Why you should have more than one income

6 minutes

I want to talk about how your money shouldn't come from just one place. If recent events have taught us nothing, it is that nothing is guaranteed. So even if you do have that day job that that 9:00 to 5:00 paycheck, having that as the only way that you earn money is not a great thing, is having all your eggs in that one basket. And the reason why this might not be optimum for a lot of people is when that basket goes, you might be prepared, you want to have savings, and then you are left in this position where things are very dire very quickly.

 

And so while you're in that panic mode, it's very, very hard to go ahead and think clearly about what steps that you need to do next and how you need to move forward to make your situation better. And so there's a couple things that I'd like to talk about. One is sort of, yes, you can have your nine to five job as do you get money from other things, be it interest on some savings that you have, or do you have stocks where you you get dividends, maybe you rent out a place, maybe you have a little side business where you create jewelry and sell it on Etsy and whatever it is, it's something that is very low for you to maintain.

 

It is really interfere with your day job, but you get joy from it and it brings you in a little bit of income in some way, shape or form. And if you don't have that right now because you think it will take up too much time or money or resources with that sort of thing, something to think about is at some point in the future, it might be helpful. What happens if you cannot do your current role? So, for example, if your role is very much computer based, what happens if your eyesight goes or you get carpal tunnel syndrome?

 

Do you have something that you can do that uses different a different skill set or different physicality so that if one thing goes, you are still capable of doing other things? That is something else to think about. For example, if you super into your own health and you like writing books, yes, it's great that you can maybe write it using a computer, but could you write it? I'm doing voice to text. It's doing the same role, but doing it in a different way in case something happens.

 

You never know. Also, you know, do you have enough savings for six months worth of paying your bills, for example, should something happen and you don't work for six months, can you survive? Will you be OK? Because sometimes six months is that job search process, sometimes at six months, is being sick and getting better again and not having the pressure of going back to work too soon, which will make you ill again. These are all really important things to think about.

 

So many different ways that you can go ahead and start to think about different methods of having income and learning different sorts of money. And it's the same that goes for you. If you don't have that nine to five job and you are working for yourself as a business owner, you could have a couple of different income streams. Yes, you might be a musician, but maybe you could also do production work or live streams or teach. There are so many different ways that you can use your skills to help other people, but also to earn money.

 

It's really important to have that that variety and that diversity within your portfolio of the things that you do so that at any given time you can pivot and or switch depending on maybe your energy, how you're feeling, your health, your finances, the weather, where you want to be in the world or, you know, a global pandemic. This what's happened recently has caught a lot of people off guard, but it's also made a lot of people very, very quick decisions that I wouldn't normally make.

 

Some of it has been good and some of it has been bad. But just, you know, with this upcoming year, take a second and think about how financially secure are you? Is there any changes that you can make? Can you do courses online? Can you create PDS for other people? How can you be of assistance to others? That's one way of being able to possibly make money in a different way if you are a teacher. I know that there was a lot of unpaid work with being a teacher, but can you create resources for other teachers that other teachers can use and pay for?

 

So you have a little bit of money on the side. These are all just things to think about for your mental health and your financial health. Thank you for listening. This is Janice at The Career Introvert, helping introverts build their brand and get hired. Have a great rest of your week.

 

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