The Power Of Multiple Streams Of Income And How You Can Create Them
Written by: Melissa Skoff, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
Life in the margin occurs between the difference in what you make and what you spend. The larger the margin, the more choices you have. This means that the income side of the equation is just as important as the budgeting and saving side of the equation. As a money coach, my focus is often budgeting and saving. However, the income side to the equation is equally as important. So how do you create multiple streams of income?
First, think about your skillset. For example, if you’re a nurse full time in a hospital, could you get a second job in a different health system or a different area of medicine? Many health systems have on-call, per diem, or supplemental-type opportunities for employment. Positions such as these allow you to choose your own schedule making these types of positions ideal for a second job. You can work as much or little as you need too depending on your goals. Working in multiple systems also broadens your experience, so it’s a win-win!
Second, think about your hobbies or non-career interests. For example, if you love making crafts, consider capitalizing on that. There are so many ways to sell things online, you could consider listing crafts for sale online. Creating extra income while doing something you love is truly the best of both worlds. Think outside of the box and find a way to enjoy your time and make some extra cash.
Third, consider working in the grocery and fast food industry. Especially now more than ever, there are a million ways to make extra income working in the food industry. Due to grocery apps, grocery delivery, and the many apps a person can use to order food delivery, there’s a whole new space in the market to make extra income. If you love grocery shopping or buzzing around town delivering food, do it! You can make a solid income and work according to your schedule as much or as little as you would like.
Fourth, consider working online. Similar to working in the food industry, the next big thing that presents a ton of opportunities for extra income is doing work online. Online shopping has grown exponentially. Due to this sharp rise in online shopping, many companies are looking for online employees to help with processing orders and providing customer support. Online work is perfect for those looking for a flexible schedule and for those looking to save money (and stress) on commuting. Plus, who wouldn’t want to work while wearing their PJs?!
Remember, your income is only as secure as the power of your skillset and adaptability in the market. Multiple streams of income increases your household financial security as well. Life is unpredictable. It’s always a good idea to have multiple streams of income.
If you’d like help increasing the margin between what you make and what you spend, give me a call. I’d love to help you, let’s do this!
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Melissa Skoff, Executive Contributor Brainz Magazine
Mel, the Money Coach, is a leader within the world of financial coaching. She is known as the Medical Professional's Go-To Money Coach as she is also a Nurse Practitioner and Graduate Nursing Educator. After Mel and her husband paid off $160,000 in 20 months, she set out to help others do the same. She has the heart of a teacher and has dedicated her career to helping others win with money, especially medical professionals. She is the creator of Money Masterminds, a group coaching platform where she helps her clients improve their financial literacy and hone their budgeting, saving, and investing skills. She also has a YouTube channel called Mel the Money Coach, where she helps her listeners learn all things related to finances. Her mission: Everyone deserves to live financially free.
