There is a popular meme that I see time and time again on my Instagram feed which reads “The average millionaire has seven sources of income”. I’m not sure where this statistic comes from but I’m certain there has to be some validity to it. I learned very early on in my career that I would never be dependent on the sole income provided to me by an employer. I’ve been in the pharmaceutical bio/tech industry for over 15 years now and I’ve seen the ups and downs that major companies go through financially. When a company is hit hard financially oftentimes the people within that organization are hit hard as well. I watched seventeen of my closest colleagues be escorted out of the door in one of the most brutal layoffs I unfortunately had to witness. So why is it that so many choose to purely rely on one source of income to provide for themselves financially? Investment strategies teach us about the importance of diversification. Never put all of your eggs in one basket. I think the same approach holds true when it comes to making a living. Having a diverse income stream which includes several different pathways for financial independence is crucial! Below are some creative ways to create additional revenue streams to increase your bottom line financially:
Invest in Real Estate. Real Estate will always be my favorite investment because there are so many advantages in property ownership. Leverage, tax benefits, appreciation, and monthly rental income- the list of the advantages of owning rental property is enormous. Yes, it can be stressful, daunting, expensive and time-consuming. But so is being broke. So, if you have the appetite for investing in real estate you should find out as much information as you can and start saving for your first investment property now. I hosted a seminar for first time investors this year and the biggest factor holding people back was fear. If you can overcome that fear, you can set yourself and family up for generational wealth that lasts beyond your time on this lovely earth.
Leverage the skill-set that got you employed in the first place. I’m always amazed when people say “I don’t have any skills for a side hustle.” Huh? If you are gainfully employed you obviously have some type of skill-set that your employer values enough to pay for! Utilize those very same skills for yourself by becoming a consultant or free-lance writer. I’m not sure of your occupation but regardless of the industry or job you can always do the exact same thing for yourself. A good friend of mine has a specific skill-set in technology and works as a programmer for a large Fortune 500 company. During the day he goes to work and earns a living from his 9-5 where he is very successful. At night on his own free time he works on his own special projects. He was smart enough to create a “how-to” course for beginner programmers and upload it to Udemy.com. As a result he regularly makes passive income from the people that purchase his course online. It took him one weekend to create the course and now he gets a monthly check for work that was completed over a year ago. Some months he receives checks that nearly match his take-home pay from his corporate job. Find your niche- that one thing that separates you from the rest and capitalize on it for yourself.
Always be on the lookout for ways to create new streams of income. Being an Uber driver is all the rage now and while it might not be a good fit for everyone’s lifestyle; people are earning serious bucks with Uber as a side hustle. The point is, it’s an unconventional way to earn more money and the extra money earned from creative side ventures can be used to invest and pay down debt. Having a career/job is a blessing but I also believe that in order to truly be financially healthy we have to increase our streams of income to thrive.