4 Reasons You Should Have Multiple Streams of Income

multiple streams of income

Finite careers within the confines of the 9-to-5 corporate job market where there are strict salary and time guidelines are normal for lots of people. But those who set up multiple streams of income have a little extra freedom and choice.

Are you considering setting up multiple income streams? Here are a few reasons why I think you should:

No Job is Ever Really “Safe”

I used to have a cushy corporate job where I made a fixed amount of money per year, distributed over the 26 pay periods. I had good medical and dental, relatively set hours, and a list of things that I “did.” I thought my job was incredibly safe. Until it occurred to me that if I no longer had my job, I was screwed.

While I was lucky that never happened to me in particular, I got an up-close-and-personal look at this concept when in 2014, a prestigious law firm that a number of my colleagues worked at shut down. They had two weeks working notice and no severance. That’s it.

Because of that, how I view the concept of job security is different. If your entire income comes from one place, how safe can it really be? With multiple income streams, you aren’t beholden to one specific “job” nor do you face financial devastation if it fails.

Pursuing Your Passions

I grew up with the belief that work was work and fun was fun. They weren’t the same thing. If you were having fun, you weren’t working, and if you were working, you weren’t having fun. It’s a strange concept now that I think back on it, but a lot of people are set with the same ideals.

The beauty of having multiple income streams is that you can genuinely pursue your passions, and make money doing it. Are you passionate about handcrafted candles? Then maybe one of your income streams comes from creating the most amazing smelling candles in your local market. Or perhaps you’re passionate about blogging the tips and tricks of training your dog. Then why not start a blog?

Whatever you’re passionate about, chances are you can pursue it as one of your income streams. Or maybe you’re like me, and you’re passionate about a lot of things, so you pursue all of them as income streams. Some of the unique things people make money doing might surprise you.

The Freedom of Choice

One of my favorite things about having multiple income streams is the simple concept of choice. I am a person who stays true to her values and morals, and I’ve been in some tight spots in the corporate world where I’ve had to bend those same values and morals to pursue the company bottom life. And, never again.

Along with the freedom of choice to turn down work and scenarios that don’t sit well with me morally, I also have the freedom to chose not to work with someone where there isn’t a personality fit. I also choose where I work from, whether it be my kitchen island or beachside in Bali (though admittedly, laptop working on a sunny beach isn’t all it’s cracked up to be).

Ultimately, having multiple income streams gives you more choice in your working life. And choice is a great thing to have.

The Ability to Take Risks

The older you get, the harder it is to take risks. You acquire more obligation in life, whether it be the car or house you have to pay for, the family you have to take care of or the roots you establish. And that obligation makes it much harder to take genuine financial and professional risks.

However, having multiple income streams makes it a tad bit easier to take those risks as failure doesn’t necessarily mean devastation. You have a bit of security to fall back on if your latest venture doesn’t work out… and sadly, not all of them do.

At the end of the day, the real reason to pursue multiple income streams, beyond the above reasons is that having multiple income streams helps take your career to limitless. With time, money and freedom, there are so many incredible things you can accomplish!

And, if you love your 9-to-5, keep the day job and simply bring in some extra cash!

Do you have a great reason for having multiple streams of income? Share it below in the comments!

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