Diversify your income streams.
Take a look back on your educational upbringing. What were you taught about money? About business? About entrepreneurship?
When I look back at mine - it is a big pot of ol' NONE OF THAT!
I was taught that you go to school to get a job. To work FOR somebody.
Well, I am not in the business of teaching you how to “get a job”.
I am in the business in teaching you to MAKE a job.
Or really, teaching you to create your own business!
Why is this so important?
Because relying on one single job, one single income is VERY risky. We are taught to put our entire financial wellbeing (which is synonymous with overall wellbeing imo) in the hands of one employer.
“Just get a good, reliable job that will take care of you and your future,” they said.
In the financial literacy world, you likely have heard of diversifying your investments.
It is time that diversification includes your INCOME.
Take this pandemic for example.
According to the Bureau of Labor Statistics, 7.4 Million Americans are still unemployed. During the 15 weeks from mid-March to the end of June in 2020, Americans filed nearly 49 million new claims for unemployment benefits.
During this time, I have had dozens and dozens of clients who were laid off (some even laid off three times as they bounced from job to job) and terrified for their financial future.
Instead of just focusing on getting a new job, I also made sure our focus was to figure out a way to make income OUTSIDE of a typical job.
Here are some of the things people in my community did to diversify their income:
- Livestream on Twitch: a ton of musicians I know who were out of live gigs resorted to this. On average, they were able to bring $1k to $2k a month - more than they ever made playing live shows!!!
- Etsy/Depop shop to re-sell their clothes or products
- Copywriting Consulting business
- Virtual Assistant
- Participate in surveys and research studies
- Create a teach:able course
- Coaching: life, business, social media, finance, marketing, etc.
- Fitness instructor
- Selling art
- Create an e-book
- Meet Up Groups
And the list goes on!
If you're thinking, “Hey Stella, that's great and all but it isn't going to replace the income the job I did have.”
Well, not with that attitude!
Kidding, sort of.
To me, the goal isn't to replace the income of your job (although that would be STELLAR). The goal is to diversify your income streams and be your own economy.
Danetha Doe of Money & Mimosas shared that wisdom with me back in 2019 and I loved it so much I told her I wanted that tattoo'd on me.
THAT is how much I believe in diversifying your income.
You likely have incredible gifts that are not being utilized to generate abundance in your life! Gifts that you enjoy doing.
Why not make that gift, an income stream?
Just a thought.
We don't have a culture or education system that encourages us to work for ourselves.
So I am here to encourage YOU.
Remember, starting a business can be whatever you want it to be. I invite you to think about all the ways you can diversify your income streams and cultivate abundance in your life.
In big ways, small ways, and all the ways in between.