salary. I knew I wanted it I just didn’t know at the time how I could mesh spending my free time on something I loved while making money, I wasn’t quite desperate enough to waste my precious time doing something I loathed. In the last few years I’ve built multiple income stream opportunities which I hope to never give up!

Blogging

Blogging is something I have done on and off for years. I have always done it as a hobby and never looked for it to satisfy more than pure enjoyment. When I started blogging in what I learned was the infamous personal finance community, suddenly I had opportunities open to me that never existed in other niches. I could make money blogging and writing and I jumped at the opportunity. Advertising started incredible slow and slowly picked up in the last 18 months. It’s far from reliable but always nice when things can work out for the better.

Freelance

I have always loved to write. Never formally (I’ve submitted my fair share of scientific written reports, that much structure isn’t fun) but that’s what drew me to blogging. I like getting my opinions out there and engaging in conversation. Sure I knew people made livings with freelance gigs but I certainly never dreamed I could make money doing it too. On a whim, I applied for my first freelance gig almost two years ago. Not expecting to hear anything, I was actually hired. I love freelance writing and still do it today. I have written for quite a few sites and currently am on the roster with four other sites. Some very casual, others on a more frequent basis. I try and make sure I’m not writing in any one niche too much since I get bored so spread it out as best I can. Depending on how this potential new job pans out I may attempt to seriously rev up my freelance writing since my schedule will be much different but we’ll see how it goes.

Working More

Professionally I’m a dental hygienist. My job has me working four days per week and that is how we budget. If we need extra money for whatever reason, I have the option of working additional hours within my profession. I can either work with my current employer or as a casual fill-in to whatever office may need me (via a provincially issued list to dental offices). I like that I have the extra day per week to play with when it comes down to it.

The security that comes with having multiple income streams is something I never imagined. Though my professional job is far above any of my side jobs, I have peace of mind knowing I could come up with something if it came down to my losing my job and needed cash. For me, multiple income streams is an insurance policy for my family, it acts as a fluid emergency fund. I have more peace of mind knowing I have more than one way to make money, than I do cash sitting in the bank.

Do you have multiple income streams?

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Pid

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Comments

  1. Very inspiring Catherine! I did not know you did so much freelancing. That’s really great. What was your strategy in order to obtain your paid writing engagements?
    debs (@debtdebs) recently posted..Sticky Business: A busy bee ‘s work is never doneMy Profile

    • Catherine says:

      Honestly, I didn’t have any, I just wanted to get started and still and trying to get a handle of it all!

  2. I love working, I have more than one clients so maybe I can say that have multiple income streams? It’s really a big help for me and having a good client is pretty awesome too!
    Kate @ Money Propeller recently posted..Modern Day “Needs”, which Really Aren’tMy Profile

  3. Wow! I’m so impressed you got hired for the very first freelance gig you applied for! That’s awesome 🙂 I’m going to be submitting my first try this week; I’m prepared for a couple of months of rejections 😉
    Kirsten @ Indebtedmom recently posted..Losing Weight to Gain MoneyMy Profile

  4. I’m really not diversified, and I should be. I don’t freelance. My blog makes *maybe* $100/month. I don’t pick up other shifts. But I do have a rental unit that builds equity and I could skim out $200/month if I needed to. And I could also tutor for $25-$50/hr if I had the right market (I don’t, due to where I now live).
    Alicia recently posted..Another Potential Debt Shuffle.My Profile

  5. My main business (web design) started out as a hobby. I was working as a radio dj back then. Always loved earning some more money and keeping my mind busy.
    dojo recently posted..Niche Web Site Building (I)My Profile

  6. I am not diversified at all. I am hoping to develop an alternative revenue stream over the next few months. We’ll see how that goes.
    Kate@GoodnightDebt recently posted..Obituary: Loan 3My Profile

  7. I do and I’m kicking myself for not starting out earlier! I think even full time people can benefit from making a little money on the side to increase their savings rates, or pay off debt faster.
    Tonya@Budget and the Beach recently posted..Chasing My Hipster Dream on a Budget: Live Music for $10 or LessMy Profile

  8. This is great thinking. I think it is natural to not only earn more money but to use our talents in an entrepreneurial way. Many times we are in jobs that don’t use all our talents or aren’t our first love. Doing a side job or something different helps if you are in a passionless job.

    No matter our wealth we always feel the need to try and bring in money in other ways whether it’s spending cuts to our budget or selling a few things that we don’t use. Between jobs, side jobs, spending/saving cuts, selling odds and ends, rental income, investment increases, these are all income streams. Stremlining a budget and living on less is definitely a new income stream as well and maybe the most important one to have. It leads to our ability to increase income elsewhere when spending is under control.
    Lance @ Healthy Wealthy Income recently posted..Smart Phones with Dumb Bills and DebtMy Profile

  9. I usually get side income from doing things outside of the home, but now I’m more focused on earning work at home side income.
    My goal is to work 4 days a week (at my regular job) do you feel like you have a good balance between all your jobs with that schedule?

  10. I have my full time job and I have my freelance/blog income. The freelancing blogging was supposed to be temporary to help pay off debt, but now that I’ve done it, I love having it to help save money too. I’m not sure that I could do it forever, but for now it’s nice to help us meet our financial goals quicker. Plus I really enjoy it. I guess when it comes to be a chore is when I’ll stop?
    Newlyweds on a Budget recently posted..How We Saved $30k in 7 MonthsMy Profile

  11. One of the worst mistakes I’ve made was quitting my side hustles a few years ago. I’m in a different headspace so I’m able to make a lot more progress. I love multiple streams of income.
    Michelle recently posted..My Net Worth Just Hit 6 Figures (Even With The Debt) How I Feel About ItMy Profile

  12. I freelance write at a blog once a week, and make some money from my own blog. It’s about all I have time for on the side, but I would love to build up some higher levels of side income to diversify my income further.
    DC @ Young Adult Money recently posted..Should You Share Your Salary?My Profile

  13. I do have multiple income streams outside my FT job. I work at a PT job on the weekend, I have a direct-selling business, and I have started to some freelancing online. I know that if I lost my FT job, I could use these to help make up for it. They may not be able to fully provide for what I need, but it could help me while I looked for a new FT job in the meantime.
    Kayla @ Shoeaholicnomore recently posted..Guest Post: My Interpretation of Dave RamseyMy Profile

  14. I’m a fan of multiple streams of income for sure. I have my job, my blog, rental property and other small business ventures on the side. If one doesn’t work out, I can simply work harder on another.
    Kalen Bruce recently posted..6 Take-Action Steps to Get Out of Credit Card DebtMy Profile

  15. While I’ve always dabbled with online ventures for the last few years I haven’t had any serious side hustles going on because I was working so many hours – and so unpredictably – at my old job that it would have been virtually impossible to fit anything formal in around it. With my new job though and its far more predictable hours, I may start looking at the various options available to me.
    Rich recently posted..How To Reach Financial Independence On Minimum Wage: My Plan To Escape The Rat RaceMy Profile

  16. This is a really informative post. Thanks for that!

    I really hope to be able to make a transition into earner from SAHM.

    Not easy and a tad intimidating!

  17. Great article Catherine! I also love blogging and should probably start freelancing like you do 😉
    Simon Cave recently posted..How long does it take to build a successful Blog – Pinch of Yum InterviewMy Profile

  18. The goal of most of the people is to become financially stable. Many of us are working our daily job that gives us salary that is not satisfying to all our needs. These above options are really awesome. Multiple income streams are simply the option for everybody, regardless are you just the low paid employee that wants to earn a few dollars more, or wealthy businessmen that wants to multiply his fortune.

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Why I Could Never Live Without Multiple Income Streams

wpid-20140713_232643.jpgI’ve always wanted to have a side job. I remember when my best friend got a Saturday job to supplement her career income a few years ago wishing I could figure out a way to do something similar. The dreams I created about making additional money somehow over and above my salary. I knew I wanted it I just didn’t know at the time how I could mesh spending my free time on something I loved while making money, I wasn’t quite desperate enough to waste my precious time doing something I loathed. In the last few years I’ve built multiple income stream opportunities which I hope to never give up!

Blogging

Blogging is something I have done on and off for years. I have always done it as a hobby and never looked for it to satisfy more than pure enjoyment. When I started blogging in what I learned was the infamous personal finance community, suddenly I had opportunities open to me that never existed in other niches. I could make money blogging and writing and I jumped at the opportunity. Advertising started incredible slow and slowly picked up in the last 18 months. It’s far from reliable but always nice when things can work out for the better.

Freelance

I have always loved to write. Never formally (I’ve submitted my fair share of scientific written reports, that much structure isn’t fun) but that’s what drew me to blogging. I like getting my opinions out there and engaging in conversation. Sure I knew people made livings with freelance gigs but I certainly never dreamed I could make money doing it too. On a whim, I applied for my first freelance gig almost two years ago. Not expecting to hear anything, I was actually hired. I love freelance writing and still do it today. I have written for quite a few sites and currently am on the roster with four other sites. Some very casual, others on a more frequent basis. I try and make sure I’m not writing in any one niche too much since I get bored so spread it out as best I can. Depending on how this potential new job pans out I may attempt to seriously rev up my freelance writing since my schedule will be much different but we’ll see how it goes.

Working More

Professionally I’m a dental hygienist. My job has me working four days per week and that is how we budget. If we need extra money for whatever reason, I have the option of working additional hours within my profession. I can either work with my current employer or as a casual fill-in to whatever office may need me (via a provincially issued list to dental offices). I like that I have the extra day per week to play with when it comes down to it.

The security that comes with having multiple income streams is something I never imagined. Though my professional job is far above any of my side jobs, I have peace of mind knowing I could come up with something if it came down to my losing my job and needed cash. For me, multiple income streams is an insurance policy for my family, it acts as a fluid emergency fund. I have more peace of mind knowing I have more than one way to make money, than I do cash sitting in the bank.

Do you have multiple income streams?

Enjoy Plunged in Debt?

Pid

Subscribe to get our latest content by email.

Powered by ConvertKit

  1. Very inspiring Catherine! I did not know you did so much freelancing. That’s really great. What was your strategy in order to obtain your paid writing engagements?

    1. Catherine says:

      Honestly, I didn’t have any, I just wanted to get started and still and trying to get a handle of it all!

  2. I love working, I have more than one clients so maybe I can say that have multiple income streams? It’s really a big help for me and having a good client is pretty awesome too!

    1. Catherine says:

      Absolutely that counts 🙂

  3. Wow! I’m so impressed you got hired for the very first freelance gig you applied for! That’s awesome 🙂 I’m going to be submitting my first try this week; I’m prepared for a couple of months of rejections 😉

    1. Catherine says:

      I was just as surprised. Goes to show you never know!

  4. Alicia says:

    I’m really not diversified, and I should be. I don’t freelance. My blog makes *maybe* $100/month. I don’t pick up other shifts. But I do have a rental unit that builds equity and I could skim out $200/month if I needed to. And I could also tutor for $25-$50/hr if I had the right market (I don’t, due to where I now live).

    1. Catherine says:

      Having options is half the battle, it’s nice knowing you could do something if you really needed to.

  5. dojo says:

    My main business (web design) started out as a hobby. I was working as a radio dj back then. Always loved earning some more money and keeping my mind busy.

    1. Catherine says:

      Good for you!

  6. I am not diversified at all. I am hoping to develop an alternative revenue stream over the next few months. We’ll see how that goes.

    1. Catherine says:

      Good luck! Maybe start selling stuff you don’t need?

  7. I do and I’m kicking myself for not starting out earlier! I think even full time people can benefit from making a little money on the side to increase their savings rates, or pay off debt faster.

  8. This is great thinking. I think it is natural to not only earn more money but to use our talents in an entrepreneurial way. Many times we are in jobs that don’t use all our talents or aren’t our first love. Doing a side job or something different helps if you are in a passionless job.

    No matter our wealth we always feel the need to try and bring in money in other ways whether it’s spending cuts to our budget or selling a few things that we don’t use. Between jobs, side jobs, spending/saving cuts, selling odds and ends, rental income, investment increases, these are all income streams. Stremlining a budget and living on less is definitely a new income stream as well and maybe the most important one to have. It leads to our ability to increase income elsewhere when spending is under control.

  9. Kara says:

    I usually get side income from doing things outside of the home, but now I’m more focused on earning work at home side income.
    My goal is to work 4 days a week (at my regular job) do you feel like you have a good balance between all your jobs with that schedule?

  10. I have my full time job and I have my freelance/blog income. The freelancing blogging was supposed to be temporary to help pay off debt, but now that I’ve done it, I love having it to help save money too. I’m not sure that I could do it forever, but for now it’s nice to help us meet our financial goals quicker. Plus I really enjoy it. I guess when it comes to be a chore is when I’ll stop?

    1. Catherine says:

      That’s a good rule of thumb! You’re a huge inspiration of mine 🙂

  11. Michelle says:

    One of the worst mistakes I’ve made was quitting my side hustles a few years ago. I’m in a different headspace so I’m able to make a lot more progress. I love multiple streams of income.

  12. I freelance write at a blog once a week, and make some money from my own blog. It’s about all I have time for on the side, but I would love to build up some higher levels of side income to diversify my income further.

  13. I do have multiple income streams outside my FT job. I work at a PT job on the weekend, I have a direct-selling business, and I have started to some freelancing online. I know that if I lost my FT job, I could use these to help make up for it. They may not be able to fully provide for what I need, but it could help me while I looked for a new FT job in the meantime.

  14. Kalen Bruce says:

    I’m a fan of multiple streams of income for sure. I have my job, my blog, rental property and other small business ventures on the side. If one doesn’t work out, I can simply work harder on another.

  15. Rich says:

    While I’ve always dabbled with online ventures for the last few years I haven’t had any serious side hustles going on because I was working so many hours – and so unpredictably – at my old job that it would have been virtually impossible to fit anything formal in around it. With my new job though and its far more predictable hours, I may start looking at the various options available to me.

  16. Peady says:

    This is a really informative post. Thanks for that!

    I really hope to be able to make a transition into earner from SAHM.

    Not easy and a tad intimidating!

  17. Simon Cave says:

    Great article Catherine! I also love blogging and should probably start freelancing like you do 😉

  18. The goal of most of the people is to become financially stable. Many of us are working our daily job that gives us salary that is not satisfying to all our needs. These above options are really awesome. Multiple income streams are simply the option for everybody, regardless are you just the low paid employee that wants to earn a few dollars more, or wealthy businessmen that wants to multiply his fortune.

Speak Your Mind

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