So, you’ve decided to diversify your income. But now, you’re wondering how long it’s going to take to increase your income, what all you need to do, and if you’ll be able to have multiple income streams without being exhausted.
I’m here to tell you that it IS possible to diversify your income and still have a life. I have 8 income streams, while being a mom and business owner. Plus I’m able to keep a social calendar and practice self-care often. I’ve learned some great tips while diversifying my income, now let me share those tips with you.
Utilize Skills You Already Have
First things first, utilize the skills you already have. For example, two of my first income streams came from the fact that I love to write. Because of that, I’ve been able to freelance write online (like this article that you’re reading now!) and I’ve also created my own ebooks that I sell in my online shop. And, if that wasn’t enough, I’ve also ghostwritten books, email funnels, and more for clients and customers.
You may not love writing as much as I do, but that doesn’t mean you don’t have skills that can pay the bills.
- Do you love animals?
- Are you good with spreadsheets?
- Are you a creative genius and judge logo’s and branding from other companies?
There are so many skills that you can utilize when it comes to diversifying your income.
In fact, there are many people utilizing even the weirdest of skills. Don’t believe me? Check out these people who earn money picking up dog poop.
Another part of diversifying your income is doing what you enjoy. When I first started side hustling and building my income streams, I started with the typical side hustles like taking surveys and driving around to deliver groceries. I hated every single second of those side hustles, even though they made me quite a bit of money over time.
Can you guess what happened?
I eventually quit doing them. And to top it all off, it was hard to motivate myself to start new side hustles because I was burnt out from doing things I hated doing.
Don’t be like me. Focus on building income streams with your skills and by doing things you love. If you love taking surveys, that’s great! I want you to do what’s best for you and what makes you happy. But if you want to diversify your income by plumbing on the weekends because you actually enjoy it, then that’s perfect! By doing what you enjoy doing, you’re able to make money without feeling the stress of building multiple income streams.
Diversify Your Income with Passive Income Streams
When it comes to income streams, there are two main streams that you need to be aware of.
- The first is active income, or income that you earn based on how long you work.
- Examples of this include your full-time job and money that you make from side hustles like surveys.
- The second is passive income, which is money that you earn that requires little to no effort to earn and maintain.
- Examples of passive income include rental properties, dividends from investments, and selling digital products online.
These income ideas usually require time or effort up front, but then the effort tapers off while the income grows. This is not to say that the income always grows without any effort at all, but your effort won’t determine how much money you make if you pick the right passive income opportunities.
For example, my shop is comprised of all digital products. I created these products one time, but they continue to sell month after month. I can typically earn $1,000-$5,000 a month from my digital products, but I only had to put in the time and effort up front to create those products. Besides paying for my “shop” (I use Shopify to store my products), I don’t really have to do anything else.
Looking for other passive income options? Here’s a list of over 25 different ideas to get started.
By building more passive income streams, you’ll be able to make more money, without investing too much time. This means a better chance of having the life you want, while also making the money you need.
Have A Cut-Off
Sometimes, too much is just too much. And I know you may be saying “Well, no one can have too much money”. That may be true for some. But it IS possible to overwork yourself and fall into a vicious cycle of being a workaholic (ask me how I know…). Now, this is just a personal opinion, but that’s not a great way to live life.
We only get so much time on this earth. And if you really truly want to work your life away because you love it, I won’t stop you. But, if you’re looking to still live life, travel, spend time with friends and family, etc, there needs to be a cut-off.
For me, I have my 8 income streams, and that is okay with me for now. I may add some or stop others in the future. But as of right now, my 3 active income streams and 5 passive income streams works for me and still gives me time with family, friends, and time for myself.
I made sure that I wouldn’t work more than 40 hours a week on my income streams. For you, it may be 25 hours. It may be 50 hours. But decide on a cut off and make sure you stick to it.
Diversify Your Income & Still Have A Life
No matter what you decide to do, it’s easier than ever to diversify your income. But that doesn’t mean you have to give up your life and living it on your terms! The key to diversifying your income is doing so in a way that helps you live YOUR best life, no matter what that looks like to you.
Will you diversify your income streams? How many do you have?
AUTHOR Kimberly Studdard
Kim Studdard is a strategy consultant, product launch expert, and mastermind behind the www.theentrepremomer.com. When she isn't spending time with her daughter and husband, or crying over This Is Us, you'll find her teaching other mompreneurs how to scale their business without scaling their workload.