The Importance of Having Multiple Streams of Income

It’s as important as, stop everything right now and get some goals written down on paper as to how you will tackle this crucial task!

Not only will an extra stream of income come in handy to help you pay down debt faster and live more comfortably, but you will also have the ability to form more streams of income with that additional stream of income.

Crazy talk right? More like the truth serum we all need to hear because more money brings more opportunity. Or as the common saying goes; spend money to make more money. More streams of income equals more ways to create, produce, excel, grow, prosper, and enjoy your deserved freedom. Don’t be afraid to juggle more and add extra things to your plate of responsibilities, especially if you want to be extra! In my eyes this is what’s needed to live your very best life!

An additional stream of income is vital and possibly more important then having an emergency savings. A side hustle can potentially create limitless earnings, while your savings account can easily be depleted.

I feel the best business to create are those that make you feel like the sky is the limit. Starting a business that excites you and gets you all worked up about your next move are the real winners. But don’t be discouraged you may not find or create them right away. As long as you are able to visualize what life could look like while having multiple streams of income should set off a fire in your soul to search for and work toward the end goal.

Not only is having multiple sources a survival technique, it’s also a way to build wealth. If your job suffers, say you lose hours at work, you can have your additional stream of income to pick up the slack. No stress needed! Also keep in mind that the majority of self-made millionaires all have more then 2 sources of income.

Yes we are all guilty at one point in our lives for focusing on that one stream of income that forms the invisible comfort bubble around us. Treating it like a big baby and giving it all of our time and attention leaving you with no additional time seems like. You know the one that pays the bills and pays for the extra guacamole you love. Important I know! But what you should know is that although you have that miracle working stream funding your lifestyle, you also need that money maker that will fund your future hopes and dreams. I hope you have some! (hopes and dreams that is). That awesome 9 to 5 with the cool co-workers unfortunately isn’t going to cut it these days. Not only is it not going to cut it but you should also not settle anywhere near that! As harsh as this may sound, everyone is replaceable at the end of the day. Scary thoughts I know, but don’t get all worked up and stressed, instead take the proper steps to finding out who your inner entrepreneur is.

Maybe you have never even met that side of you yet, or maybe you think that’s just not you, and that’s totally ok, but you will never know unless you try.

I want nothing more then to get you motivated and confident enough to be able to plan for extra streams of income and work on them every single day if that’s the path you chose to take. I want these extra streams of income to be just as comforting as your normal 9 to 5 if not more comforting. Your side hustle can’t fire you or deny you a day off (just saying).

I know your reading this and your thinking well what the heck else can I do? I know because I have been in your shoes and I’m here to tell you that the beginning is tough. No I’m not here to have you join my team and sell any awesome products nor can I help you get rich quick, i’m simply here to share with you the importance of having more then one hustle and share with you my experience in doing so. You dont have to be average and follow the go to college, graduate, get a job routine that is ages old in order to be successful. You don’t have to earn like the average person or experience the same boring routine everyday.

Awaken that money making motivated individual you have built up inside of you. It can be a lot to think about at first and even more so tough because you will now open your mind and start wondering what it is that you are passionate about that could potentially help you build your 2nd stream of income. Some may even be wondering how can I make my first stream of income and quit my 9 to 5 altogether. Which is completely possible with time, effort, sacrifice, and an action packed plan. So possible in fact I am living proof as I quit my boring, well paid accounting job to follow this path. I know it only works if your willing to put in the extra work and do what others won’t.

Change your mindset and lifestyle shift your attitude to fit your future goals. You truly will have to become your own motivator. Your boss is not going to help you build your side hustle, therefore it’s time to become your own boss! Being an entrepreneur by experience is not for the weak minded or easily Influenced. Create your own path and build your own empire. You need to have common sense and a huge sense of humor for the amount of times you will fail, all while pushing yourself to start up once more without giving up. Prove to yourself that you are a winner and you are choosing to stand out from the crowd and do it for your number one cheerleader. Yourself!

While I’m not a millionaire or billionaire yet, I know I will be someday and I know I will give thanks to the multiple streams of income I’ve created over time. I’m proud to say I am self employed, self-made and live comfortably off of the streams of income I have built thus far and I’m driven to say, this is just the beginning.

What initially started as hunger to spend more time with my children and less time sitting at a desk has grown and flourished into something beautiful that is powerful and something I feel should be shared. So I encourage you to start now, allow yourself to grow, and get these streams of income ideas out of your mind and put them to the test. If you fail get back up and start again…You got this!

Below I’ll list some ideas and side hustles I have personally started and have grown from the ground up in order to help get the ideas flowing.

Always remember that you can do anything you put your mind to as long as you have an open mind.

My Top 10 Businesses You Can Start Right Now With Low Start Up Costs:

⁃ Become a reseller and sell used items in good condition on Poshmark, Mercari, EBay, Offer Up, Let go, or Facebook Marketplace

⁃ Create a sellers account on Amazon and Learn the Amazon FBA Business Model (Private Label or Retail Arbitrage)

⁃ Drive for Uber or Lyft

⁃ Deliver for Postmates

⁃ Freelance work on Fiverr (Build Websites, Design Logos, Create Flyers, Make Business Cards)

⁃ Create a blog and monetize

⁃ Sell handmade products on Etsy or create your own website such as Shopify or Wix

⁃ Start your own personal training or group fitness training

⁃ Learn how to invest in the stock market

⁃ Flip cars for profit

Thank you for visiting TheBossMillennialLasVegas.com stay tuned, and keep an eye out for more awesome content and don’t forget to stay motivated!

Last stop hit the subscribe button were just getting started! Stay blessed.

2 Comments

  1. Ruth Serrano

    This is a great post- I should think of this more seriously.
    Although I have considered it before, I guess I have too many doubts in me and perhaps even fear of actually making it good out there in finding another source of income. In my hope of finding another source of income, I found https://www.therisr.com/. I am taking small steps, and after reading through your blog, I actually hope this one works 🙂
    thanks again for the inspiration.

Leave a Reply