Keep Your Day Job & Create Multiple Streams of Income

I’m pretty risk-averse and yet at the same time I’ve always been the entrepreneurial sort. When I was about three years old, my brother and I collected rocks and pulled them around the neighborhood in our red wagon, yelling, “Rocks for sale!” We never did get that venture off the ground…

As I grew older, I helped start and lead extracurricular groups, babysat local kids (I hated that gig, but the money wasn’t bad!), I worked multiple jobs while going to college full-time, I kept my college retail job as I began my professional career as a PR assistant at a non-profit, and I even did some business, PR, and social media consulting on the side after I landed my first job as an Executive Assistant. Now, in my dream job as Chief of Staff (to an entrepreneur), my side hustle game is still strong.

Income Streams Aren’t Just for Businesses

As Force Multipliers, let’s take a page out of our Principal’s playbook. I guarantee your Executive, whether the Founder of a start-up or a VP of a conglomerate, has multiple streams of income. And if they don’t, they should. As should you! The opportunities are ripe for the picking. Sometimes we just have to think outside of the box a little or more accurately, reframe our beliefs about ourselves and what we’re capable of.

There are a lot of resources out there about how to take a side hustle or part-time gig and turn it into your full-time job. That’s all well in good if that’s what you want to do. But what about those of us, like me, who value a steady paycheck (as long as it’s work that fulfills us), who enjoy being an intrapreneur, who don’t want the financial risk or extreme pressure from owning or leading an organization, and who still wants to diversify their income and make lots of money?

You Don’t Have to Quit Your Day Job

To those people, I say, keep your day job! And let’s get to work on creating multiple streams of income. Why? Because more money means more options and opportunities – now and in the long run.

I currently have six streams of income (and I am actively working on two more):

  • My full-time job as Chief of Staff
  • Earned equity in two companies
  • Profit share
  • Coaching and consulting
  • Training
  • Speaking engagements
  • Real estate referrals (in process)
  • A women’s lifestyle blog (currently under construction)

At some point in your career, depending on the organization you are with, you will start to max out the base salary that your company can and will pay. Yes, there are all sorts of negotiation tactics that you can and should employ. And, yet, your position, the market, and your company may simply not pay more salary than $X. This is why I believe in putting your eggs in more than one basket. As the Chief of Staff to an entrepreneur who is the CEO of multiple organizations, I get it from the Executive’s and business’s perspective.

But, I also know there are lots of ways to compensate employees and salary is only one of them. So too, there are lots of ways to earn money, and a salary is only one of them.

How to Create Multiple Income Streams

Just because your employer can’t raise your salary, doesn’t mean there aren’t other ways for you to earn additional income, as long as you are providing exceptional value. If they are on board with getting you to your desired income, great! This often means you are doing other things for the company (like coaching or manning the sales desk on Saturdays) to provide additional value outside of your primary role.

It’s not really you’re employer’s responsibility to provide you with the income you want. They are only a small part of the puzzle of your earning potential. If your employer isn’t on board with providing additional income through equity or side projects at the company, that’s okay too. There are other ways to get there. Let’s say you want to earn $150,000. Perhaps between your base salary and additional income from coaching two clients, you make $105,000. That’s great! Now it’s up to you to find other sources of income to close the $45,000 gap.

Tap into your passions and skills. What are you good at? What problems are people always coming to you to solve? What do you love doing on the weekends? Can any of those skills be monetized to help you achieve your income goals?

All Income Streams Add Up

Obviously, some of your income streams are going to earn you much more than others, but they all add up. My profit share, while small, pays for our internet/cable bill. The earned equity allows my husband and I to invest more into our retirement accounts each year. Income from speaking engagements goes into our strategic giving fund.

My husband and I have goals, as I know you do, and in order to get there, I can’t solely rely on my employer. I want to be in control of my financial future. That’s why I’m an advocate for keeping your day job and still creating multiple streams of income.

Diversifying Creates Stability & More Opportunities

If you’re still not convinced, consider this. 2020 alone showed us the unpredictability of the economy. If you’re not in complete control of your income (say, in a commission-based role), diversifying your income streams can be a valuable exercise. When one stream goes dry for a bit, you’ll have the other income streams to draw upon. One may even end up turning into a new career when you are in a different season of your life (hello, kids!). Multiple streams of income also helps you diversify your skillset, use your knowledge in new and different ways, as well as help to beef up your resume should you be in a position where you are looking for a new job.

Think outside the box. You don’t have to start a brand new business to reap the benefits of multiple income streams. Do you have a passion for restoring old furniture? Awesome. Make some extra cash and pay down your student debt loans faster. Are you really great at creating social media content? There are so many non-profits and small businesses that would love to outsource some of their social media work to a knowledgeable individual. Do you love health and fitness? Join a networking marketing company, earn enough to cover your products and then save the rest to purchase a Pelaton. And if you’re an expert in anything, right now is a perfect time to get a training course set up online and begin to monetize your expertise.

We really can have whatever we want as long as we are willing to put in the time and energy and do the work. Multiple income streams mean more opportunities and options – and who doesn’t want that!?

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