I’m sure you’ve heard of multiple sources of income or MSI before. Sometimes it’s called multiple streams of income or revenue streams. Either way, you should try to have more than one source of income.
A lot of couples already have two streams since they both work and can be considered a two-income household. In this case, you should try to add a third stream.
Maybe this idea sounds really nice in theory, but maybe you’re not convinced that you should seriously consider creating more revenue streams.
Some excuses out there are:
- It’s a lot of work
- I already have a job and I make decent money
- My job is consistent, reliable and stable
- You don’t need more than one
If you’re on the fence, allow me to change your mind
This post will take you through the excuses and then give you a list of multiple streams you can try out.
MSIs Are A Lot Of Work
Do you think adding an additional income source is a lot of work? Well, I can’t lie and say it isn’t because it depends on what you’re planning on doing.
If you want to start a business on top of your 9-5, it’s going to be extremely difficult. But if you leisurely take your weekends to go thrifting and then resell your haul, it doesn’t have to be difficult.
Flippers and resellers can make decent money just from thrifting to flip. That could bring in an extra $200 a month if you’re starting out. And you don’t have to go that route.
There are a million side hustles, lean businesses, and hobbies that can generate income. If you want easy sources, choose the easy ones. The income varies depending on what you’re doing and if one hustle isn’t making the income goal you’re after, try adding another source of income!
I Already Have A Job. I Make Decent Money and It’s Stable.
First. Your 9-5 job is not stable. Just because you make the same amount consistently, does not mean your job is stable. Just because your boss loves you and you’re really good at what you do, does not mean your job is stable.
Your job can fire and replace you at any moment. You have no control over how long you work at a company. You can lose your income in an instant tomorrow and then you have nothing to fall back on.
You’ll start panicking and scrambling to find a job where you’ll have the same title and same paycheck. And that will not be quick and easy.
Second. Even businesses and the company you work for has multiple products and services and thus they themselves have MSI. Think about it
Having an additional source of income even if it’s tiny, can really help out in those times where the main source of revenue falls flat.
Having multiple streams of income is the only way to truly gain financial stability.
You Don’t NEED More Than One, So Why Bother?
Oh but I think you do and you should.
Just the fact that a regular, “stable” job can crumble in a second should be enough motivation to seek additional sources. But if you think only one should suffice, here are benefits to more:
- Extra frreedom. Use the additonal money for travel, vacations, emergencies, retirement, ect
- Quicker debt repayment
- Passion funding. Extra money can either fund your expensive hobbies or it can allow you to work full-time on something that makes you want to jump out of bed every day.
- Safety net! Take the pandemic. You cant rely on one stream. And if you’re a couple? A lot of couples lost their jobs at the same time.
MSI Idea List
- Affiliate Marketing
- Ad Revenue
- Digital Downloads
- Self-Published Books
- Online Membership
- Online Piad Publication
- Course Creator
- Online Services/Freelancing/Commisions
- Real Estate Investing
- Housework like housecleaning
- Yardwork like gutter cleaning, lawncare
- Trade Skills like Plumbing, HVAC
- App Jobs like Door Dash
You Should Try It
I challenge you to add at least one more stream of income by the end of the year. Start simple, start with trying to make an extra $100 a month and see what happens.