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Why you need multiple streams of income

These days, I wear many hats. I am a writer, blogger and photographer. I write on Fashion and Style Police, collaborating with many brands on sponsored content. I also write for other websites as a ghost writer and I also handle blogger outreach for many clients. I have also recently added social media management to my portfolio which is forever growing. I now manage social media platforms for brands and I am seriously loving.Having multiple streams of income is the way to go, and I cashed in on that really early.

As soon as I decided to go self-employed, I knew I had to have multiple streams of income to keep afloat. Apart from all these jobs I do, I also have an eBay shop that does get really busy. Plus I wrote a book in 2016 that still brings in money. And I am not looking to take things easy anytime soon. I have a few more streams of income I am working on and plan to launch later this year so watch out for them.

 

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So why do you need multiple of streams of income? Here are a few reason why.

 

Cash Flow

Some streams of income can get really quiet at certain times in the year. Which is why it is very important to have multiple streams of income to keep your money coming in. Relying on just one stream of income as a self-employed/freelancer is very dangerous.

 

No Dull Moment

Everyday is different when you have multiple streams of income. I work with various brands everyday, doing different jobs and I love it that way. Variety is the spice of life!

 

Build Wealth Long Term

Building wealth long-term is possible when you have various sources of income. It is a smart to work and build wealth. Money worries keep many of us up all night. Paying up the endless bills every month with just 1 stream of income is almost impossible these days.

 

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An average millionaire has 7 streams of income. They are awake enough to understand the importance of diversifying and creating multiple streams of income. Earning money in different ways is the key to long-term wealth creation and financial freedom, which is the dream. Financial health is very important for our mental health, so it is essential we take control of it to live freely.

What are your thoughts on this? How many streams of income do you have? Please share your views in the comments section below.

Thanks for reading.

 

 

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Freelance Careers for the Financially Savvy

 

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Working from home is the ideal for many people because it allows us to have the best of both worlds. You have a source of employment that you enjoy and the income that comes along with it, and you have the freedom to work from home to your own schedule (most of the time) with no more long boring commutes to deal with – it’s pretty great. Which is why freelance careers are amazing. 

If you’re someone who has a strong head for figures, one of the best ways to earn money as a freelancer is by getting into the financial sector. You wouldn’t necessarily think that there are many finance-related jobs you can do as a freelancer, but that is rapidly changing and there are plenty of rewarding options for the financially savvy amongst you…

 

Day Trading

Day traders are people who buy stocks, hold them for a short amount of time and then trade them on again, often making multiple trades in minutes, hours and certainly days. All you need to do this job – and I use the term loosely because it is much different than most jobs – is a decent amount of capital to get you started and a detailed knowledge of the stock market. Sure, you don’t have the much in the way of job security, but you have the potential to earn hundreds, even thousands of pounds each and every day and far more flexibility than you’d get with most other jobs, even freelance ones. I won’t lie and say it’s an easy thing to do, but if you have mental and emotional stamina, serious financial savvy and a working knowledge of the markets, it can be an extremely rewarding career choice.

 

Bookkeeping and Accounting

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You’ll need to train and get qualified to do this, but thanks to the abundance of affordable and flexible online masters in finance, accounting, etc., this shouldn’t be too difficult, and if you love working with figures it will definitely be worth it. More and more small and medium-sized companies, in particular, are hiring bookkeepers and accountants on a freelance basis to keep their costs down and this means there are plenty of great opportunities out there to pick up clients and earn a regular income in the finance sector.

 

Financial Writing

If you’re as good with words as you are figures, then a career as a freelance financial writer would be the right move for you. Experienced writers in a wide range of topics are always in demand now that the internet has us all reading so much more, so it really isn’t difficult to find work writing about personal finance, investments, banking, cryptocurrency and so on. Of course, if you don’t want to rely on others to give you work, you could even set up your own financial blog and try to make a living that way – blogging really is the ultimate in career freedom in the internet age!

 

Do you work in the finance industry as a freelancer? What is it you do? Do you like prefer freelancing to a regular 9-5?

 

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Freelance Careers for the People Person

Working freelance can be an excellent way to take the reins of your career, to be self-sustaining, and to build a business that you reap the full benefits from in time. However, a common issue faced by many working for themselves is a sense of isolation and loneliness. A lot of freelancing involves spending plenty of time without human contact, so here we’re going to look at the careers that put you in touch with others to make use of those people skills.

 

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Virtual Assistant

Though can do it from home like many other freelancing careers, the difference in being a virtual assistant is that you are always constantly helping someone else. Usually, these are business owners who will interface with you regularly to allocate work and ask for help on admin and organizational tasks. Some virtual assistant roles will require you to answer the phone and put on your best demeanor, good for those who like front-facing roles.

 

Nursing

If you already have nursing experience, then you could already be more than halfway to a fulfilling freelance career. Care homes, hospitals, and many other establishments will hire temporary nurses, giving you the opportunity to travel around the country and work with a broad spectrum of people. The more experienced you are, the more your services will be in demand, so an online family nurse practitioner track could really open up your options. If you’re in it primarily to care for patients, a lot of freelance nurse work can involve private duty care which means spending more time with individuals.

 

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Social media
Socializing isn’t all face-to-face. This is a fact of life that many businesses are becoming more aware of as they look to social media as their next great frontier. If you have a little network savvy about you, then you could learn about social media marketing and apply that growing expertise to businesses who are looking to expand online. More and more businesses are jumping online and need people who already know the formats and know what works. There’s a great sense of fulfilment to concocting a strategy and watching a community grow thanks to your efforts, as well.

 

Teaching

Do you have experience teaching or some expertise in a field of study or industry that could be helpful to those newbies looking for a little help? There are tons of opportunities for freelance tutoring not just for kids in school but for adults looking to find a way into a specific field of life. Not only can you teach in one-on-one scenarios, but you can also launch courses online thanks to a growing number of platforms allowing for new educators to get their classes established and set-up for anyone around the world to attend.

A sense of community and of connection to others can be a very important factor in what makes a career fulfilling to you. If you know that you’re a people person, make sure that you find a career for yourself that puts you in contact with others.

 

What do you think of these freelance careers? Do sound off in the comments section.

 

*Collaborative post.

 

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