Why You Need to Have Multiple Streams of Income

Moon Walker

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If you’re like most people you have a job from which you earn an income and use it to pay your bills, mortgage, car payments, food, etc. And it's definitely a good thing. The world needs workers to produce the goods and services that we all need and use every day.

However, like most people too, you must’ve noticed that your income from your job hardly covers all your bills, and every month, you are left struggling to save something. 

The thing is, with every passing year, the cost of living keeps on rising thereby bringing about inflation which means; every dollar you hold loses value as time goes by. 

However, most employers don’t really increase wages high enough to catch up with the cost of living. Therefore what $1000 can buy in 2021 will definitely be less than what it could buy in 1991. 

So, with an exponential rise in the cost of living and a linear rise in wages, what then is the solution to help you combat inflation?

Well, it's simply having more than one source of income. 

You see, 99% of your problems will go away if you just start making more money. And the easiest way to make more money is not to ask for a raise at work but rather to start a side hustle.

You need multiple streams of income to get to move from the middle class to the upper class. Multiple streams of income is the shortcut to an easy life. Multiple streams of income is the shortcut to a financially stress-free life.

You need to stop thinking multiple streams of income is a luxury and start thinking multiple streams of income is a necessity because it is.

But how do I create multiple streams of income, you may ask. 

Well here’s how to do it;

The greatest creation in the last 30 years has been the internet. In less than one generation the whole world has been connected from end to end and what this essentially means is, if you can sell anything to anyone over the internet, you can make a very good living.

So how do you do it? Here are two ways to do it easily.

a. Dropshipping

By starting an online shop. You see there’s this method to do it and it's called dropshipping. With dropshipping, you can start an online store that makes over $1 million a year in sales without ever dealing with packaging and shipping products to customers. A third-party company does all packaging and shipping and all you do is, set up a website, drive traffic to the site and receive money in your bank account.

For example:

Let’s say you want to design your own T-shirts and sell them online. There’s no need to buy ink and a printing machine. All you have to do is to create your design using software like Canva or Adobe Photoshop. If you are a creative person like a graphic designer or photographer, this should be very easy for you.

Then the next thing you have to do is to go to printing companies like Printful or Printify and set up an account and upload your designs on their sites. From there, you go set up your online shop. Platforms like Shopify and Etsy make this very easy to do. 

Once your store is set up and connected to your printer, all you have to do is drive traffic to your site and make sales. 

If done well, you can create a solid side income or you could even be making a full-time living from it. 

b. Affiliate Marketing 

Have you ever put on a cool pair of shoes and a friend asked you where you bought them and you told them where? or what about that great fragrance that whenever you put on people ask you what scent it is and you told them?

Well, when you tell them, you are doing referral marketing also called affiliate marketing. With affiliate marketing, however, you don’t refer customers for free. You actually get paid cool cash for every person you refer that ends up buying. 

It's an awesome business model as it requires absolutely no upfront capital to get started. And there are so many ways to do affiliate marketing 

Here are a few ways to go about it;

  • Use Social Media: There are millions of people using social media platforms every day. You can create a Twitter account or a Youtube Channel. And every day, you create content around a niche topic people are interested; let say how to trade stocks. Over time, when you grow and have many followers or subscribers, you can refer products that they can buy. 
  • Another way to go about affiliate marketing is by starting a website. You can create a blog about how to trade stocks where you write about small tips and tricks to improve one's trades. If you do a good job of ranking high on the search engines, you will get a lot of visitors reading your articles. You can then refer products for them to buy.

In a nutshell, dropshipping and affiliate marketing are great side hustles you can start that has the potential to turn your life around. If you are just starting out, I recommend you try any of them. 

The biggest difference you can get started right away and have your online shop in a few hours but you will have to spend some money to drive traffic and start making sales.

With affiliate marketing, you won’t spend a dime to start. However, it will take you some time to start seeing good results. So you can either spend money to start or you can be patient.

To wrap up

From what you see, making money online is no longer a choice. It’s a necessity. In this day and age, you can’t rely on a single source of income. 

The fastest way to change your financial status in this world now is by having multiple streams of income. The internet makes it very easy to do that.

What are you waiting for?

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Jack is a freelance writer and editor who loves to inspire others with his words and also share interesting stories to the world.

New York City, NY

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