The Importance of Having Multiple Income Streams

[DeletedUser394]

As of Monday, my one and only stream of income (my job) will temporarily be shut off.

The business I run (as an employee) needs to fix an incident and it'll take 3-4 weeks.

I'll be fine financially because I have no debt and enough reserves to last much longer than that, but the situation underscores how vulnerable you are as an employee. It doesn't matter if you run the show, if you're the boss, the CEO, whatever, you can be fired or something can happen at any time. When that happens, what next? If you don't have reserves you're screwed, but even with reserves I still feel pissed because my forward progress has now stalled.

I'm going to use the 3 weeks I've got to figure out and implement how to generate money on a consistent basis, outside of a job.

Need to keep the money flowing!

 

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[RHL]

Sorry to hear that. Do you have any side hustles you could pick up in the meantime?

I guess the other alternative would be to see if your could pursue some low-cost in depth education opportunities in that time. You could get a lot of reading/prep done.

Remember too that with a job come a lot of expenses that you can now avoid: Transportation costs, dry cleaning if you work in a white collar environment, and others.

 

[DeletedUser394]

One side hustle at the moment. It brings in roughly 12% of my total net income, but it isn't really expandable. So it's the perfect time to get started on something more substantial.

Yeah, I plan on getting around to the books on my shelf that I've not had much opportunity to read.

My costs are generally fixed so whether I work or don't work it's about the same.

About 3 months ago we had a flood that completely wiped out the basement level of the building. In a way I actually felt good during that crisis, because I had about a month off at that time while repairs were being done. It was nice to have a break.

However in that instance I 'wasted' the time, which I won't do this time around.

I think these recurrent 'Act of God' calamities are trying to tell me something haha. This time around it's not flooding, but again it's something outside of our control.

 

[RHL]

Could you move up to bigger flips? I know a guy who makes scrilla around Christmas every year moving electric guitars, but you have to know what you're buying obviously, and 4 weeks is a bit short for an indoctrination into a new area if you're not already versed in it. My teenage cousin hustles high end Nike shoes on his own, and it's decent money (I'm really proud of him actually, we're a well entrenched slow-lane family, and he got into it all on his own), but the problem with smaller flips is that even a 40% return on $300 is still peanuts if you've got bills. Something like guitars or ATVs or something might do better, but you probably know enough to know that you're going to get poorer in a hurry if you see the dollar signs first and don't do the homework. Remember too that there's often a strong correlation between the price of an item you're trying to flip and its degree of liquidity. You might make $6,000 flipping a Corvette, but you're not going to flip 5 of those a week, either.

 

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[openminded790]

Don't worry man,

Situations like these allow you to think outside the box and you might now see income opportunities that you didn't notice in the past. I voluntarily quit my high paying job about 1 year ago exactly to FORCE myself to make it on my own through entrepreneurship!

I've tried so many things and have learned so much and just 5 months ago stumbled upon a good sustainable income via multiple income streams. If you're very entrepreneurship minded I would think this is a blessing in disguise, use your time to learn and implement some ideas and see where it takes you.

Good luck

 

[EvanOkanagan]

Just 9 months ago I thought to myself "wow it'd be great to have another income stream besides my job". Now I have 10. A lot can change in a short period of time. Keep up the hustle!

 

[Era]

Im sure you'll figure out a way above all of this. As long you don't waste the time or blow your reserves on impulse actions again. Move forward. FOCUS and be aware of opportunities.

 

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[benhebert]

As of Monday, my one and only stream of income (my job) will temporarily be shut off.

The business I run (as an employee) needs to fix an incident and it'll take 3-4 weeks.

I'll be fine financially because I have no debt and enough reserves to last much longer than that, but the situation underscores how vulnerable you are as an employee. It doesn't matter if you run the show, if you're the boss, the CEO, whatever, you can be fired or something can happen at any time. When that happens, what next? If you don't have reserves you're screwed, but even with reserves I still feel pissed because my forward progress has now stalled.

I'm going to use the 3 weeks I've got to figure out and implement how to generate money on a consistent basis, outside of a job.

Need to keep the money flowing!

What you're looking for is anti-fragility, more so

"things that benefit from chaos"

I recommend picking the book up and looking and creating ways in your business and life that will become stronger after chaotic periods rather than fall apart.

Over time more and more crazy events will happen, how can you prepare?