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Why You Should Have At Least Three Income Streams

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Financial stability and financial freedom may seem like faraway pipe-dreams for many people, especially considering the state of the economy! Not to mention sky-high unemployment rates, and mounting debt from the high cost of living. Having multiple streams of income can help supplement your income and give you a little extra… kickstarting your savings and making financial freedom a potential reality.

There is no ceiling to the number of income streams you should create. However, three is a reasonably achievable and manageable number, explains Fire The Boss. If you have multiple income streams but can barely manage them and spend so much time on them that it becomes cumbersome, then you need to reevaluate your focus. 

Most people believe that job security can shield them from a financial crisis. But if the last year (global pandemic and all) has taught us anything, it is that no one is safe. It’s a misguided tradition that most people depend on their salary as their only source of income. The increased job losses as a result of the pandemic have plunged many people into uncertainty. Depending on one income stream is quite risky; this is why you should have at least three!

The benefits of multiple income streams are clear. At the top of that list is reducing the risk of your only stream drying up suddenly. Your alternative income streams don’t necessarily have to give you a lot of money, but they can cushion you from the hard blow of losing your primary source of income. They can also help you fatten your savings and emergency funds. There’s really no downside. 

At Fire The Boss we have long advocated for at least three income streams to help you achieve financial stability and, eventually, financial independence. This will help you to live your dream life and lessen your money worries.

What’s your next income stream going to be?

The idea of Bigtime Daily landed this engineer cum journalist from a multi-national company to the digital avenue. Matthew brought life to this idea and rendered all that was necessary to create an interactive and attractive platform for the readers. Apart from managing the platform, he also contributes his expertise in business niche.

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Business

Jobs That May be Under Your Radar

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According to the U.S. Bureau of Labor, the average worker can expect to sit nearly 45% of the work day. On the surface, that doesn’t sound so bad. However, what isn’t considered is the effect that having a college degree has on that percentage. 

Despite lengthy research, there simply isn’t much data on how much people tend to sit at work if they have a college degree versus not having one.  However, looking at specific occupations does show data. 

Jobs including accounting, business, and tech tend to lead to workers sitting anywhere from 70-80% of the time. 

In fact, with an exception to a few areas where a degree is required, most of the post-college workforce appears to be in a position where they spend most of their day at a desk. 

For some, this is not an issue. For many others, it can lead to increased stress, dissatisfaction at work, weight gain, and a repetition of tasks that get old after a few days. So why do people continue to work in these environments? Part of it may be our tendency to follow the crowd, and college programs often funnel their graduates to these kinds of jobs. 

What if someone wants to break away from the norm? There are certainly options, and here are just three of them. 

Coaching

Coaching a sport can be one of the most satisfying and productive jobs that exist. On top of the satisfaction of helping athletes improve their skills, depending on the coach, it can also serve as a workout and a way to stay active. 

This option can be especially good in unique sports such as rowing, pole vault, or Irish dance. Many potential clients/athletes may not know about these opportunities, but once word gets out, there may be a lot of interest. Moving up in these specific fields is much easier than trying to go the route of a football or basketball coach. If a rowing team is looking for a coach, and you’ve got the experience, you may end up in a small candidate pool for a great job. 

Run an Excursion

Everyone loves excursions while on vacation. It’s a market that’s growing every year, and with the right equipment and skills, it’s very possible to have success here. The best part is that almost no matter where you go, the market will be there. 

In a tourist area like Orlando, Florida, so many people go that despite a lot of excursion options, opportunity is still there. On the flip side, in a small town in Kansas, the market may be small, but there won’t be any competition. 

The key is to be unique. If close to a desert, a dune buggy adventure will catch a lot of people’s attention. If there are already a lot of those excursions available, have a romantic candlelight dinner under the stars. The possibilities are endless. If you decide that you want an excursion that will keep you up on your feet and active, that’s totally up to you. 

Start a Business

Starting a company can be stressful and overwhelming, especially with zero experience. One key is to utilize resources and not pretend that you know how to do everything. Just as you wouldn’t have a plumber frame a house, a dentist perform brain surgery, or an engineer file your taxes, running everything for your business alone will likely not be successful.  

Odds are, you may be able to do the business part, but utilizing resources for other areas can help make a business successful. 

What does this have to do with not sitting all day? Similar to the excursion idea, starting your own business means choosing your hours, and the work style. You may decide that 7-10 AM is a great time to do all the paperwork and desk-related tasks, take a break from 10-11 AM, and then spend 11-4 PM doing active tasks related to the business. You can decide to work late at night and keep the mornings open. 

With few exceptions, a self-business allows you to work when, where, and how you want.  

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